The client is one of the largest fullservice banks and wealth management companies in the United States, offering personal and commercial banking and wealth management services to customers across 11 states.
Keeping pace with its rapid growth, the bank required an enterprise-grade platform to automate processes across all lines of business. They needed a digital platform that could adapt quickly to ongoing regulatory updates with minimal impact on business operations.
The company was losing out on competition as they required 4 to 6 months to roll out new loan products. They wanted a platform that would allow them to launch new products faster to meet increasing customer demands.
The client engaged with Persistent to help them automate their loan origination business process at scale. Persistent developed an integrated loan origination platform in 18 weeks to allow the client to add new loan products easily. We delivered an automated know your customer (KYC) solution within two months to help the bank meet regulatory commitments.
We also leveraged pre-built accelerators to optimize the platform and cut down deployment time. Persistent ensured that the client could make their lending processes more streamlined and efficient to deliver personalized customer experiences.
The platform was also extended across the organization to other lines of business to increase the accuracy, efficiency, and speed of the loan origination process.
With the newly developed enterprise platform, the bank realized 85% reduction in loan origination decisioning time. This enabled them to serve to more customers and process about $50 billion in loans annually.
Significant improvements in operational efficiencies also helped the client to deploy new loan products 66% faster.
- Appian BPM
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