First Bank launches the SME Creditum application, with FintechOS as a technology partner. This allows the bank to simplify the lending process. Thus, for legal entities in need of financing, the approval time of credit files is reduced by up to 80 percent. This optimization meets the needs of small and medium-sized companies, after last year First Bank streamlined the lending process for micro-enterprises, with a turnover of up to one million Euro.
The digital transformation was possible with the help of FintechOS technology, by aggregating data from multiple external sources and automated analysis of the information collected.
“SME Creditum and Micro Creditum are digital solutions that make the transition from manual processes to optimizations based on the latest technologies, are innovations that support and strengthen our bank’s strategy, ‘Digital with a human touch’. There has been a fundamental change in the way business is conducted, consumer behaviors have changed and, naturally, needs have also changed. To remain relevant means to follow closely the path taken by a customer in relation to the bank and to make this customer journey coherent and distinctive. When a client evaluates a financial institution, it no longer actually compares the banks with each other, but the experiences offered by them. Therefore, the experience we offer to the client is essential,” said Mădălina Teodorescu, Vice President of First Bank.
“The needs of SMEs evolved during the pandemic, and the need for quick access to financing lines has become a key factor for many companies. To meet them, banks quickly turned to fast, flexible, and personalized lending solutions. We are honored to be able to be with First Bank in this process, in a context in which FintechOS has also adapted quickly to the new needs of the financial industry, and the solution we have constantly improved in the last year offers even more agility in the process. personalization of the products and services offered. The partnership with First Bank for the launch of the SME Creditum application confirms our common mission, that of being truly customer-centric organizations,” said Andrei Găman, VP Commercial Europe FintechOS.