MORTGAGES OPERATIONS – Mapped customer journey, created process families and designed decision tree
Mortgages operations in a large UK-based global bank involves complex processes, multiple touch points with customer and external vendors, critical decision points and many non-standard artefacts.
Long, complex process with multiple decision points, non-standard documents and ever changing regulatory requirements.
Operations are under huge time pressure for under-writing and disbursal. Multiple follow ups from client facing staff leads to interruptions.
Process involves obtaining information from and updating data onto multiple applications.
Created customer journeys to identify touch points and customer value drivers.
E2E process mapping was done, all process steps documented.
Created decision trees to enable gamification.
Standardized loan application form for machine readability.
Analysis of customer complains and queries was done to supply inputs for digital channels and chat-bots.
Enabled process readiness for automation using IBM BPM® and BlueWorks®. Cost avoidance of USD 80,000 from project budget allocation of USD 3 Mn.
TAT for qualification stage reduced from 1 week to same day and for underwriting reduced from 1 week to 2 days for 75% of the application. Multiple process simplification, low cost automation and digitization delivered tangible cost benefits even before tool automation was implemented.
Overall 27% cost efficiency was achieved. Benefits realized through head-count reduction and re-deployment.