Rapid Application Processing (RAP)
For Loan and Credit Card Applications

RAP helps banks receive loan and credit card applications over voice calls, SMS, web and other channels. It completely automates application processing tasks to reduce costs, and reduces response times.

More potential customers to choose from

Lenders try to maximize sales and profits, while minimizing risk. To achieve these goals simultaneously, it is important to process applications from a large pool of applicants, and select the few that are the most desirable.

In most cases, a bank's loan and credit card sales are not limited by funding, but the lack of qualified applicants.

Easier applications, more creditworthy applicants

Loan applications are tedious and cumbersome, so most consumers do not take the trouble to apply to all potential lenders. Most desirable customers prefer higher convenience, so they apply to fewer lenders, usually only those with streamlined application processes.

More applications, higher efficiency

Since not ever potential customer applies to every potential lender, financial institutions need to spend money to attract applications. Inevitably, this marketing effort also attracts ineligible applicants, which reduces the efficiency of the overall system. A financial institution with a more streamlined application process will attract more valid applications for the same marketing effort, achieve a better pool of potential applicants, and eventually have higher sales and lower overall risk.

Truly multichannel applications

PhonoClick RAP supports multiple channels to submit applications. These include:

Regardless of the channel used, the applications are processed using the same business rules. Customers are free to use the channel they find more convenient, and may even change from one channel to another during the process. The system automatically links different pieces of information provided by the same applicant over different channels. A customer who provided his personal details over the phone may decide to hang up and later continue the application process for a car loan from an ATM machine.

Fast customer response

As soon as the bank’s decision system returns a response, RAP notifies the applicant.

In most cases, potential customers are called back within minutes of submitting their applications. This greatly reduces the customer’s incentive to continue shopping around at competing banks.

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