Danske Bank has developed a digital solution that enables small businesses to get a loan within a few minutes with access to the money on the same day.
Historically, bank credit processing has been troublesome and slow, making it difficult for small businesses to get a loan. Consequently, we have developed a digital solution that improves credit processing and enables small businesses to get a loan within a few minutes with access to the money on the same day.
“For a couple of years now, we have worked to improve the customer experience within the area of finance. We are very pleased that we have now developed a digital tool that makes credit processing simple and seamless for our business customers, giving them a good experience with Danske Bank when they need a credit facility”
- Niels Bang-Hansen, Head of Business Banking in Denmark
It previously took the bank more than five days to reply to a customer’s credit application and more than 10 days for the funds to reach the customer’s account. Today, an advanced algorithm enables the financial adviser to assess a credit application against more than 70 parameters within a few seconds.
“This solution is a good example of how we use digital possibilities to rethink our products and processes, so they support our customers’ needs in the best way possible, says Niels Bang Hansen.
Our financial advisers first used the digital solution in February 2017. Since then, more than 1,900 credit applications have been processed by the digital solution. The average credit amount applied for is DKK 225,000.