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Spanish government financial agency processed 80,000 online credit applications in its first 6 months for 140,000 SMBs
About ICO
Spain is a state-owned
institution attached to the Ministry of Economic Affairs and Competitiveness. As a result of the BPM project, ICO gained an important competitive advantage, perceived as the only credit entity that reacted with agility to the Spanish financial crisis.
ICO’s Financial Facilitator received a nationwide recognition at the launch and is still perceived as the most friendly and innovative online credit application platform for Spanish SMBs.
Best practice:
  • Ensure that design and development teams work closely together – ideally in the same location – to get the fast results
  • Gain the commitment and support of key stakeholders – here, ICO’s President and Board of Directors
  • Expect regular updates from your BPM provider to identify and mitigate project risk
  • Recognize that conflicts may arise and have processes in place to resolve them
  • Deliver version 1.0 fast and make changes in subsequent versions to achieve fast value
Many Spanish SMBs face bankruptcy, affected by frozen credit lines following the global financial crisis.

ICO, funded by the Spanish government, conceives the idea of the “Financial Facilitator”: an analytical credit application tool designed to get the cash flowing for hard-hit businesses. Bizagi and credit process experts, PwC, designed & delivered the complete BPM solution in record time.
  • Create a customer-centric, online credit application in just two months
  • Leverage BPMS to ensure timely and accurate submission of credit applications
  • Automate the credit analysis and evaluation processes and workflows
  • Provide a robust service with ability for easy modification and expansion
  • Collaborate closely with credit process experts to embed expertise into the tool
  • Raise national awareness of the scheme
  • In just eight weeks, the Financial Facilitator was open for business
  • Over 80,000 applications were made in the first 6 months; 140,000 in the first year
  • Major Spanish financial entities and banks participated i.e. BBVA and Santander
  • Anytime, anywhere applications and workflows via the customer portal
  • Applications arrive via portal pre-approved, improving efficiency for major financial entities
  • Real-time KPIs provide tracking and reporting for better decision making
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