May
18
2012

Average lending decision turnaround varies across financial institutions

The average turnaround time to make a lending decision varies materially between financial institutions.

Institutions with low-level automation are typically less competitive on price due to the higher cost of manual reviews. For customers, it leads to high levels of dissatisfaction, complaints and switching of institutions.

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Source: Strategic customer management for business banking portfolios by Experian’s Global Consulting Practice.

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