CorServ Solutions Puts GDS Link to Work For Bank Clients | Credit Card Decisioning Success Story | GDS Link
Corserv Solutions puts GDS Link to work for bank clients
Corserv Solutions puts GDS Link to work for bank clients
Corserv Solutions puts GDS Link to work for bank clients
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CREDIT CARD DECISIONING SUCCESS STORY
CREDIT CARD DECISIONING SUCCESS STORY
CREDIT CARD DECISIONING SUCCESS STORY
Case Study
The Credit CARD Act changed how banks are required to meet customer needs. In response, Corserv Solutions identified a new need in the industry and worked with GDS Link to establish a technological back-end that empowers banks to confidently provide competitive credit card and payment options to their customers and to overcome the challenges of time to market and the scale required for a return on investment within an acceptable timeframe.
Based in Atlanta, Corserv leverages its own proprietary technology and partnerships with third-party providers like GDS Link to provide banks with a full-service turnkey credit card program including:
Issuance to both consumer and commercial customers
Full-featured credit card products
Marketing strategy and implementation
Compliance and regulatory support
Automated credit decisioning and new account onboarding
Processing and servicing
Data warehousing, analytics and reporting
Corserv integrated GDS Link’s connections to the credit bureaus and user-friendly decisioning tools into its web-based application decisioning engine to produce a flexible real-time account origination system that addresses regulatory requirements such as customer identification, wraps into the decision-making process existing customer relationship value, and handles extensive applicable disclosure requirements.Overview
Context: Financial institutions faced challenges with compliance, particularly in relation to the Credit Card Act and other regulatory requirements.
Challenges Addressed
Navigating complex compliance requirements for credit card offerings.
Maintaining transparency and documentation for regulatory purposes.
Solutions Provided
A decisioning tool that simplifies compliance and enhances transparency in credit card applications and decisions. Impact: Enabling smaller and regional banks to offer credit cards by reducing the complexity and cost associated with compliance.
Key Market Actions:
Compliance with Credit Card Act: Addressing the complexities of compliance and providing necessary documentation and transparency. Enabling Smaller Banks to Compete: Leveraging technology to provide small and regional banks the tools to offer competitive credit card services. Improving Customer Management: Enhancing the management of customer relations through better decisioning tools.
The Challenge
Banks increasingly need digitally focused, modern credit decisioning and onboarding solutions. The Credit CARD Act created added pressure from regulatory bodies, pushing banks to dig deeper into risk analysis before offering customers access to credit cards and imposing expanded disclosure requirements to ensure transparency. The added steps created by the heightened regulatory focus made the cost and complexity of offering customers credit cards prohibitive for many regional and most community banks and reinforced the need for all issuers to have innovative technology to ensure compliance with an evolving compliance framework.
“Previously, over 80% of banks couldn’t participate in crediit cards because of limited scale,”said Jerry Craft, President of Corserv.“We saw an opportunity to build a 21st-century end-to-end platform for banks to service credit card loans and corporate payments, including, credit decisioning and onboarding processes.”
Corserv recognized the challenge facing banks as an opportunity to provide a state-of-the-art credit decisioning solution. Corserv turned to GDS Link to help build a system that would give banks access to technologies they couldn’t readily leverage on their own. After considering a variety of solution providers, Corserv chose GDS Link because our solution is highly configurable, offers a user-friendly experience, provides connectivity to a variety of data sources and enables Corserv to support a wide range of financial institution clients.
The Solution
To solve the credit-card issuing challenges facing banks, Corserv licensed GDS Link’s Modellica platform to handle data aggregation, credit decisioning and risk analytics.
With GDS technologies in place, Corserv supports more than two dozen banks and affinity partners, handling credit decisioning processes at the point of sale for branch interactions and online applications.
The Result
Corserv has changed the credit application management and onboarding process for its client banks by giving them a single destination for their needs. Historically, credit-card systems involved multiple components, leaving banks to work with different vendors for various functions. By bringing capabilities under a single service umbrella, Corserv simplifies and streamlines the process of acquiring and servicing credit-card and payment accounts.
On top of all this, the underlying flexibility of the GDS Link platform empowers Corserv to:
Easily mix and match traditional and alternative data sources for decisioning and underwriting.
Rapidly adjust to changes in regulations or market demands.
Consistently improve and adapt based on future business needs.
All told, Corserv clients consistently outperform the rest of the industry, based on FDIC data, highlighting the value offered by GDS Link’s credit decisioning software combined with Corserv’s proprietary platform and subject matter expertise. “We enjoy the configurability of the business rules and the availability of GDS’s technical resources,” said Craft.
"We saw an opportunity to build a 21st century end-to-end platform for banks to service credit card loans. With GDS Link we remain nimble with enhancements to ever-changing U.S. rules and regulations, like Beneficial Ownership in 2018 and the Military Lending Act in 2017.”PRESIDENT OF CORSERV, JERRY CRAFTAbout GDS Link:
GDS Link is a global leader in credit risk management, providing tailored software solutions, analytical and consulting services. Our customer-centric risk management and process automation platforms are designed for the modern lender in their pursuit to capitalize on the entire credit lifecycle. By providing a personal, consultative approach and leveraging our own industry-leading knowledge and expertise, GDS Link’s solutions and services deliver exceptional value and proven results.
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