It can seem like we’re moving into an era with two clear-cut factions: people who’ve adopted automation and AI into their everyday lives and the people who absolutely haven’t. And if your business is considering bringing automation into its credit processes, it could be divisive. How can you be sure that automation will help your business?
In our latest eBook, The True ROI of Automated Credit Decisioning, we asked a panel of credit automation experts exactly that. And they delivered: you can read the eBook now to learn how to measure ROI when you implement automated credit decisioning.
But there’s so much involved when it comes to automation that our experts couldn’t stop at just one eBook. So we sat down with them again to let them share more insights: let’s get into it.
1. Automated credit decisioning can diversify finance teams
Yesinne Alvarez, Manager of Partnerships and Alliances, Creditsafe
“With the onset of automation, you can train an individual with direct credit and AR experience to make credit decisions while being aided by the automation tool. If you have a solid credit scoring model and automated decisioning tool, you can train new hires and those with indirect experience to use the tool. In the past, individuals needed very detailed accounting and financial knowledge to be able to make those calls. When the old guard start to retire, we lose institutional knowledge – people who’ve had decades of experience and who understand credit decisions inside and out. With automated credit decisioning, teams can be more open to people with varying experience. You can hire people from different disciplines, who have different skill sets, and have the automated credit decisioning tool help with their onboarding so you know you can trust the decisions they’re making in the role.
“Automated credit decisioning can also encourage career growth within a company. People who’ve previously worked in sales or customer service, for example, already know a business’ customers but don’t have credit experience. Automated decisioning can give them a gateway into new opportunities in their careers, while their other experience can make them a huge asset to the business, from a customer perspective.”
2. Automated decisioning provides clarity in uncertain times
Brian Morgan, Senior Director, Strategy and GTM, BlackLine
“We all face headwinds and tailwinds in business, but in recent years we’ve seen so much uncertainty. It’s similar to the 2008 recession in terms of voltality and uncertainty, which means businesses need be very sure about the decisions they make. With automated decisioning, we see businesses are able to do more credit decisioning on a far quicker and far more regular occasion."
When the economy is unstable or you aren’t sure of what direction things will go, you need to know what’s going on with your customers. It’s not the risk you don’t understand: it’s the change in circumstances. Your customers’ financial situations can change so much, so often that you need a to know you’ve done everything you can to mitigate the risk to your business when you decide to work with them.
“If you want to keep making the decisions that drive growth, even during periods of uncertainty, automated decisioning is the only way you can make more decisions, better and faster, with more certainty.”
3. Automated credit decisioning is a win for customers and business alike
Jack Davis, Global Product Manager, Creditsafe
“Automated decisioning processes applications in seconds. Obviously, that’s a huge win for businesses: they can make those smart business decisions much more quickly than they could before. But that also creates a better customer experience."
"Moving away from manual underwriting, which can take hours or days, means that customers get their answers faster. They appreciate that speedier onboarding process, which can lead to stronger customer loyalty.
“Automated decisioning also provides businesses with more decision consistency. Applications get a yes or a no based on the parameters the business sets within the tool. That means that everyone in your team will make the same decision every time. Not only does that reduce bias – another win for customers – it also allows for companies to have stronger regulatory compliance. Your business and your customers can then trust the business and the decisions you make much more. Simply put, it’s just a smart use of data.”
4. Automated decisioning can help unify sales and finance teams
Thea Dudley, Speaker, Author and Credit Expert
“Credit managers know the challenges of this job. Often, they’re the ones standing between the company and unnecessary risk. Of course they want to be able to take the time to do their research, but pressure from sales teams means they aren’t always. And when there are so many different credit applications to get through, it can lead to difficult or uncomfortable situations between the sales and finance teams."
“It’s difficult when there’s pressure for the company to grow – it can feel like credit is being too cautious, while sales is trying to push forward deals that aren’t good for the company. In reality, both sides are just trying to do their jobs to the best of their ability. Automated decisioning can be a game-changer for situations like this, because it instills confidence in both sides. Salespeople can approach stronger, more qualified leads that are much more likely to be approved by the credit team. And on the other hand, credit managers get to say ‘yes’ more often, while still being sure that those decisions are strong ones.”
Faster onboarding. Smarter decisions. Better risk management.
Try Creditsafe's automated credit decisioning tool today.
About the Author
Leighton Weston, Global Account Director, Creditsafe
With over 15 years of experience in enterprise SaaS sales, account management and data integrations, Leighton has a deep understanding of what businesses need to minimize their risks. Since joining Creditsafe in 2008, Leighton has held roles in both the US and UK where he has nurtured sales executives and created processes to improve revenue operations. He was also instrumental in setting up the US office for Creditsafe when it launched in 2012 and has since helped some of the world’s most trusted brands protect and grow their businesses, including Netflix, Pinterest and Ping.
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