SARNEN, Switzerland, Jan. 11, 2023 (GLOBE NEWSWIRE) — AuraChain, a low-code software development platform, helped Sora Bank in Liechtenstein reduce processing time for registered loans by up to 85% via a credit application app, all within weeks with the help of free Aurachain resources. After a training program, the private bank was able to independently extend its process automation journey and gradually implement solutions that can bring about significant improvements for internal and external stakeholders.
Historically, credit application management was an intensive manual process involving numerous paper files and emails, and depended on inconsistent records. As a result, the bank had to accept processing times of up to two weeks before getting the approvals. Building on the basic low-code capabilities of Aurachain, Sora Bank built an end-to-end application to digitize all interactions in the loan processing system. This new solution provides a seamless digital experience for Sora Bank, from its relationship managers, to its private banking executives, its credit analysts, its committee members and even its optional board members.
Loan processing time reduced by up to 85% in the first month of business
The credit management solution built on the Aurachain platform manages the entire customer application process, from the moment a loan application is submitted, to the moment a credit agreement is generated. The digital experience speeds up the credit check process and generates all the documents required for regulatory and compliance purposes. The subsequent stages of transfer and authorization are implemented according to the bank’s operational governance model.
Marcel Pfister, Director of the Private Banking Department of Sora Bank She said :
« Using the Aurachain platform allowed us to move to digital processing of essential tasks in just a few months. The Aurachain team got us off to a flying start and their phenomenal customer service has allowed us to build our internal capabilities at a pace we feel comfortable with. As a private bank, we now have more transparency, more flexibility and can process requests faster. Our customers, both internal and external, see faster decisions and lower error rates. We are already working on other processes to be able to manage them through the Aurachain platform in order to increase our efficiency even more. »
An upcoming all-digital customer-facing interaction model will further enhance the customer experience through digital document distribution and signing, as well as in-app uploading of required information and documents. Aurachain’s built-in ability to generate comprehensive audits of all activities associated with bank debt products enables Sora Bank AG to achieve operational excellence.
Adela Wiener, CEO of Aurachain, he said: “We are delighted to see that Sora Bank’s adoption of our business platform has paid off immediately. This rapid return on investment highlights how the high-end, low-code technology we offer in Aurachain can be implemented and integrated seamlessly, to enable our customers to automate processes and reduce headaches from day one. to the company’s activity. »
About Banca Sora AG
Established in 2001, Sora Bank offers a range of private banking services such as modern portfolio management, traditional banking and, in the near future, digital banking. Sora Bank’s clients are wealthy people, businessmen and families.
For more information, visit the website https://www.sorabank.com/fr/
About Aurachains
Aurachain enables organizations (its customers) to rapidly build digital process applications through a powerful low-code platform. Streamlined workflows and exceptional interfaces directly leverage the expertise of subject matter experts, business analysts, and professional developers to deliver real business value from day one. Businesses and governments use Aurachain to reduce development time, streamline business operations, and accelerate innovation.
For more information, visit the website www.aurachain.ch
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