There's a myth in the financial services industry: you can either be fast or thorough, but not both. That's nonsense.
We built our approval process from the ground up by asking one question: what actually matters? Turns out, a lot of the traditional loan application process is theater. Forms asking for information we already have. Manual steps that could be automated. Reviews that add no value.
Here's what we did: we automated the busy work and saved the human judgment for things that actually need it. Revolutionary concept, we know.
Our system flags applications that need human review and fast-tracks the straightforward ones. We don't make everyone wait because of edge cases. We don't add steps to look thorough. We actually are thorough, which is faster.
The result? Average approval time dropped from 5 days to less than 24 hours. Error rate stayed the same. Customer satisfaction went up significantly.
Speed isn't the enemy of quality. Unnecessary process is.