This move towards simplicity is sometimes best reflected in the credit application and approval process. Customers increasingly prefer this to be mobile-friendly and done quickly, and banks want as much of it automated as possible. Simplification involves removing the once 12-week process and making it almost instant, but aiming for improved compliance and risk models that can be operationalized in hours. For example, Instabank ASA is a Norwegian challenger bank (based in Oslo) that launched in September 2016. We partnered with them at Provenir as a platform provider. It made logical sense: “Our entire approach is built on simplifying banking. One of the ways we do this is by making the customer experience fast and effortless; from the initial on-boarding process through to every subsequent interaction,” says Robert Berg, CEO, Instabank. “The Provenir Platform gives us speed and flexibility in our lending operations, which enables a customer to apply for a loan at lunchtime, receive immediate approval, and have the money available in their account later that day.” Each platform-challenger bank relationship is different and often highly-customized, with visual integration or mapping tools, ability for rapid scale, high-growth options for lending, and the ability to operationalize various analytics. The point is: whatever your specific focus as a challenger bank is (lending programs are very popular presently), you need the right product suite and simplified platforms to make sure your potential customers are willing to navigate away from a pre-existing, potentially legacy option where the cost of that navigation might be high. It all begins with the quality of the products and the partners, which is going to drive the customer relationship. So far, it’s working: a J.D. Power survey showed challenger banks scoring 865 out of 1,000 on measures of customer experience/service, which is 49 points higher than traditional banks.
“The Provenir Platform gives us speed and flexibility in our lending operations, which enables a customer to apply for a loan at lunchtime, receive immediate approval, and have the money available in their account later that day.”
– ROBERT BERG, CEO, INSTABANK
CHALLENGER BANKS OUTSCORE TRADITIONAL BANKS ON CUSTOMER EXPERIENCE & SERVICE
points 49 +
865 1000
on customer experience/service
Challenger banks score
higher than traditional banks
source: J.D. Power Survey
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