In the competitive landscape of home buying, our client, a leading multinational bank in the Asia Pacific Region, recognized the imperative of delivering an unparalleled customer experience. In pursuit of operational excellence, the bank strategically embraced automation and digital initiatives to streamline end-user journeys and reduce sanction times.
The Challenge
Inadequate processes leading to higher sanction time and lesser customer satisfaction
The home lending valuation process posed challenges, specifically restricting flexibility for lenders and brokers due to the intricate connection between a customer's loan application and pre-application valuation. Manual initiation of external valuations resulted in duplicate requests, heightened operating expenses and prolonged sanction times. The absence of an internal source of truth added complexity. The strategic imperative was clear — implement technology to optimize valuations and reduce sanction times.
The Objective
Aiming to digitally empower processes to improve efficiency
HCLTech collaborated to deliver an optimal home buying customer experience, aiming to transform the distribution network and simplify the home loan lifecycle. Addressing process inefficiencies and enhancing the reusability of valuation data were pivotal objectives. The overarching goal was to mitigate operational risks through a digitally driven valuation process and seamless integration with valuation partners.
The Solution
Implementing simple frameworks to improve business activities
A scalable Pega solution, residing on the Enterprise Pega Platform, was deployed. It encompassed a robust Pega Workflow and a dynamic Pega Decision Engine, orchestrating the complete automation of the valuation process. Expanded to automate all processes in the Home Lending cycle, the solution included a centralized decision engine managing all home lending rules. Seamless integration with external parties and valuation firms was achieved, overseeing the end-to-end execution of valuation orders and providing the bank with the capability for property valuation through associated pricing models and a comprehensive repository of valuation data and related documents.
The Impact
Increase profits and customer delight with simplified solutions
The outcomes are noteworthy – streamlined internal processes, integrated valuation systems and a trajectory towards growth.
- Optimization of the valuation process elevated business value by 75%, translating to over $10.25 million annually.
- The elimination of duplicated valuation requests resulted in significant time savings.
- End-to-end integration of valuation initiation and fulfillment became a reality.
- Sanction times were reduced by 3-5 days, addressing a major concern for the client.
With simplified procedures and automated systems in place, the bank is now positioned for uninterrupted growth and heightened customer engagement.
