MedMera Bank.

Added value made simple is the recipe as MedMera Bank launches an online personal loan. Emric is behind the scenes to ensure that the credit system set-up is fast, smooth and secure.

Added value made simple.

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    Want to launch a personal loan?


    LENDING by Emric


    Online personal loan complete with digital signature

MedMera Bank was established to manage member benefits and debit and credit cards for parent company Coop. With 900 000 customers, and a strong market position, it’s a natural next step for the bank to grow its service offering with a personal loan product.

“The simple reason is that this is a product our members have asked for,” explains Torbjörn Eriksson at MedMera Bank.

The unsecured personal loan is available to members and non-members of Coop and exemplifies the group’s strategy to add services that complement its core retail business.

Track record

Emric provides system support for the entire credit process: from loan origination, credit checks, application, administration to final repayment. All consumer contact is handled online and for Torbjörn the choice of supplier was a natural one. “Emric offers a standardised, flexible and tested solution. We know it’s in place at other banks and Emric has the skills and capacity to run this type of project. They’ve got a good track record.” The two companies also know each other, since Emric delivered a solution for processing card applications in 2008.

It’s a match

Emric’s product and service offering are suited to the bank’s needs. “We chose a lending module rather than a larger banking system because of the significant benefits it represents. We are a relatively small and specialised organisation and Emric is well positioned to offer an end-to-end solution that is tailored to our needs,” explains Torbjörn. MedMera Bank has also chosen FINANCIAL BPO by Emric for back-office administration, including external hosting, with an option to include outsourced sales and end-customer support in the future.

Two-way communication

Collaboration between the two companies on the personal loan product started in the spring of 2013. “Throughout the development project we’ve had a constructive dialogue with Emric,” says Torbjörn, “and they came up with a number of ideas on how we can improve our processes.” One such idea involved the integration of Emric’s front- and back-office solution with digital signature supplied by Norwegian company Signicat. According to Juha Duvaldt, Account Manager at Emric, e-signature is a natural fit for LENDING by Emric. “MedMera Bank is the second customer we’ve supported with a complete system for personal loans including e-signature for identification and promissory note signature.”

Launched at the start of the year

Coop Personal Loan was launched in 2014 together with a tailormade insurance option. All customer contact takes place on the Coop website and the business system is fully linked to the Swedish credit information agency UC.

“There’s no need for telephone contact, paper or post. Everything is handled quickly and simply online,” says Torbjörn.

Continuous improvement

Supported by the rule generator that’s part of CREDIT SCIENCE™ by Emric, Torbjörn and his colleagues are able to continuously analyse, adjust and improve the loan product. This tool also makes it possible to cost-effectively simulate and test new products before launch through analysis of how different input variables impact profit and risk. It’s a market imperative for MedMera Bank to regularly test and follow-up different credit rules. Market competition is tough and customers are used to comparing financial institutions with each other.

“It’s key to have accurate credit scoring,” says Torbjörn.

MedMera Bank in brief

MedMera Bank offers financial services with added value and low charges to private customers. These services include debit and credit cards, invoice factoring in store, personal loans and saving products. Larger corporate customers and other organisations are able to benefit from card services and financial products. MedMera Bank operates in Sweden and can provide customers with additional services from Coop partners. MedMera Bank is a subsidiary of KF and part of Coop Sweden. The bank has approximately 900 000 customers.

Contact Emric for more information



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