to have cut credit approval times by almost three-quarters, thanks
to a project launched last summer.
Average customer credit approval times have dropped by 72 per
cent to 1 hour and 40 minutes, while auto-acceptance rates have
increased by 40 per cent, the company reported today.
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There is a dire need to improve credit application processing
time in the context of the credit crunch, which for many lessors
has given rise to an increase in demand for finance, and also
reports last year that it took in the UK on average over six hours
to respond to each application request.
SFS last year launched project ‘Transact’ aimed at reducing
average credit approval times to less than two hours, and improving
auto-acceptance rates from 2 per cent to above 35 per cent.
Peter Austin, general manager of Siemens Financial Services,
said: “By launching ‘Transact’, we upgraded our IT systems,
re-engineered the process and workflows within our credit teams,
and integrated the process within our online lease proposal tool,
ease-elease.
“However, we refuse to rest on our laurels. We know that there
is still further scope for the channel to employ finance to a
greater extent, and we also recognize that there is still more work
to be done in refining asset financing tools to further meet
resellers’ needs.”
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