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Traditionally, when consumers wanted to originate an account with a financial institution (FI), they would submit their application and wait for days or weeks to find outside whether or not they were deemed creditworthy while the FI would analyze any internal data and traditional credit history from the three main bureaus. This posed a hardly any problems: consumers that lacked traditional history however wanted to open an account were at a disadvantage, the FI had an untapped market of consumers (the underbanked population) that was inaccessible, and much when consumers did have traditional files banks could not respond in a timely manner due to inefficient manual processing. Application processing systems domicile all three of these issues and allow banks more functional and efficient processing.
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