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From days to minutes – how Xerox services shortened the credit granting process

See how a major player in retail financing used automation to increase efficiency and prevent fraud.

"In the first year of production, more than 150 fraudulent files were identified, with losses of around 600,000 euros avoided."

- Head of External Fraud Control 

 About the Client

Based in Europe, this large consumer finance company employs more than 15,000 people and has a presence in twenty countries.

The Challenge 

Keeping it fast and safe  

When it comes to processing credit applications today, it’s all about speed. The company with the fastest response will typically win the deal.

However, despite the need to be quicker than the competition, approving credit applications is no easy task. There are a wealth of complex stages to go through.

To streamline the approval process, this consumer finance company needed to automate the process as much as possible. But it also needed to protect itself from fraud by being able to spot misleading documentation straight away.

The Solution

Putting AI where it works best 

We’re experts in integrating AI to remove manual workloads, carefully pinpointing where in the customer journey can benefit from automation.  

And this is where Xerox® Intelligent Document Processing was able to help our client. Our solution processes incoming physical and digital data (structured or unstructured) within a micro-service architecture, and then hosts it on a high-availability infrastructure.

Then the consumer finance company’s data was analyzed with several algorithms selected, tested and then deployed in production.

The algorithms could recognize the category of each document, quickly identify essential information, validate document authenticity, and provide consistency checks across multiple documents.

The Results

Customer approval

Our solutions drastically reduced the time it took to process documents and led to an improved customer experience:  

  • Delivery time reduced from several hours to 15 minutes 

  • £600,000 worth of potential fraud losses avoided in the first year 

  • Only 20% of documents now require a human exception process for the most sensitive files 

Furthermore, the intuitive nature of our APIs meant they could easily be adopted by the technical teams. This just goes to show what Xerox, in partnership with the customer's business teams, can do. 

Icône Roue Crantée avec connecteurs sortants sur la gaucheThe Challenge

  • Reduce credit approval times to become more competitive in the online underwriting market 

  • Automate application verification and validation tasks, leaving only high value-added tasks to human intervention 

  • Minimize the impact of fraud by identifying fraudulent documents as early as possible in the process 

Icône AmpouleThe Solution

Xerox® Intelligent Document Processing (IDP) for grant decision support:  

  • Intelligent classification of collected documents 

  • Precise extraction of key information on each document 

  • Verification of the authenticity of each document and the conformity of each file as a whole (querying external database)

Graphique indiquant une tendance ascendante, avec un engrenage au-dessusThe Results

  • Faster processing times: the credit granting process, which used to take between two and three days, is now reduced to just 15 minutes in most cases 

  • Improved customer experience: by reducing turnaround times, the medium-term objective is for online borrowers to get their answer without even having to log off 

  • Automated detection of document fraud: over 600,000 euros in losses avoided in the first year 

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