Heritage Bank, Experian to improve loans process for borrowers

Loan applicants will enjoy better experience thanks to the new platform, providing one interface to connect the multiple programmes required to load and process an application. The platform will cut the average time needed to load, process, and assess a standard application through the bank’s branches from about five business days to roughly one business day. Heritage and Experian will work closely together over the next 12 months to roll-out the platform, which will be used for both home loans and personal loans, according to the official press release.

The platform incorporates a new credit decisioning solution, which will cut down the assessment timeframes through auto-approvals for eligible loans. Borrowers will also be able to load applications and supporting documents online, speeding up the application process and improving the overall customer experience.