Aurachain helps Sora Bank AG reduce loan processing time by up to 85%

VADUZ, Liechtenstein - Jan. 10, 2023 - PRLog -- Aurachain (https://aurachain.ch/), the low-code software development platform, has successfully enabled Sora Bank in Liechtenstein to reduce processing time on loans by up to 85% through a credit application – all in a matter of weeks and with the help of Aurachain's complimentary resources. Upon completion of a training program, the Private Bank was able to expand its process automation journey on its own, and gradually implement solutions that would bring important improvements for both internal and external stakeholders.

Historically, credit application flows were a very heavy manual process, managed by paper files, email, and disjointed systems of record. As a result, the bank faced processing times of up to two weeks to reach approvals. Leveraging the core low-code capabilities of Aurachain, Sora Bank created an end-to-end application that digitized all interactions within its loan processing activities. The new solution provides a seamless digital experience for Sora Bank relationship managers, private banking executives, credit analysts, committee members, and even board members when required.

Processing time on loans reduced by up to 85% in the first month of activity.

The credit flow solution that was built on the Aurachain platform manages the full lifecycle of client applications- from the moment a loan request is made until the credit contract is generated. The digital experience expedites credit checks and generates all documents required for regulatory and compliance purposes. Routing and approval escalations are set up based on the bank's operational governance model.

Marcel Pfister, Head of Private Banking at Sora Bank commented:

"Using the Aurachain platform meant we were able to go digital with key workflows in a few short months. The Aurachain team helped us to hit the ground running, and the tremendous customer support has allowed us to build up internal capability at a pace we are comfortable with. As a Private Bank, we now have greater transparency, flexibility and can process at a higher speed. Both our internal and external customers are seeing faster decisions and a lower error rate. We are working already on other processes to handle them via the Aurachain platform to increase the efficiency."

Adela Wiener, CEO of Aurachain, commented, "We are delighted to see that Sora Bank's adoption of our enterprise-grade platform has immediately delivered results. This rapid return on investment shines a spotlight on how the premium low-code technology we offer at Aurachain can be seamlessly implemented and integrated to help our clients drive process automation and reduce business pain points from day one."

Find out more at https://www.sorabank.com/en/
Find out more at www.aurachain.ch