| Equifax APPRO Account System |
| By Credit Federal |
Published
07/13/2008
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Credit Report
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Equifax Launches APPRO Account Opening Solution
Ever wonder how the banks and credit card issuers who send you preapproved offers already have an idea of your credit score? It's because they use tools that credit report bureaus like Equifax provide.
With Equifax's latest APPRO offering, banks and other financial institutions now have access to solutions for account opening, cross-selling, consumer and business lending, all on a single platform. APPRO customer Merrimack Valley Federal Credit Union is working with Equifax to implement the new solution.
According to Jay Caldwell; consumer loan manager for Merrimack Valley FCU, "Changing market conditions can make it challenging when it comes to balancing the needs of our individual members with the best protection against fraud and other inherent risks. With APPRO's advancement in account acquisition, we are ever more ready to service our members' needs while minimizing the credit union's risk exposure. APPRO's secure access and sophisticated authentication gives us more confidence than ever before that we are on the right track."
APPRO solutions give their business customers access to advanced data, analytics and decisioning to enable more profitable management for today's lenders by reducing high risk. The latest APPRO solution is designed to help lenders be even more nimble, streamlined and cost efficient to drive smart growth.
Equifax's president of Technology Services, Rajib Roy, said: "In working with our customers, we've recognized that many banks and credit unions are looking for ways to streamline their account opening process across all the financial products they offer. APPRO is designed to give financial institutions a solution to open both deposit and lending accounts and cross-sell additional products across all channels in real-time. This new solution helps businesses achieve a faster sales process, improved customer relationships and lower total cost of ownership."
The new APPRO solution is highly configurable and provides an end-to-end solution across all sales areas, including online, branch, call center and dealer channels. In addition to providing one platform for account opening, consumer and business lending, APPRO provides numerous benefits to customers, including:
- Online account and loan origination processes, resulting in added convenience for customers, who no longer have to come into a branch for these services
- Real time cross selling across all lines of business
- Increased change control over credit policies to better manage risk, pricing and marketing
- Reduced fraud through integrated identity verification and authentication
APPRO helps automate every phase of the loan processing workflow; from data acquisition and decisioning, through a range of post approval functions.
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