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The significant part of credit equation is decision process where lenders seek to maximize their profits and lower risks. To come to that end, they need have tools for filtering their targeted audience based on accurate and updated informative techniques. Pre-Approval service comes to fill that gap and be the initial stage of creditworthiness qualification conducted by creditors to a potential borrower to determine whether they can be given an offer.
Pre-Approvals are generated through SIMATI (Consumer System) which facilitate pre-approvals analysis through preapproval inquiries. Pre-Approval service can provide an estimated eligibility for the borrower using OTP (One Time Password) verification process.
Fast & easy: A Pre-Approval means that verification has been done at the early stage and the actual process of credit disbursement becomes very quick and easy. Only in some cases, document verification and validation may be required. This allows a shorter window of the transaction and a tenure for the process.
New customer acquisition: Access to new markets & accounts by increasing customer acquisitions by making instant, preapproved credit offers to potential customers at the point of contact. SIMAH Pre-Screening helps build a deeper account relationship.
Cross selling opportunities: Not only does the pre-approval service help create targeted marketing campaigns by the member, but also provide immediate approvals on the client’s credit requirements. The Pre-Approval Service also helps create cross-selling opportunities by automatically qualifying existing customers for pre-selected credit offers.
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