BEC and Festina Finance enter partnership on advanced credit solution

BEC Financial Technologies has entered yet another new partnership, this time with the Danish fintech company Festina Finance, which will make it faster and simpler for customers in BEC banks to apply for and be granted loans.

“The Festina Advisor solution can, among other things, obtain complex data from, for example, tax authorities and automatically generate a more advanced and accurate budget overview when BEC banks are assessing the creditworthiness of customers,” says Thomas Byrdal Christensen, area director responsible for credit solutions at BEC.

The solution is built directly into the BEC banks’ advisor universe in Salesforce, which BEC’s own innovation hub, Scoutz, delivers:

“We expect a time saving of 30 minutes in 80 percent of the cases and 10-15 minutes in the remaining 20 percent. The bank advisors get the most user-friendly and efficient loan process you can find in the Danish financial sector because we build it all into one, intuitive user interface in the one-stop advisor universe that they already know,” says Peter Smith, head of Scoutz.

Advanced overview for both bank customers and advisors

Bank customers will be able to use the advanced budget overview to get a better overview of their finances and prepare to discuss their loan options with the bank. At the same time, bank advisors save time and can help their customers faster because customers can give them access to automatically collect a wide range of information that the bank needs to assess a loan application.

“We are excited to enter into this partnership with BEC. Our advanced solution will help strengthen the BEC banks’ advisory process, giving both advisors and clients a more accurate and comprehensive financial overview. We are working dedicatedly to bring even more innovative solutions to the financial sector,” says Peter Norsker, Chief Business Development Officer and head of Festina Advisor.

Fintech ecosystem around BEC and Scoutz

The solution is an example of BEC’s strategy to deliver new banking technology faster through an ecosystem of fintech and technology partners. The new collaboration comes shortly after BEC in May announced the first collaboration on credit processes for the solution with the fintech company Subaio, which automates budgeting based on bank customers’ historical transaction data.

“We buy as much as possible from partners like Festina Finance and Subaio, which we integrate into Salesforce because it is faster and more efficient than building it ourselves. BEC and Scoutz is to build as little as possible ourselves – instead, we are going to be the best at finding and connecting market-leading solutions into a coherent banking platform for Danish banks,” says Peter Smith, head of Scoutz.