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The Growing Importance of Self-Service

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2010/07/21

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  • The concept of self-service banking which allows bank customers to apply for loans online has become more and more popular, in particular with the steady increase in the use of the internet to conduct online banking in the past years. The UK Payments Administration also reported that in the first half of 2009, 22 million adults used internet banking on their main current account. This meant that for the first time ever more than 50 per cent of regular internet users are banking online.

    Self-service internet banking has become is increasingly common, in particular across Scandinavia. Sparebank 1 in Norway, for example, is already employing a loan application solution that delivers cost-effective business processes and which supports and improves communication with customers. Statistics from Sparebank 1 have shown a significant reduction in the processing time for loan applications, which allows for faster response to customers while improving the quality of credit approval decisions. Through the loan application, customers benefit from simpler and easier access to banking services through a range of channels.

    However, in many ways, the full potential of self-service in banking is yet to be realised across the globe. While the majority of financial institutions now enable customers to complete basic banking tasks online, such as checking their account balance, transferring money or making payments, far less enable customers to complete more sophisticated tasks, such as loan applications, completely online. By introducing self-service for both the loan application process as well as for processing applications, banks can avoid losing out to the competition at this crucial time by improving customer accessibility as well as their conversion rates.

  • [...] DIY: Self-service channels critical to replacing lost overdraft income [...]