End to End Lending Transformation
The end-to-end Lending Transformation program aimed to modernize one of the leading Bank’s lending capability by building inhouse end to end Lending Origination Platform using workflow and automation using a cloud-native platform. This initiative laid the foundation for streamlined lending processes across various consumer lending channels.
Challenges
- Existing legacy technology hindered operational efficiency, causing longer processing times and decreased customer satisfaction.
- Lack of automation in the lending application process led to high levels of manual intervention, resulting in errors and delays.
- Modernization of lending operations, improvement of loan conversion ratios, and enhancement of the overall customer experience were necessary to remain competitive in the market.
Approach
- Multidisciplinary squads focused on transforming the Broker channel by delivering a minimum viable product (MVP1) that improved broker origination and settlement processes.
- Squads worked autonomously to design, build, test, and release functionality, maintaining close collaboration with bank product owners and stakeholders.
Goals
- Automate the lending application process, reducing approval times and increasing operational efficiency.
- Improve loan conversion ratios and enhance the overall customer experience.
- Expand the customer base, automate document generation, and transition to a unified platform.
Result
- Successfully achieved end-to-end automation of the lending application process, minimising human intervention.
- Faster unconditional approval times were achieved.
- Loan conversion ratios increased by over 50%.
- Full-time employee (FTE) efforts were reduced by 60%.
- Acquired more broker customers.
- Automated loan approval document generation and distribution.
- Provided a user-friendly single view of the application workflow.
- Migrated to a unified platform, simplifying maintenance and support.
