Why automating credit card approvals makes more sense than ever

As more and more countries push forward their initiatives related to a cashless economy, the credit card industry is expected to grow by leaps and bounds in the coming years.

“The dynamic nature of emerging markets not only creates challenges never faced before, but also opens up opportunities for innovation and growth.”

Paul Kienholz CEO, DANAconnect

Why automating credit card approvals makes more sense than ever

The unprecedented increase in cashless transactions despite confinement, outlines the growth of the credit card industry, from a compound annual growth rate (CAGR) of 0.1% to $ 721.9 billion in 2019 to $ 722.4 billion in 2020 (The Business Research Company https://www.thebusinessresearchcompany.com/report/cards-and-payments-market).

And the industry is still expected to rebound to $ 909.1 billion in 2023, growing at a CAGR of 9%.

However, the constant boom in the credit industry has overwhelmed financial institutions that still rely on manual processes. Traditional credit card approvals can take weeks. From validating customer information to the actual credit card approval, a number of processes must be followed and checks must be performed. In general, these processes are manual and in many cases they are not very structured, since the information and missing documents of future clients must be monitored, validated, and could be received in multiple formats.

Automation routes and speeds up the credit card and account approval process

Unlike manual processes, activating automations to enable the approval of accounts and credit cards can be triggered via different digital channels to interact with the different ticket systems within the organization, thus avoiding the origin of the requests either on paper or via unstructured emails, and the need to use employees time to transcribe data.

With automation, these requests that originate directly in digital, use the client’s time in filling documents in a structured way, send to the different actors for the validation of the necessary information, and allow handling cases and exceptions according to some predefined rules.


What are the benefits of automation in a financial institution?

  1. Reduce costs
  2. Streamline operations
  3. Keep employees motivated
  4. Digitize and structure data
  5. Reduce business response time
  6. Provide better customer service

Long wait time not only costs financial institutions a lot of money, it can also increase customer dissatisfaction. However, by automating these processes, banks can approve a credit card or open new accounts to customers in much less time.

Want to know more about onboarding automation?
WATCH THIS INTERACTIVE VIDEO DEMO -> Innovation on onboarding automation

Share our content!

Unless otherwise noted, you can republish the articles of this blog for free under a Creative Commons license.  At the top of the text of your story, include a line that reads: “This story was originally published by https://www.danaconnect.com” and you must link it to the original URL of the story.

About DANAconnect

DANAconnect is a SaaS platform founded in 2012 that helps the financial ecosystem automate daily communications with customers and follow-up in marketing, sales, collections, transactional alerts, and customer service processes.

The platform, based entirely on the cloud, includes modules for the centralized management of customer data, sending of communications, and delivering documents through digital channels: email, SMS, automatic calls, and push.

Likewise, it includes several API services developed under industry standards that allow integration with any external system that also uses API, including core systems for insurance and banking and emerging channels like WhatsApp, Messenger, and Telegram.

These API respond to omnichannel and the most common uses in the industry, such as self-service of information and documents, digital signature, updating of incoming and outgoing data, one-time passwords, and identity validation with multiple factors.

Automated processes are created through a visual designer that creates logical flows. These flows integrate all digital channels with filters, events, and timers to react and take the next action based on customer interactions.

In addition to intelligent cross-channel flows and cutting-edge technology, DANAconnect adds features explicitly designed for the financial industry to ensure security, governance, compliance, and auditing.

Every month DANAconnect sends at least one communication to 9.8% of the population of the Americas.

More than 90 Financial Institutions validate our solutions.

Menu