The Challenge

Poor digital banking experiences and outdated legacy systems.

The bank engaged Credera to build a solution that created a competitive advantage through modernized digital capabilities, met growing consumer expectations, and optimized costs. Before our partnership, our client experienced the following challenges:

• Inefficiencies across various workstreams due to siloed systems and legacy applications

• Cumbersome loan application processes and ineffective document management

• Inability to keep up with and comply with evolving regulations

• Poor customer experiences due to delays, inconsistencies, and errors

The Solution

An innovative workflow solution that meets growing customer expectations.

Our teams worked with our client to design and implement a Pega-based lending workflow solution with the following key features:

• Integrated data management: Consolidated data from a wide range of sources to create a unified view of the customer

• Guided workflows and task automation: Facilitated faster and more accurate loan application processing

• Advanced linear quadratic regulator (LQR) processing: Improved compliance and security across the firm and created better-informed lending decision-making

• Automated data management: Enabled reusability of data across multiple applications and provided a single source of truth for information, ensuring transparency and timely intervention

• Unified interface: Created a coherent, unified platform for loan application processing, limiting the need for offline tasks and ultimately elevating the user experience for both customers and employees

• Enhanced data insights: Expedited turnaround time, ensured fair pricing, boosted conversion rates, and mitigated risks with features such as early fraud detection and identification of breach of rules

The Results

Digital transformation to fuel sustainable business growth.

As a result of our partnership, we equipped our client with the tools to provide a better digital banking experience for customers and lessen the burden on employees. With features such as centralized and secure data management and automated workflows, our solution improved operational intelligence, accelerated pressing business decisions, and ensured compliance with regulations stipulated by the Credit Contract Legislation Amendment Act (CCLAA) and associated responsible lending code.