Together with Svea Ekonomi, we have developed their Corporate Credit product. The application is aimed exclusively at corporate customers and means that, through Svea Ekonomi, companies can raise credit quickly and easily without long processing times. Svea Ekonomi saw a need for companies to be able to raise credit in a simple and time-efficient manner. Traditional bank loans are preceded by several personal meetings.
The bank wants to get to know the company, its management, products and services, see balance sheets and income statements, business plans and budgets, as well as calculations for any projected investment. Thereafter, a credit process commences leading to a credit decision. After that, the customer will visit the bank to sign the debentures and any collateral prior to payment.
How does it work?
The process often takes several weeks even for smaller lines of credit, time that many entrepreneurs do not have. Svea Ekonomi therefore wanted to come up with a solution whereby companies could easily apply and receive credit without long administrative processes, and without the need for physical meetings.
Our role in this project
Nicknamed was asked to handle development due to the company's expertise and experience in credit rating, customer knowledge processes, Mobile BankID, and the company's experience in developing fintech products. Our company's founder, Péter Nagy, had previously worked for Instantor, which develops API-linked products for customer knowledge in the financial industry.
Nicknamed assumed the challenge and conducted thorough research on how credit processes are conducted in the financial industry to map which parameters are used for risk assessment in credit. We also investigated the legal prerequisites for a company and its company signatories to be able to raise credit. The legal challenges could be overcome through close cooperation with Svea Ekonomi's compliance department.
Initiation of the project
Development work began in spring 2015. We outlined what components would be needed to produce a high performance and high value product for users. We identified the fact that the necessary components for optimal performance would contain Mobile BankID for identification and signing. We needed to develop a digital scorecard where information is retrieved from annual reports and allabolag.se to carry out the risk assessment.
Through a digital scorecard, a credit decision can be produced and the credit process is implemented in a very short time. In order to achieve high performance and high value for Svea Ekonomi's customers, the requirement was that the credit process would be fully automated and not based on how well an entrepreneur can sell his business plan and budgeted sales to the creditor.
Svea Ekonomi's starting point was that the entrepreneur is best suited to assess his or her own business. Through a digitized and automated credit process, effective flow is created for both customers and Svea Ekonomi, which can thus reduce costs, increase profitability in the product while providing competitive interest rates to customers.
Vision. Create. Improve.
By signing in with Mobile BankID, the business owner can apply for a credit of up to one million SEK. All messages concerning the application are available in real time. Signing is also done with Mobile BankID and payment is made immediately. The company only pays interest on the part of the credit used and no amortization requirement exists.
The credit can be supplemented with a voluntary personal guarantee, which can also provide a lower interest rate on the credit. This allows a company to act immediately when a business opportunity arises without having to wait for a long-term credit process. The credit also works as an added security if something unforeseen occurs in the business.
Major development resources were fixed to get the application to achieve optimal performance and to deliver a real-time credit message. A digitized credit assessment requires that several parameters work in harmony. In addition, the customer will have a graphically pleasing and easy-to-use user experience, without impairing the technical performance of the product.
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