Deutsche Kreditbank has introduced a robot credit checker to approve online loan applications within minutes.
Developed in collaboration with FinTecSystems (FTS), DKB has already successfully tested the 120-month instant loan for existing customers and is now rolling the system out to the general public.
New applicants only need a smartphone or a computer with a webcam, their identity card and online access to their salary account. Approval happens within minutes and is sealed by a digital signature.
The algorithm-approved loan offers an effective annual interest rate of 3.19 percent for amounts between €2,500 and €30,000.
Tilo Hacke, DKB's board member for private customers, says the Corona pandemic acted as an important catalyst in the development of the product.
"More and more consumers are currently switching from analog banking services to a digital banking experience," he says. "And they rightly expect uncomplicated, fast digital lending without a lot of paperwork.”