Context
The client is one of the largest lenders of secured loans in the UK. Its loan portfolio of £180 billion comprises 4 books acquired as part of mergers. Each book has its own processing system. As a result of this, the ecosystem is overly complex with significant obsolescence risk and high barriers to digitalization. With the recognition of the importance of the secured-loans product and to provide an enhanced customer experience through web and mobile channels, the bank focused on accelerating digitization and mitigating obsolescence risks. The bank selected Coforge as its transformation partner to drive the program.
Coforge Approach & Solution
As a transformation partner to the bank, Coforge worked on a multi-pronged strategy to remove obsolescence while taking the journey towards a holistic transformation. In order to drive digitalization, Coforge set up a cross-functional team to design and implement Salesforce Mortgage Cloud across its services workflows, an Agile product team to modernize its direct and intermediary sales channels, an API development factory to simplify the ecosystem, reduce the overall number of mortgage platforms and replace obsolete technology with scalable solutions using a reusable micro-service architecture.
In the journey, Coforge designed and developed an interactive application that empowers customers to request and make changes in their existing mortgage term, repayment method, or interest rate on their own. Features of Direct Debit and Standing Instructions for repayments allowed them to set these up based on their income sources. The newly developed product directory allowed the Bank’s business team to quickly apply dynamic rates and modify Early Repayment charges while launching additional products rather than having to create a whole new product for every launch. Salesforce Mortgage cloud platform was implemented in secured-loan servicing. Mainframe dependencies were removed by implementing reusable micro-service architecture using Java stack and migrated data from VSAM to Oracle.
Outcome
1. The bank witnessed a huge uptick in customers accessing the web and mobile secured loans.
2. The self-service features available to the customers also reduced the call center volumes by 25%.
3. Online secured loans product switches went up by 67% and automated loan payment setups increased by 74%.
4. Streamlined workflows ensured internal bank approvals came within 48 hours of the online request.
5. Business ability to launch new products based on market insights from the sales portal increased and the Product launch process was streamlined and a faster go-to-market was achieved for new products.
