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DNB robot grants loans in two minutes flat

Norway DNB LOGOOslo, Norway DNB LOGO.Photo: Gorm Kallestad / NTB scanpix

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For the first time, DNB has granted loans without a human adviser having considered the application. Automated case processing will save the bank billions.

 

The new technology was first used to allow existing customers to refinance, but now it has also been tested on brand new customers, wrote Today’s Business. The service was launched on Tuesday.

‘A few hundred loans have gone through so far.’ Our people are incredibly pleased. This is a completely new way of borrowing’, said Trond Bentestuen, who iresponsible for the retail market.

‘It means you can be on the housing list and get a two-minute loan, even if you are not a customer.’

The new technology also allows the bank to save large amounts of money. The Bentestuen business area covers around 1,200 people who work closely with customers and can grant loans, wrote the newspaper.

‘The potential for streamlining Norwegian banking is still high, and many of the processes that are being done manually will be automated,’ he explained. The bank hasn’t given notice of any specific reduction related to the new loan solution.

©  NTB Scanpix / Norway Today

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