Interview with Victor Cojocari, product owner of the "Time to Cash" band at maib
Victor, by the band's name, it goes without saying that the speed of business loan approval depends on your team's work after the loan application is approved. Is this true?
Yes, we are responsible for those processes that we might call "last mile".
Do you interact with both customers and other internal divisions?
We only manage the bank's internal processes, although their clarity and speed directly impact the customer. Currently, a company can get a loan from maib either online, in-branch or through the support team, which provides support, for example, for loans under international credit lines. Our mission is to reduce the time to credit through all these channels.
In one of the recent interviews, it was mentioned that every second loan is basically granted as part of a loan offer that the bank calculated in advance. In this case, is the work of the Time to Cash band still necessary? Or does the customer automatically get the money in the account?
Our participation is required anyway. Many indicators are calculated in the credit offer. When granting the loan, we recheck the borrower through the Credit History Bureau to see if new debts have arisen that could reduce the credit possibilities. If the loan has collateral, we ensure it is sufficient and that no last-minute restrictions were imposed before the loan was granted.
So, you ensure final verification of all necessary parameters before granting the loan?
You could say that. Depending on the loan type, the checks' configurations may vary, but the aim is to say a final 'yes'.
How long does it take to say this final "yes"?
If the loan is unsecured, the granting should occur within two hours. If it is a secured loan, it may take a little longer.
How has the possibility of signing the credit agreement electronically influenced the loan granting process?
When we talk about e-signature, we have allowed the customer to sign the documents when it is convenient for them, where it is convenient, without needing to be physically present at the bank. Notification is sent to the customer by email, and the customer can sign the documents at their convenience. This flexibility has been greatly appreciated by our customers, who in the past could not sign the credit agreement in time, for example, if they were on a business trip abroad or the company office was far from the branch.
Signing the credit agreement from abroad in two hours - a few years ago, such possibilities and credit terms would have been fantastic. The desire to refine and speed up processes is the trademark of every developing system, and maib falls squarely into the category of such institutions. What will be the next steps in accelerating Time to Cash processes?
The answer is simple - we will significantly speed up our processes when our business customers start working on a large scale through our new mobile app for legal entities.
What significant achievement would you highlight in your work this year?
The use of electronic signatures when concluding a credit agreement. In this respect, we have a lot to be proud of. Maib has become the leader of the banking system in the Republic of Moldova by using electronic signatures. 80% of loans with or without collaterals within the credit lines are granted with electronic signatures, and customers do not physically come to the bank. Also, about a quarter of other loans are concluded by electronic signature. There are still problems at the national level with mortgages and pledges; these types of contracts cannot be signed electronically yet, but we expect legislation in this segment to be changed soon.
But when the loan is under an approved line of credit, can the customer already use only the electronic signature?
Yes. And customers are increasingly turning to this form of collaboration with the bank. We are also helped by the practice of a 15-year general credit agreement, where the customer takes care of collateral and mortgage issues in advance and simply works within the agreement. In this case, the need to come to the bank for new financing is completely eliminated. Even though I am not directly responsible for the loan process, I sincerely recommend our clients carefully consider the ways of working with the bank and choose the ones that allow them to save the most valuable resource, such as time.
