TBC Bank is the first bank in Georgia to introduce omnichannel capabilities to increase its loan approval rate by 40 per cent using FICO technology.

TBC customers can start origination processes through a call centre and finish them in an ATM, kiosk or branch for convenience and efficiency.

Since deploying the FICO Origination Manager technology less than a year ago, the bank has seen the loan approval rate rise from 50 per cent to 70 per cent, while the time to decision a credit application decreased from one business day to 15 minutes.

Time to market for application changes dropped by 85 per cent, as 90 per cent of the required system changes are done by the in-house development team. The cost to originate a loan decreased by 50 per cent due to lowered manual review processes, while the overall level of automation increased from 15 per cent to 90 per cent.

Giorgi Alibegashvili, strategic project manager of TBC Bank, commented: “Our system, implemented in 2007, couldn’t support changes required to meet business targets. In 2015, we revamped our originations platform with FICO technology, to cut loan decision times, reduce costs, and make the originations process more efficient.

“By implementing FICO’s cutting-edge technologies along with straight-through processes and better risk strategies, we have doubled sales in unsecured loans and gained significant advantages in a highly competitive market.”

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