EDR Credit Services: Docbyte Intelligent Document Processing

Document Solution vastly improves customer journey and the efficiency of dossier handlers!

Who: 

EDR Credit Services (EDR) focuses on providing information that reduces and helps manage credit risk. Founded in 1992 and with approximately seventy employees, the company has grown into a fully-fledged credit bureau with more than 1.500 clients. EDR offers innovative solutions in the areas of consumer and business information and re-collection. The intelligent use of data and IT knowledge resulted in a leading position in consumer data management. EDR is the inventor of the online acceptance street for private lease, consumer credit, and rental property. This is an online secure environment where consumers can follow the underwriting procedure entirely independently. By means of this solution, EDR checks and takes care of the customer acceptance of private applications 

(financing applications/private lease/subscriptions/rental) on behalf of clients.

Challenges:

• The emergence of digitalization increases the need to perform credit checks faster and more efficiently.
• The steps that an acceptance must follow are historically complex with (too) many unstructured documents and too labor-intensive.
• The need for different documents can lead to confusion among consumers.
• Privacy concerns make handling data difficult.
• Acceptance process is a significant cost component for customers

Docbyte Solution:

Docbyte, in close cooperation with EDR, developed a tailor-made adaptation of its proprietary Intelligent Document Solution enabling the company to automate and classify incoming documents, improve customer experience, streamline, and improve the workflow of the dossier handlers and secure anonymization in line with the legal requirements.

Docbyte Product:

Intelligent Document Processing

Result:

• In the past, the dossier handlers had to manually make changes and adaptations to documents. This is now done automatically.
• The vast improvement of the client journey thanks to the Docbyte Intelligent Document Processing Platform makes it easier to get the right documents in from the start.
• Consumers have a much smoother and more effective experience in sometimes stressful situations.
• The right and necessary data, in accordance with privacy laws, is automatically extracted and classified as ready for use.
• The clients (e.g. leasing companies) receive the right information ASAP.

Full Story

EDR Credit Services: Docbyte Intelligent Document Solution vastly improves customer journey and the efficiency of dossier handlers!

EDR Credit Services (EDR) focuses on providing information that reduces and manages credit risk. Founded in 1992, and with approximately seventy employees, the company has grown into a fully-fledged credit bureau with more than 1,500 clients. EDR offers innovative solutions in the areas of consumer and business information and re-collection. The intelligent use of data and IT knowledge resulted in a leading position in consumer data management. 

With the rise of digitalization, the need to do everything faster and more efficiently is also growing. This includes credit checks, which must be carried out in seconds. Automation is not only needed for individuals but also for companies that want e.g. to lease 150 cars. Then you want to know who you are doing business with quickly and an automated solution is necessary.

• Acceptance streets

EDR focuses on acceptance streets for private lease, consumer credit, and rental property. This is an online secure environment where consumers can follow the underwriting procedure completely independently. By means of this solution, EDR checks and takes care of the customer acceptance of private applications (financing applications/private lease/subscriptions/rental) on behalf of clients.

But getting a positive response on the creditworthiness of a customer is not always enough. Legal standards and quality label requirements have to be met. And although one can calculate if a consumer is creditworthy, documents are still needed to validate this, and extra checks are required: Identification, payslips, rent, mortgage, and other loan costs, etc. All that paperwork is loaded in the system but is completely unstructured. 

More often than not extra information needs to be asked to consumers who were not always clear on what was needed. Moreover, we have to be very careful not to send privacy-sensitive documents to our clients. No pictures, social security numbers, etc. All this had to be manually adapted.

The overall result is? Frustrated customers and frustrated dossier handlers at EDR. And a long process that costs money. 

It had to change. Enters Docbyte.

Maarten-Pieter Remmen, CEO of EDR recalls: “We scouted the market and got in contact with Docbyte. We liked what they were proposing but, as always, the proof of the pudding is in the eating. We have engaged in a very close relationship over the last months. Such a journey is always hard and sometimes frustrating. But good cooperation and good discussions brought us where we are now with a fully working system.”

• Docbyte’s Intelligent Document Processing (IDP)

The core of the solution is the Docbyte Intelligent Document Processing Platform. Docbyte has been working for years in the insurance and finance industries and has developed a suite that is geared towards the requirements of these industries. The experience of the company and the pedigree of the solution guarantee a working environment and one that can be adapted to the needs of the client.

Frederik Rosseel, CEO of Docbyte: “From the start of our cooperation we knew there were going to be challenges to overcome. Our IDP is well proven and contains solutions for the challenges that companies in EDR’s industry are and will be facing now and in the future. The base and the walls are there but the interior decoration is always based on the customer’s preferences. Thanks to our specialists and the professional staff at EDR we succeeded in our goal”.

• Now

In the past, the dossier handlers had to manually make changes and adaptations this is now done automatically. But more importantly, the solution achieved a vast improvement of the client journey which makes it easier to get the right documents in from the start.

Consumers have a much smoother and more effective experience in a sometimes stressful situation and the acceptance street, in which EDR excels, now really comes to its full potential.

At the same time, all data are handled in accordance with privacy laws. The EDR clients have always received a sterling service but with the new system, the developments are manifold. EDR is now getting the system ‘in their fingers’ before continuing the journey and introducing relevant additions. And this new way of efficient working will enable to grow the client portfolio in the existing client environment but also beyond that. 

It is the start of the journey and certainly not the end to making EDR the King of the Acceptance street.