CIT's goal was to capture more customers and to gain a competitive advantage by automating their credit decision processes and providing real-time credit decisions. The system pulls the appropriate reports based on a pre-defined process, and determines a credit score, based on CIT's own underwriting criteria, to arrive at a decision. Then the system sends back an electronic answer to the financing vendor, often without manual intervention. We sat down and mapped out exactly how we wanted our process to work. In one instance, CIT was able to take the lead in providing a new financing program for one of its largest customers-capturing the lion's share of the business while its competitors were left scrambling.
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