At the RETAIL FINANCE AWARDS 2015 Center-invest Bank and Terrasoft received a special prize for their innovative IT solution for retail lending.

Working together with Terrasoft, a leading provider of CRM solutions for banks, Center-invest Bank has used information technologies to optimise the whole retail lending cycle: from receipt of applications, to drawing up loan documentation, to issuing the loans. Today, over 800 Center-invest Bank employees use Terrasoft’s CRM system to provide services to the bank’s customers.

The number of online loan applications has tripled, and the bank’s loan portfolio has increased. Moreover, this project has reduced labour costs by 30%.

“Seventy per cent of the thousands of loan applications that Center-invest Bank receives every week are now submitted online, either via our website or using our Internet banking system,” says Yuri Bogdanov, Chairman of Center-invest Bank’s Executive Board. “By introducing modern and flexible IT solutions, we have halved the average time from receipt of a loan application to loan decision. We are very pleased that the Retail Finance Awards have recognised Center-invest Bank’s and Terrasoft’s joint achievement.”

Center-invest Bank demonstrates in practice that automating and optimising business processes and banking technologies is essential for effective growth irrespective of external conditions.