Consumers in Turkey can now apply for real estate loans from the country’s largest privately owned bank via their cell phones thanks to Fair Isaac technology, the company said today.
Akbank, Turkey’s largest privately owned bank, is using “CepKredi” (English translation: “Speedy cell credit”), a service that allows consumers to apply via cell phone for mortgages, general purpose credit and auto loans, Fair Isaac said.
The service is powered by Fair Isaac’s decision engine for account origination, which applies advanced analytics and segmentation decision rules to help Akbank automate and streamline origination decisions and improve customer service, the company said.
The lender can preapprove consumer loans within 20 minutes or less of the applicant’s call, Fair Isaac said, because Fair Isaac’s enterprise decision management technology works with the bank’s account origination processes to handle the application.
The applicant is notified of Akbank’s pre-approval offer via an interactive voice response call or text message, which includes interest rate and installment plan information, Fair Isaac said.
Akbank now receives 40 percent of personal loan applications via CepKredi, according to Fair Isaac. Eighty-five percent of these applications receive an immediate accept/decline decision without requiring additional data, the company said.
“The implementation of Fair Isaac’s origination decisioning solution has helped us meet our business growth and customer satisfaction goals and establish us as the most progressive financial services provider in Turkey,” said Zafer Kurtul, Akbank’s CEO, in a statement.
“CepKredi advances the Turkish consumer credit market by offering consumers a flexible, speedy and convenient service. Just a few months after rolling out CepKredi, this delivery channel is already accounting for 15 percent of Akbank’s total daily credit assessments,” Kurtul said.