.svg)
Transforming credit card issuance for India’s 2nd largest bank
Posidex revolutionized the credit card issuance process for India's second-largest bank, achieving significant cost savings and 10x operational efficiency. The bank saved millions of rupees annually with our advanced deduplication system by increasing match accuracy from 1-2 matches per application to 1-10 matches, identifying duplicates in 85% of applications.
Like our client, every bank faces critical challenges during the credit card allotment process. Achieving a seamless balance between speed, accuracy, and compliance often proves difficult.
Duplicate submissions—whether multiple applications from the same applicant or earlier submissions from existing customers—often go undetected. It leads to inefficiencies and, worse, poor customer experience. Real-time credit scoring is just as essential. So, banks can evaluate applications dynamically without making the customer wait. Yet many systems fall short.
Fraud mitigation further complicates the process as legacy systems struggle to accurately identify fraudulent or erroneous applications. Additionally, rigid, legacy systems lack the flexibility to handle variations in applicant data. They consume costly infrastructure resources without delivering desired results.
Further, the credit worthiness of an applicant is evaluated based on many market-driven parameters and standardized processes. This meant the decision-making system of the bank had to interface with external agencies and multiple other systems. Without such a system in place, credit card allotment was inefficient, error-prone, and costly.
What India’s second-largest bank needed was a robust, flexible, and scalable system capable of transforming the credit card issuance process. The bank benchmarked many solutions from global leaders and finally selected Posidex.
We implemented a cutting-edge platform designed to optimize deduplication and streamline decision-making processes.
Our proprietary AI/ML-powered solution was recognized as one of the “Best IT Implementations of the Year” by PCQUEST in 2009 due to its innovation. It brought significant operational and financial benefits to the bank:
"This implementation resulted in an average deduplication percentage of 47%, compared to 21% with the older logic. The total estimated savings will be USD $5 million annually with a 5% increase in approval and decline rates, and USD $10 million annually with a 10% increase. Processing speeds improved nearly tenfold, all with minimal hardware requirements."
— Assistant General Manager
With Posidex, India’s 2nd largest bank doubled its accuracy while approving credit card allotments. The enhanced process efficiency translated into faster issuance and improved customer satisfaction, positioning the bank as a leader in innovative financial services.
