Despite being ahead of the curve in many banking technologies and processes, this global bank still handled its loan origination system on a decades-old mainframe. Loan application data was processed manually--an expensive process that was time-consuming and error-prone.
Applying Work Redesigned principles, Avanade transformed the way the bank’s sales and loan origination employees and agents worked, creating processes that were faster, more productive, more accurate, more customer-focused and competitive—and less expensive. Thanks to a 30% productivity boost in loan application processes, the company saves $10 million annually. It also saves $35 million in licensing fees, while slashing the loan origination process by 50% and increasing customer satisfaction. The bank estimates it will see a 70% increase in business thanks to the new system.
The redesigned work process moves data verification earlier into the sales process, and automates it. Sales people—who can be branch officers, tellers, call center staff, or independent financial agents—submit loan applications through an internal application and receive immediate requests for updated or corrected information. Customers apply for loans using a mobile app and receive immediate data requests from the system. Corrected applications go to the loan origination staff, that no longer performs routine data validation. These workers now are far more productive, handling more applications, and far more effective, handling only those applications that require their attention.