The Client
One of the largest mortgage lenders in the UK, with a lending portfolio of over £180 billion.
Business Challenge
Bank was managing 4 lending books acquired as part of mergers. Since each of the 4 mortgage books has individual processes and systems, the ecosystem was proving overly complex for their ~25000 active brokers. Approvals were taking up to 21 days and mortgage disbursals were taking another few months. The brokers were required to use multiple systems, remember quite a few passwords, and repeatedly reach out to the call center for progress updates of their customer’s mortgage application
Our Solution
Keeping the bank’s cloud architecture vision in focus, AdfarTech proposed abstracting the data and information systems on mainframe through core APIs and serverless technology on cloud
Mainframe dependencies were removed by implementing reusable micro-service architecture using Java stack and migrated data from VSAM to Oracle
API development factory was setup to simplify the ecosystem, reduce the overall number of lending platforms
The Mortgage, Lending and Banking customer application processing services were developed on Salesforce
A 25-member Agile team was setup in onsite offshore model delivering features in 2 weeks sprints
A new broker-facing Web/Mobile interface was built with a single sign-on facility, offering self-service options. This enabled immediate access to information, through smartphone or laptop for brokersA dynamic logic framework was developed for customer service processing. During Covid, intuitive Q&A assisted users to explore different combinations of term/ EMI and they were able to request restructuring of their mortgages. AdfarTech built Product directory feature to allow the Bank’s business team to apply dynamic rates and early repayment charges dynamically during product launching, avoiding need to create new products during every launch
A dynamic logic framework was developed for customer service processing. During Covid, intuitive Q&A assisted users to explore different combinations of term/ EMI and they were able to request restructuring of their mortgages. AdfarTech built Product directory feature to allow the Bank’s business team to apply dynamic rates and early repayment charges dynamically during product launching, avoiding need to create new products during every launch
AdfarTech built Product directory feature to allow the Bank’s business team to apply dynamic rates and early repayment charges dynamically during product launching, avoiding need to create new products during every launch
The Result
- Reduction in call centre volume by 25% due to self-service on web/mobile Channel
- Online Loan product switches went up by 67% and Automated loan payment setups increased by 74%
- Customer journey completion improved by 40% due to continuous changes through data analytics.
- Mortgage approvals within 48 hours of the online request