=Paper=
{{Paper
|id=Vol-2508/paper-pus
|storemode=property
|title=Process Evaluation and Improvement: A Case Study of The Loan Approval Process
|pdfUrl=https://ceur-ws.org/Vol-2508/paper-pus.pdf
|volume=Vol-2508
|authors=Maja Pušnik,Katja Kous,Andrej Godec,Boštjan Šumak
|dblpUrl=https://dblp.org/rec/conf/sqamia/PusnikKGS19
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==Process Evaluation and Improvement: A Case Study of The Loan Approval Process==
https://ceur-ws.org/Vol-2508/paper-pus.pdf
13
Process Evaluation and Improvement: A Case Study of
The Loan Approval Process1
MAJA PUŠNIK, KATJA KOUS, ANDREJ GODEC and BOŠTJAN ŠUMAK, University of Maribor,
Quality assurance in software development is one of the key processes in any organization, where Information Technology
systems impact the realization of business processes significantly. For digitalization and informatization of business
processes, organizations need to have a clear notion of their processes, which can be achieved by focusing on the evaluation,
optimization, and continuous improvement of business processes, in addition to supporting software quality. The research
addresses the problems of the financial business sector. More specifically, the frequently performed loan approval process and
its existing information solution support. Reports have been made about existing risks, unexpected fallouts, resources wasted
in the loan approval process and lack of quality information support. Therefore, the research focuses primarily on the
possibilities to optimize the business process by analyzing and evaluating the process activities (measuring the quality of
existing software, introducing new information system support and risk management solutions, as well as identification of
optimization potentials, where possible). The current state is modeled, simulated, and evaluated(according to a literature
review and interview results). Finally, the possibilities of optimization are proposed, and the potential effect on the quality of
the loan approval process.
1. INTRODUCTION
Measuring the quality of processes and their supporting software, as well as the constant process of
optimization, are important elements of every business organization`s success, keeping its processes
free of waste, optimizing time and cost, as well as achieving optimal values of different Key
Performance parameters or Indicators (known as KPIs). Since businesses rely on Information
Solution (IS) support, it is important to provide qualitative solutions that fit the user’s expectations,
are well accepted and provide a positive user experience. In addition, management and quality
assurance of processes is a growing issue in companies that rely on several (often unconnected) IS,
and the modeling approach affects the understanding of the IS role and supports quality assessment
of IS based process. In addition to the growth of users and their demands, there is also an escalation
of providers producing several challengers among Information Technology (IT) companies and their
processes. Growing numbers (of devices, solutions as well as users), result in several unconnected
solutions, causing complex integration of products, introducing chaos, uncertainty and risk in users’
(digital) lives.
Due to the importance and actuality of the subject, even more so in the past years since the
economy suffered, efforts are dedicated to managing and anticipating risks. The importance of
measuring several quality aspects (quality of business processes, based on IS), is also increasing.
Reportedly, expected risks can be detected in a timely manner, and managed only by a systematic
approach. Even more so in the present day, banks carry out various risk management activities and
processes before decisions are being made (loans are issued, for example) performed manually, or
This work is supported by the Widget Corporation Grant #312-001.
Author's address: M. Pušnik, Faculty Of Electrical Engineering And Computer Science, Koroška Cesta 46, 2000 Maribor,
Slovenia; email: maja.pusnik@um.si, katja.kous@um.si, andrej.godec0@gmail.com, bostjan.sumak@um.si.
Copyright © 2019 for this paper by its authors. Use permitted under Creative Commons License Attribution 4.0 International
(CC BY 4.0).
In: Z. Budimac and B. Koteska (eds.): Proceedings of the SQAMIA 2019: 8th Workshop on Software Quality, Analysis,
Monitoring, Improvement, and Applications, Ohrid, North Macedonia, 22–25. September 2019. Also published online by
CEUR Workshop Proceedings (http://ceur-ws.org, ISSN 1613-0073)
13:2 • Maja Pušnik et al.
supported by software solutions. As part of risk management, banking institutions reportedly use
several approaches, some of them automated, however, not all, and there is potential for
improvements. Information support includes different methods, most of them from the field of
Operational Research, such as stochastic processes for determining risks, prices, guarantees, and
delays` evaluation (Duffie 2005). Among the used methods (as reported in academic research and
interviews) are also linear discriminant analysis, logit analysis, logistic regression, classification,
and regression trees (Vojtek and Kocenda 2006).
With the increase of Information Technology (hereinafter, IT) support and possibilities electronic
banking provides, the majority of business processes are being redesigned and re-planned, with the
inclusion of greater informatization and automation (Dias et al. 2019). However, those efforts vary
among banks, as well as countries. Therefore, the aim of our research is an analysis of the quality of
processes focused on (general) existing IT support (through literature review and interviews),
resulting in a process optimization proposal. As part of the research, the business process is
suggested to be transformed from the AS-IS model to the renewed TO-BE model. Therefore, due to
lack of access to software solutions, the quality of listed information support will be evaluated on the
process level.
The paper is organized into five sections. Definitions of business process optimization and
different optimization approaches are presented in Section 2, while the preliminary research is
described in Section 3. Section 4 presents the case study of the optimization of the loan approval
process, including a general description of the process, as well as the simulation of the loan approval
process with different optimization approaches. The last, Section 5, includes a summary of results
and the conclusion, followed by listed literature.
2. BUSINESS PROCESS OPTIMIZATION
2.1 Definitions
A business process is defined as a collective set of tasks that, when connected and sequenced
properly, perform a business operation (Vergidis, Dhish, and Tiwari 2012). The aim of a business
process is to perform a business operation, i.e., any service-related operation that produces value to
the organization. The design and management of business processes is a key factor for the operation
of the organization. By focusing on the optimization and continuous improvement of business
processes, organizations can improve their efficiency and quality, reduce cost, and enable
adaptations to change requirements (Vergidis, Dhish, and Tiwari 2012). Therefore, business process
optimization is a technique to help organizations improve their efficiency by improving their
processes.
2.2 Process optimization approaches
Primarily, there are several known approaches to process optimization, respectively, transformation
of a process (Pušnik et al. 2018), including Modeling, Simulation, KPI identification, the 5 why
method, revision, Waste identification, the root cause analysis, Voice of a customer, process success
measuring, value flow mapping, IS/IS-NOT method, critical path method, risk analysis method, a 5S
work environment organization, and others. A preliminary survey, (Pušnik, Welzer Družovec, and
Šumak 2019) conducted in 2019, ranked the mentioned methods from most to least useful. As shown
in Fig.1., Modeling was recognized as the best possible approach, followed by Simulation and KPI
identification. Voice of customer, Ishikawa diagram, and process success measuring were identified
as the least useful optimization approaches.
Process Evaluation and Improvement: A Case Study of The Loan Approval Process • 13:3
Voice of customer
3%
Simulation Modeling
26% 34%
5 why method
6% KPI identification
14%
Revision
Waste 5%
identification (3M) Ishikawa diagram
6% Process success
[ODSTOTEK]
measuring
3%
Fig. 1. Favorites among optimization approaches (Pušnik, Welzer Družovec, and Šumak 2019).
Similar findings are also presented in an extended research (Čuček 2018), where a supplementary
survey about optimization methods use was performed among IT companies, and coincides with
similar research results in (Pušnik, Welzer Družovec, and Šumak 2019). The results in Table 1 show
that Modeling, Simulation, and KPI identification were identified as the most useful
approach/method for process optimization, followed by other approaches. All listed
approaches/methods are described in the following subsection and used in the case study presented
in Section 4.
Table 1: The list of methods and approaches, ordered according to the evaluation of their usefulness (Pušnik,
Welzer Družovec, and Šumak 2019)
Method/approach 1 – very useless 2 – useless 3 – neutral 4 – useful 5 – very useful
Modeling 0% 0% 0% 42% 58%
KPI identification 0% 0% 4% 50% 46%
Simulation 4% 8% 21% 33% 33%
Ishikawa diagram 0% 17% 38% 29% 17%
Process Modeling
Process modeling is a method for representation of processes in a process model. This is usually done
through different graphing techniques, such as the flowchart, IDEF, Unified Modeling Language
(UML), Petri nets, Business process models based on mathematical or algorithmic models,
etc.(Kostas, Tiwari, and Majeed 2008). The de-facto Standard for business processes diagrams is the
Business Process Modeling and Notation (BPMN) developed by the Object Management Group.
BPMN is a graphical representation for specifying business processes in a business process model
based on a flowcharting technique. The primary goal of BPMN is to provide a notation that is readily
understandable by different business roles (Object Management Group 2019). Therefore, from the
business analysts that create the initial drafts of the processes to the technical developers
13:4 • Maja Pušnik et al.
responsible for implementing the technology that will perform those processes, and also, to the
business people who will manage and monitor those processes (Object Management Group 2019).
Process Simulation
Simulation is the process of creating and analyzing a digital prototype of a physical model to predict
its performance in the real world. Simulation modeling is used to help designers and engineers
understand whether and under what conditions a process could fail and what loads it can withstand.
The act of simulating a complex system needs the support of an IT solution, such as Signavio,
Enterprise Architect, or others. (Pušnik, Welzer Družovec, and Šumak 2019)
KPI identification
KPI identification is the most known method in measuring business process quality (Pušnik, Welzer
Družovec, and Šumak 2019). KPIs are performance metrics that measure specific goals for
businesses` processes. Based on the identified risks and possible problems in the process, indicators
are defined to help measure the success or effectiveness of the process (usually numerical values,
such as time, cost, profit, number of complaints, number of rejections, etc.). Each KPI includes a
definition, how is it measured, and when is it successful. KPIs express how to increase efficiency,
representing a multitude of measurements that focus on the aspect of organizational performance
that is most critical to the current and continued success of the business process (Pušnik, Welzer
Družovec, and Šumak 2019).
Ishikawa diagram
Ishikawa diagrams were popularized in the 1960s by Kaoru Ishikawa, who pioneered quality
management processes in the Kawasaki shipyards, and, in the process, became one of the founding
fathers of modern management. The Ishikawa diagram (also known as fishbone diagrams,
herringbone diagrams, cause-and-effect diagrams, or Fishikawa) is a tool used for identifying and
presenting all possible causes of a particular problem in graphical format systematically. Usually, it
can be made using the following steps:
(1) Identify the problem
(2) Work out the major factors involved (8M):
People or Man power – causes, caused by people
Methods - causes caused by rules, regulation, legislation or standards
Machines – causes, caused by equipment such as machinery, computers, tolls
Materials – causes, caused by a defect or material properties
Measurements – causes, caused by improper or poorly chosen measurement
Environment (Mother nature) – causes, caused by the environment - temperature,
humidity or the culture
Management – causes, caused by improper management
Maintenance – causes, caused by improper maintenance
(3) Identify possible causes, and
(4) Analyse the diagram.
Despite the lower grade of the technique when performing the survey in Table 1, the Ishikawa
diagram was, nevertheless, chosen due to its graphical presentation and clarity of potential
problems. Fig. 2 illustrates the general structure of the Ishikawa diagram.
Process Evaluation and Improvement: A Case Study of The Loan Approval Process • 13:5
Fig. 2. General Ishikawa diagram
3. PRELIMINARY RESEARCH: INTERVIEW
The preliminary research was carried out with an interview and survey targeting banks and
financial institutions. Most banks declined the received collaboration request. Therefore, the
difficulty of gaining data was evident. Due to the very poor responsiveness, the interview was
conducted with two employees from one bank (one in person, one through e-mails).
The summary of questions and answers is presented in Table 2 (both interviewees` answers were
the same). To point out question 3 (Q3), the inquiry was focused on which activities are computerized
in the bank (e.g., informative calculation of loan, calculation of the interest rate and repayment
period, financial verification of the client, deciding on the suitability of the loan applicant, digital
signature of the contract and other). The results indicated that, despite some computerized activities,
not all are completely automated, and there is a lot of human effort necessary. The results show that
the loan approval process is partly automated; however, no optimization methods are used for
evaluating or approving loans.
Based on the received information, the problem of non-optimized activities was recognized in the
loan approval process. To investigate potential possibilities to create change, general examples of the
loan approval process are presented in the following sections, in addition to a conducted case study.
Based on the identified setbacks of banks’ loan approval processes, a case study investigating the
process’ possibilities was performed in the following Section.
13:6 • Maja Pušnik et al.
Table 2: Interview structured questions.
ID Question Answer
Q1 Does most of your work require the use of YES
personal computers?
Q2 Do you expect increased use of computers in YES
the future?
Q3 Are most of your activities computerized (loan SEVERAL, but not ALL and
approval process among them)? never COMPLETLY
Q4 How many loan applications are received via 0-20
e-bank daily?
Q5 Are there more physical or electronic credit PHYSICAL
claims?
Q6 Does your bank offer customers mobile YES
banking services?
Q7 Can a customer apply for a loan on a mobile NO
application?
Q8 Does your bank have a business process for YES
granting loans?
Q9 Is there room to improve the existing business YES
process of granting loans?
Q10 Is the loan approval process automated? PARTLY
Q11 What optimization methods do you use when NONE
approving loans?
Q12 Do analysts solve problems related to YES
operating or optimization methods without IT
support?
4. CASE STUDY: OPTIMIZATION OF THE LOAN APPROVAL PROCESS
4.1 The business process of loan approval
The business process of loan approval is an integral part of a bank or institution. Each business
process also includes a certain level of risk associated with credit scoring. Based on a literature
review, the bank distinguishes between two groups of credit: Approval and rejection of a loan, which
involves a risk assessment process. Before the loan granting, banks verify the individual user who
would like to take out a loan (verification in Slovenia is carried out using the SISBON information
system (Banka Slovenije 2019)). SISBON aims to exchange and process clients’ personal data
between banks. The SISBON information system collects and processes data that relate to the actual
and potential indebtedness and the fulfillment of contractual obligations of customers. Its mission is
to manage the credit risk of banks, savings banks, and other creditors, to ensure responsible lending
and avoid excessive indebtedness of individuals (Banka Slovenije 2019).
Once a loan is approved by a bank, an agreement between the bank and a customer is set, under
terms which vary among banks, as well as countries. Credit risk is the possibility that money will
not be returned, resulting in a financial loss. Credit risk from the point of view of a banking
institution is the risk that the claim will not be settled within the specified time limits or under
certain conditions by the debtor. There are several different types of credit risk, which are presented
below (Anson et al. 2004):
Process Evaluation and Improvement: A Case Study of The Loan Approval Process • 13:7
(1) Default risk (PD): The primary type of risk based on the probability that the borrower will
not be able to repay his claims. The risk of default by the borrower is determined primarily
by its creditworthiness and the duration of the credit relationship. In order to calculate this
risk, the bank needs an appropriate system for obtaining information and regular monitoring
of the client. By extending the credit period, the probability of PD by the borrower increases.
(2) Loss Given Default (LGD): The bank will not be able to recover the debt, or that it will not be
possible to repay losses from the sale of insurance instruments. In order to approve the loan,
the bank requires adequate insurance with redemption, which is secured against possible
default of the loan. Recovery of debt, or repayment in the case of the unpaid loan, depends on
the quality of the insurance, which requires adequate monitoring of its liquidity.
(3) Exposure risk (EAD): Is caused by uncertainty in repayment. The Bank's exposure is divided
into two types: Maximum and expected. The expected exposure is the expected loss of the
bank in the event that the debtor fails to settle its obligations, while the maximum exposure
is the maximum amount lost by the bank in the event of default by the debtor.
Different KPI’s were identified based on the risks (Table 3). The listed risks are a part of the
“Evaluation of the credit loaner” activity in Fig. 3. In addition to risk evaluation, there are also KPIs,
that are critical to the current and future success of the loan approval business process.
In our case study, most of the KPI’s cannot be simulated, nor did we receive sufficient information
from the banks. However, basic time and cost constraints can, nevertheless, be included. Regarding
the time constraint, we overviewed some possible wastes as well, connected mainly to excessive
waiting (for documentation, approval or other non-optimized respectively non-automated activities).
Table 3. KPI’s.
KPI Name/Sim. appropriate Description
KPI1 Level of difficulty to Included in all activities, performed by the bank. KPI is
approve a loan/NO focused on the speed of how quickly the bank succeeds
in checking the conditions for granting a loan.
KPI2 Number of creditworthy Set to the "Evaluation of the credit loaner" activity. KPI
clients/NO represents the number of clients classified according to
their creditworthiness. An indicator connected to the
creditworthiness of a client is the actual percentage of
clients who paid their credits successfully.
KPI3 Number of An indicator of success representing how many
contracts/NO contracts were set, which enables measuring the
quality of the services to the process.
KPI4 Costs/YES Process costs are built into the Signavio online
environment to measure the costs within the process of
granting credits.
KPI5 Time consumed/YES Built into the Signavio web environment, enabling
measuring of the time spent from loan request to loan
approval. The tool allows you to measure the time in
the credit approval process.
13:8 • Maja Pušnik et al.
4.2 AS-IS model
In Fig. 3, a generalized credit approval model is presented, modeled using the BPMN notation in the
Signavio web tool. The process contains two main roles: The bank and the customer/potential loaner.
The process begins with the activity of selecting a client's bank, then the bank presents its
information on loans, on the basis of which the customer decides to apply for a loan. When the bank
accepts the application, it begins checking the data based on the documentation provided by the
customer, and through the SISBON information system. After verifying the results and credit
assessment, the bank prepares a Contract. The client signs the Contract. The signed Contract
becomes valid, and the bank transfers funds to the client's account. The transfer of funds ends the
process. The model and simulation of the process are presented in Fig. 3.
Fig. 3. Simplified BPMN credit approval process.
The process analysis was carried out using the Signavio online tool. Through the web tool, we
entered the information costs on the activities, or the number of costs that a given activity has.
Information was obtained with the help of literature (Dermine 2014; Smartbizloans 2017) and the
answers of interviews. Based on the interviews, some possible delays are presented on the Ishikawa
diagram in Fig. 4. Although the mentioned diagram was not chosen as the most appropriate
approach when optimizing a process, we nevertheless, included an example focusing on weak points
of the process and possible sources of problems that need to be addressed in order to optimize (in our
case simulate) the correct process activities.
Process Evaluation and Improvement: A Case Study of The Loan Approval Process • 13:9
Fig. 4. Root cause analysis.
To simulate the process with several instances, we observed the queue theory, a study of waiting
lines in order to predict the length and waiting time (Howl 1966). The queueing theory is a
mathematical study of waiting lines, or queues (Duffie 2005). A queueing model is constructed so
that queue lengths and waiting time can be predicted (Duffie 2005). The queueing theory is generally
considered a branch of operations research, because the results are often used when making business
decisions about the resources needed to provide a service. The analysis of the theory has shown that
an increase in the number of employees from a cost point of view is impractical, which led to an
assessment of the reduction of process times in order to achieve the goal within the limits of
satisfactory intervals. Therefore, one of the primary aims of the TO-BE model is time reduction.
4.3 TO-BE model
The TO-BE model is a proposition of the AS-IS model optimization, indicating the activities that
need additional support (through automation or human interaction) to improve KPIs (especially
time-related indicators). A business process transformation can be carried out in several ways. Some
simple solutions (digitalization, for example), are already implemented within most banks; the
renovation can also be carried out using methods based on the design of the product. The key factors
are influenced by the restructuring of the business process: Time, quality, costs, flexibility. Only time
and cost were evaluated through simulation,.
The TO-BE model has to improve at least one of the factors (Schoenberg 2013). Using the
heuristics of the implementation of the process, we can renew the process by removing tasks
(deleting unnecessary activities), job scheduling (task aggregation), and parallelism. In order to
redesign the business process, key variables of business process renewal must be considered, since
an acceptable relationship between maintaining the integrity of the process and functionality should
be balanced.
13:10 • Maja Pušnik et al.
Fig. 5. The TO-BE model
The activities that were proposed during the renovation are presented in Fig. 5. Activities with no
added value, such as printing a credit agreement or handwritten signature, are replaced with
informatization where possible. The changes in the model are shown with a different color of
activities. Due to several non-automated activities, the simulation of the AS-IS process produced
several bottlenecks, omitted in the TO-BE process. The comparison of the bottlenecks is presented in
Table 4.
Table 4. The ratio of resource consumption during indicating bottlenecks
AS-IS TO-BE
Choosing the bank 39 6
Obtaining information about loans 0 28
Loan type selection 4 40
Informative calculation 9 1
Loan review 0 5
Application for loan 48 3
Documentation preparation 0 2
Documentation validation 0 1
Evaluation of the credit loaner 0 1
Loan insurance 0 3
Contract preparation 0 2
Contract review/ Contract signature 0 7
Transfer to account 0 1
Not all bottlenecks were solved, and some new ones accumulated due to the rearrangement.
However, the sum of all bottlenecks has, nevertheless, decreased (Table 4). Table 5 presents the
improvements of the process renewal; the costs have not changed significantly, however, the time
aspect is significantly improved due to the informatization in activities such as Information
calculation, Evaluation of the credit loaner and Loan insurance decision.
Process Evaluation and Improvement: A Case Study of The Loan Approval Process • 13:11
Table 5. AS-IS to TO-BE improvement.
Costs Total cycle time Resource
consumption
AS-IS 4000 € 4d 15 h 1d 16 h
TO-BE 3950 € 3d 15 h 1d 16 h
The optimization technology has enabled modeling, partial integration of success indicators,
simulation of the business process, and business process comparison between AS-IS and TO-BE
conditions. The TO-BE process is less time-consuming and more efficient. After the analysis, we
concluded that IT solutions could improve the business process characteristics. It is sensible to
include additional risk management in the process of approval, as well as evaluate the quality of
software solutions.
Despite relatively affirmative results, there are several risks to the validity of the research. An
interview was conducted at one bank with two people, and the survey of optimization approaches
and simulation was run within IT companies and not banks. Therefore, the results are challenging to
be generalized, with its answers, to other banks in Slovenia.
5. CONCLUSION
The loan approval process is one of the more sensitive areas of banking and the Finance sector. Due
to the pursuit to create efficient processes and achieve an optimized resource consumption regardless
of a domain, the search for a qualitative product application is becoming vital. Measuring quality of
software can, additionally, be extended to measuring the quality of processes, assuming that the
process model is a prerequisite for the real process and the process execution relies on IS. In addition
to economic and mathematical knowledge, appropriate IT solution support needs to be applied,
including information security, transfer of business processes into digital form with the purpose of
measuring and evaluating with the help of computer programs, application of mathematical methods
to activities in the process, replacement of manual operations with new ways of electronic business,
and introduction of e-banking among the widest possible target audience.
As a proposal for optimization, using advanced IT support can optimize the credit approval
process to some extent. However, traditional systems like banks are less prone to change, and use
few of the available possibilities. Within the research, some potentially replaceable activities were
highlighted where IT could be included. To support defined ideas, a survey was made among
employees from IT companies evaluating different optimization approaches (Čuček 2018)(Pušnik,
Welzer Družovec, and Šumak 2019). The survey included an evaluation of several optimization
methods. However, modeling, simulation, KPI definition, and Ishikawa were chosen as the most
favorable ones. They were later used within the case study.
Within the paper, we evaluated the high level loan approval process, and presented some possible
methods and approaches to optimization. Supporting IT solutions, as well as additional methods, can
play an important part in improving every business process, as long as it is acknowledged that
improvements can be made and would benefit end-users, as well as employees. Since the paper
presents an initial acquaintance with one of many processes (from the Information Solution support
point of view), the future work will expand the analysis and comparison of a further set of processes.
Future work will include an expansion of the survey, respectively, interviews, covering other non-IT-
domains in smart cities, comparing the optimization level of different business processes, and
evaluating motivation to change and improve processes within different domains, supported by
digitalization and informatization. Among the process optimization approaches presented in Section
2, the use of operational research for smart(er) decision-making within IT solutions was often
13:12 • Maja Pušnik et al.
mentioned, which will be the subject of future research and, therefore, included among the
opportunities for process optimization and process quality growth.
Acknowledgments
The authors acknowledge the financial support from the Slovenian Research Agency (Research Core
Funding No. P2-0057).
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