· Retrieving & using credit data will be streamlined across all users within a bank through full system to system integration.
· The automation of internal processes will ensure a higher level of security and confidentiality as data will be extracted and analyzed with limited human intervention.
· Retail branches will have the ability to make on-the-spot loan decisions in accordance with the risk appetite set by the bank through its own internal systems that now includes valuable data from Al Etihad Credit Bureau.
Al Etihad Credit Bureau, the UAE’s credit reporting company, launched the Application-to-Application (A2A) advanced feature in January, granting lenders direct access to the Bureau’s database to extract that data they need and use it as direct input into their own decision-making systems. UAE’s Leading financial institution, Mashreq has become the first Bank to enable this advanced feature.
Banks as well as finance companies and telecom operators can now start making use of the Application-to-Application (A2A) feature. In a typical scenario, an entity would be able to use personal information extracted from an Emirates ID chip, automatically use that information as input for making a credit report enquiry, retrieve a set of data fields chosen by the entity and input it directly into an internal decision-making systems in order to shoot back and an immediate response. This transformation is going to improve internal processing, eliminate human errors in data entry and ultimately benefit the customer in obtaining preapprovals on the spot.
Marwan Lutfi, CEO of Al Etihad Credit Bureau, said: “It is important to be at the forefront of digital integration and Application-to-Application (A2A) feature is the newest way of connecting to the company’s database in a seamless and effortless manner. Banks, finance companies and telecom operators can now design internal decision-making systems that instantly read information from Al Etihad Credit Bureau and use it for customizing products, offers, services and rates while customers are being serviced. With Mashreq being the first bank to adopt this advanced feature, we believe that financial institutions will not only become more creative and innovative in the way they make use of such feature but also differentiate their offerings and services towards consumers.”