SKG Bank: Fast, Fair and Financially Feasible – Installment Loans for all Occasions

From debt restructuring to the fulfillment of an individual dream: SKG BANK’s online loan products (www.skgbank.de) win over numerous consumers with low interest rates and straightforward loan approvals – in direct sales as well as white-label solutions. Possessing more than 60 years of experience, SKG BANK is now a second brand of Deutsche Kreditbank AG (DKB). SKG BANK acts as an installment loan specialist, competence center and innovation laboratory for the parent company. It is actively involved in shaping digitalisation in its market segment and develops innovative and tailor-made product solutions for and with its partners – from technical implementation to professional processing procedures.

Kreditantrag auf dem Smartphone
Digital Account Check

Starting Point: Account Information Service Wanted to Speed Up Loan Approvals

SKG BANK was established in 1953 as a regional consumer bank and developed into a direct bank in the mid-1990s. Since then, it has focused on selling installment loans online. In recent years, it has become of paramount importance to have a rapid and yet highly reliable credit check. The use of digital account information as the basis for loan approvals is particularly in demand. When screening professional providers in this sector, the choice fell on FinTecSystems (FTS), whose team impressed with their particularly extensive know-how and the necessary flexibility to develop a joint solution.

Challenge: Paperless Credit Check

SKG BANK aims to provide an automated credit check that meets the regulatory requirements of a bank, despite being purely online. It gets underway much faster than the 5 to 6 days that are customary for regular checks. With the Digital Account Check, FinTecSystems is introducing an important component that is necessary for a modern loan agreement without the paper-based, or more specifically manual, submission of documents such as account statements.

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The FTS Solution: Digital Account Check as the Basis for Loan Approvals

With the solution from FinTecSystems, loan applicants can now conveniently carry out the necessary account check for a credit check at SKG BANK in a fully digital and paperless manner. In doing so, SKG and DKB are making it possible to arrange loans quickly and completely digitally. We can bid farewell to the submission of documents such as account statements: when applying for a loan, the customer logs into their online banking account with their access data. This enables the account transactions to be digitally transferred to SKG BANK – a process that is necessary for the credit check. The applicant can then complete the loan application using video identification and a qualified electronic signature. This eliminates the need to print, sign and post documents. The credit check is then carried out by SKG BANK, which means that a payout on the same working day is possible.

Customer Benefit: Test Phase Promises High Usage Rate Thanks to Rapid Agreements

A previous process test at SKG Bank showed customers’ need for swift loan agreements. In fact, the willingness of bank customers to use FTS’s Digital Account Check was already more than 60 percent during the test phase several months ago. Whether at home or on the road, via smartphone or tablet – the convenient loan application process promises to secure a higher level of agreements for the SKG BANK, as the application is less likely to be cancelled due to post going missing. The Digital Account Check is actually only the first stage of the collaboration. The goal is to continue the strategic and successful liaison between FTS and SKG in order to further digitalise and automate the credit check in the future, right through to the real-time agreement of loans.

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THOUGHTS ON THE PARTNERSHIP

“The Digital Account Check constitutes another digital component for quick credit checks in FinTecSystems’ portfolio. We are able to play a decisive role in shaping even more digital business models in the financial sector – a win-win situation for both banks and customers. We are particularly pleased to be able to accompany SKG BANK, as one of the innovation drivers in the area of consumer loans, on its onward journey to success.”

Dirk RudolfManaging Director at FinTecSystems

“With the integration of the Digital Account Check by FinTecSystems into our loan application process, our customers will be able to take out a private loan even faster and completely seamlessly in the future. This will also be possible on the move with a smartphone or tablet.”

Thomas TeuberManaging Director at SKG Bank

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