High request volumes form bottlenecks for credit departments.
Officers need to move quickly, but doing so often compromises effective risk management.
Bectran, Inc., the go-to order-to-cash platform for streamlined risk management, helps departments improve their approach with an Instant Decision Manager (IDM). Pulling in customer histories, credit reports, fully-customized criteria and more, IDM automatically matches and approves the right customers, giving departments the edge they need for more effective risk strategies while streamlining work and reducing human error.
Already setting a precedent for the industry, Bectran has now gone a step further. The platform has introduced a waterfall sequence for evaluating multiple scoring models and criteria in IDM, giving credit departments deeper control for automatic approvals and stronger tools for managing their risk portfolios, especially when request volumes grow.
“Our priority is helping departments make more strategic decisions,” Louis Ifeguni, Bectran CEO, comments. “IDM already gives teams a powerful tool for efficiency and risk management. The waterfall approach introduces another level of Bectran empowering departments to tailor their decisions to their growth needs.”
How It Works
With the waterfall approach built into IDM, users configure a set of approval models, assigning each a priority level. The models run in sequence, from highest to lowest priority, while pulling and evaluating a range of real-time data — from bureau ratings to bankruptcy filings. The process results in complex, far more human-like decision capabilities.
IDM automatically approves any request that matches a model in the waterfall sequence. A match also stops the sequence, saving organizations from redundant data pulls. Potentially risky requests that fail to match a model or that match a disqualifier anywhere in the waterfall will be flagged for manual review. The system makes the pulled data, reports, ratings and relevant historical information available to creditors to streamline reviews.
What It Means
IDM’s nuanced decision-making within the new layered approach gives businesses unparalleled control in tuning their automated approvals. Multiple models mean users can tightly fit approvals to their departments’ risk strategies, and the prioritized cascade gives transparency to the process. Organizations leveraging this latest IDM feature can count on further streamlining their high-volume approvals.
When paired with closely tuned automatic approvals, manual reviews take on an additional strategic dimension. Making the IDM waterfall more risk-averse, for instance, gives officers room to embrace growth opportunities that would otherwise have posed uncertain riskiness for the department. Ultimately, the enhanced IDM enables more efficient approvals, giving creditors more time to focus on strategic customers.
“The IDM waterfall strategy,” adds Ali Kidwai, Product & Implementation Manager, Bectran, “lets departments effectively automate approvals in a fine-tuned way that mimics human behavior at scale to make optimal risk decisions. Businesses get more control over their approvals, scaling their strategies to automate higher request volumes.”