With the internet and e-commerce boom in India, more people are searching for financial products online. This process enables customers to not only find a right product, but apply for it and get a provisional decision instantly, and also enables the customer to track the status of the application online.
India’s largest international bank has gone digital by launching first instant online credit card approval solution. The decision maker takes into account the applicants past credit history and various other things like income, debt, etc.
With the digital application process, the customer can apply for a credit card online at his or her convenience. From a customer-friendly dedicated internet page accessible directly or through their website – here, the customer can browse through various options available and apply for his or her preferred card.
Once the application is approved, bank contacts the customer for various documents and for other formalities.
The technology behind the whole process:
The customer enters the information online which is passed to CIBIL as a web service, CIBIL matches the customer details using keys like PAN Card, Name & address and provides the bureau results; a decision is provided basis the CIBIL inputs as well as application of some of the Bank’s internal credit norms and scores. The entire information flow happens in a secure manner through SSL encryption.
Benefits compared to current credit card application system:
- Upfront checking of eligibility of a customer and instant provisional decision on card application, vs current process where a customer has to wait for 7 to 10 days from the time of physical application form fill to know the status of card approval
- Ease in choosing the right product & guidance on exact documents required for applying
- Application tracking online- https://apply.standardchartered.co.in/application-status
- Ability to schedule a doc pick-up appointment as per customer convenience
- In addition to this the whole process is secure as the site is thoroughly tested for any vulnerability and all the information is secure using SSL certificate.
- If for some reason the applicant is unable to fill the application details our tele-center will help them in filling the form over the phone by guiding them step by step on how to fill the form.
The application process is currently not available on WAP browsers & Mobile App’s, but the company is soon planing to launch them.
I am sure other banks will surely join in the race! What say??
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Instant Credit Card Approval Solution must be really cool. I love technology. It’s nice to find all kinds of financial products online
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