Welcome to our Product Talks series, where Bectran's Platform Services experts discuss challenges in order-to-cash and how to use the platform to boost your operations.
Join us in this episode as Platform Services Corey Batz explains how Bectran’s automated credit reviews streamline the decisioning process. Learn how you can eliminate tedious tasks and gain greater security throughout your workflow.
Do you have a topic you want to hear our take on? Let us know by emailing us at producttalk@bectran.com.
Below are some highlights from the conversation.
Q: What kind of data can Bectran pull, and where does that automation fit in the credit review workflow?
Bectran can pull in data that is coming from any credit bureau. It can also pull in data coming from our fraud prevention tools, such as the Secretary of State data.
Maybe somebody with 1,000 [or] 2,000 active customers might not see much of a need to automate their review process immediately. Maybe they automate some aspects of it, but they still want to have that human touch [for] each of their customers. They still want to be the final say in the approval for that specific increase or decrease on the credit line. But when you have a customer who has 3.5 [or] 4 million active accounts, it is near impossible to keep up to date on every single one of those customers from a manual basis. That would take almost a year's worth of work from one person, if not more people.
Q: Moving to something more advanced, what can Bectran do to automate the actual decisioning process?
If you are looking at all of your data across each individual report and you just want to give a specific customer a flat limit or a ceiling across their risk level, you can do that. We can establish that based on the score across multiple reports. We can also do this based on data that comes back directly from Creditsafe or directly from Experian.
Q: What is the relationship between automated decisions and manual reviews?
An automated decision, once that review gets generated by the Bectran system, it goes into the queue. Any reports that you need are pulled, any bureau data is pulled in, any fraud data is pulled in. From there, once the decision has been made and once the model has decided that this customer is worthy of this amount, then we will start and just automatically approve that customer. It doesn't need any human touch.
You don't have to go and approve everything; we can approve up to a certain caliber of customer. So, it just really helps you get a lot of your mundane and repetitive tasks and the smaller stuff out of the way so that your credit team can spend more time working on what's more important.
Q: How does fraud prevention fit into Bectran’s automated credit review process?
One of the main pieces that come into play with prevention is the Secretary of State checks. If my customer is great at one specific point, and they are in perfect standing with the Secretary of State, and then later on, even maybe a year down the line or maybe even six months down the line, something happens and they're no longer in good standing with the state, at that point, you don't want to extend them any more credit. You're going to want to cut off business for the most part with that customer because they're no longer eligible really to do business in the state. That is one of the things that we can incorporate into the review process. We could give you a very big red flag from a scoring perspective and completely disqualify [a business] right from the model because of the fact that [the Secretary of State report] came back as an inactive customer.
Q: Some listeners are reluctant to jump deeper into automation. When should they make the leap and why?
That's a great question. I would say it really depends on how much time you want to spend doing mundane and repetitive tasks within Bectran. Are you okay with your team spending hours of time doing the same tasks that they do on a daily basis, even though the Bectran system that you are utilizing has the capability to make life easier and to make your process flow better? I think you should make the leap [to automation], once you’ve decided that automation will help your process from an efficiency perspective and also, even surprisingly enough, a risk mitigation perspective.
If you want to see how Bectran’s Credit Review Module can help your business, schedule a demo today or contact us at info@bectran.com.
