Thabani Ndwandwe, Head of Retail Banking Credit at Standard Bank said: “Student loans play a key role in the lives of young people starting out in higher education, so it is our goal to improve the efficiency of the student loans applications process and be able to deliver a great customer experience. Our aim is that we will be able to create the foundation for a life-long customer relationship with these individuals throughout life’s milestones, starting with their student loan.”
Experian’s PowerCurve Originations was implemented earlier this month and has already assisted Standard Bank to streamline their student loan application decisions and offer them in real time. The process is almost instantaneous, with applicants receiving a decision within minutes, through efficient decision automation.
“We needed a decision management solution that could quickly and seamlessly integrate with our pre-existing student loans origination system, and be ready for launch in less than three months. Experian was able to tailor its PowerCurve solution, as it is configured for student loans in other countries, for the local South Africa market. “Experian’s local knowledge and global experience is one of the main reasons we chose them as our partner,” says Thabani.
“It was successfully and effortlessly implemented in only two and half months and we now have an extremely user-friendly toolkit to easily manage the application decision process, which makes the experience for our customers simpler and much smoother.”
Michelle Beetar, Managing Director Experian South Africa added: “Often a student loan is the first step on the credit ladder for many young adults. It is important that the right decision is made for them, not only by giving them access to credit that they can afford, but also giving them a great experience with their provider. We are delighted to be able to support Standard Bank to grow its student loans business using our software capabilities. This is the first African implementation of PowerCurve Originations, by a truly African-focused, customer oriented organization. We are proud that Experian’s global expertise has been able to provide Standard Bank with a ‘best in class’ decisioning platform with the flexibility required to provide long term support and scalability.”
PowerCurve Originations has been developed to easily help clients take full control over all lending processes, providing a single interface for setting up these processes, related workflows and decisioning logic. The software’s flexible platform provides for an extended solution across the customer lifecycle, incorporating Customer and Strategy management. This enables companies to easily access, refine and maximize the use of its customer data across one unified, responsive environment.
For additional information about PowerCurve, visit http://www.experian.co.za/powercurve
Prepared by Meropa Communications on behalf of Experian SA
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