FWS Provided Loan Application Verification Services to Top Financial Services and Business Lending Firm

Case Study on Loan Application Verification

Client Profile

The client is based in the United States (Connecticut) and provides commercial loans to small businesses. They have more than a century of experience in credit analysis and business funding for purposes such as equipment leasing and working capital.

Client Requirement

The client needed to expedite their loan application and verification process that often involved handwritten applications. They wanted help verifying bank statements and credit details. The client made an on-site visit to evaluate potential outsourcing partners and selected Flatworld Solutions for a trial assignment before proceeding to a long-term project.

FWS' Challenges

The project involved these primary challenges -

  • Many bank statements were illegible
  • Applicants with multiple bank accounts made the cross-checking process more difficult

FWS' Solution

After carefully analyzing the challenges and requirements of the client, the Flatworld Solutions data management specialists developed this solution -

  • During the trial period, the client provided one day of training. The trial involving 10 bank statements was successfully completed in two business days - this was followed by the next phase of the project with a higher volume of loan verifications.
  • Loan application details were supplied to team members in a PDF format.
  • The team reviewed bank statements and credit information with an emphasis on details identified by the client. The processing for each application was required by the client to be completed within two hours.
  • Verified and updated details were entered in the client's portal.
  • The initial phase of the project was completed on time - the client awarded an ongoing verification project involving 400 loan applications weekly.

Final Results - Verified 1200 Loan Applications Monthly and Reduced Costs by 60%

This project shows how outsourcing perceptions are impacted positively by a combination of factors. The client discussed in this case study had initially expected some significant challenges with the outsourcing process. Due to these concerns, the client chose to conduct an on-site due diligence review of potential outsourcing vendors that included Flatworld Solutions (FWS).

According to the client, their initial concerns were alleviated by the seamless outsourcing process exhibited by FWS. Here are some additional factors mentioned by the client regarding the positive working relationship with Flatworld Solutions - high quality service, a 60 percent cost savings, accuracy in the verification process, willingness to go the extra mile, and fast delivery.

Hire Flatworld Solutions for Accurate Loan Application Verification Services

FWS is an ISO certified international provider of outsourcing services with two decades of specialized experience in data management and document verification. Our data management team facilitates fast turnarounds when needed. If you have a similar project requirement, then feel free to contact us today for a no-cost assessment and get a FREE quote within one business day.

Pricing

Pricing

Pricing is a critical factor to consider before outsourcing. Our pricing model allows you to keep your costs in control.

Case Studies

Case Studies

Read Case Studies to find out how we helped our clients with Data Entry Services.

Free Quote

Get a Free Quote

Tell us your requirements and get a free quote.