About the Client

The client is a leading financial institution based in Philippines. With a goal of providing innovative banking solutions, the client sought to enhance its loan origination process to deliver a more streamlined and customer-centric experience. Recognizing the need for a bespoke solution tailored to their unique requirements, the client engaged in a strategic partnership to develop a state-of-the-art loan origination system.

Challenges Faced

The client faced challenges in their existing loan origination process, characterized by inefficiencies, a lack of agility, and a suboptimal customer journey. The manual nature of the process led to delays, errors, and a less-than-optimal customer experience. Integration with external decision engines and credit reporting agencies posed complexities, and the need for scalability and adaptability to evolving regulatory requirements.

Solution Overview

To address these challenges, our team proposed and implemented a bespoke loan origination system, leveraging cutting-edge technologies.

• Camunda for Customer Journey Flow

Utilizing Camunda BPMN (Business Process Model and Notation) for orchestrating the end-to-end customer journey, ensuring a seamless and automated process from application submission to approval.



• Domain Driven Design (DDD)

Employing DDD principles to model the business domain, enhancing flexibility, and allowing for future modifications and expansions.

• AWS Cloud Deployment

Leveraging the AWS cloud for scalability, security, and reliability, ensuring the system could handle varying workloads and remain resilient to demand fluctuations

• Integration with Provenir Decision Engine

Seamless integration with the Provenir Decision engine for real-time risk assessment, enabling data-driven decision-making and enhancing the accuracy of loan approvals.

• Integration with TransUnion Credit Report

Incorporating TransUnion's credit reporting services to facilitate a comprehensive evaluation of applicants' creditworthiness, improving the accuracy of risk assessment.

Benefits

The implementation of the bespoke loan origination system brought forth several tangible benefits for the client

• Enhanced Efficiency

Automation of the loan origination process significantly reduced processing times, minimizing delays and improving overall operational efficiency.

• Improved Customer Experience

The streamlined customer journey, coupled with real-time decision-making, elevated the customer experience, fostering satisfaction and loyalty.

• Adaptability and Scalability

The cloud-based architecture ensured the system's adaptability to changing business requirements and provided scalability to accommodate a growing volume of loan applications.

• Accurate Risk Assessment

Integration with Provenir and TransUnion facilitated more accurate risk assessments, reducing the likelihood of defaults and enhancing the overall risk management strategy.

Conclusion

In conclusion, the collaboration between the client and our team resulted in the successful implementation of a bespoke loan origination system, marking a transformative milestone in bank's commitment to innovation and customer-centric financial services.