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Case Study: Irish Commercia Bank - Strategic e-Mortgage Management System

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  • 1. Flexible Customer Engagement The Irish commercial bank has a long-established online presence on the mortgage marketplace, offering top quality services to its customers. As the company grew its capabilities over time, it became apparent that its existing online mortgage application required an upgrade in terms of functionalities. Facing large risks in the mortgage field, it was vital for our client to ensure an exhaustive customer experience through rigorous and efficient processes. The company recognised the need for a long-term solution that would tackle the challenges of the legacy systems and could support a multi- brand strategy to increase direct business. Online Integrated Mortgage Platform Working alongside a global leader in IT consulting, iQuest set out to build a strategic eCommerce platform for multiple channels and brands that covers the most critical operations in mortgage servicing. The platform represents a strategic enterprise integration and mortgage management system that empowers mortgage intermediaries to enable direct customers to create Key Fact Illustrations, and submit for them mortgage Agreement in Principle (AIP) documents and final applications to the bank. The new system was designed to allow direct access to necessary procedures and was integrated with an extensive series of applications including external mortgage builder applications and credit scoring systems, the bank’s existing mortgage repository, its CRM system and a quick address service. This complex grid of systems created a highly responsive service delivery which led to the need for a complete rebranding of the direct customers website. Our client is an Irish commercial bank. The company provides a broad range of banking, life insurance and financial services in Ireland and UK to the personal, commercial, industrial and agricultural sectors.
  • 2. Acting as the main channel of interaction with the bank’s offering, the website’s UI was fully revamped using load balanced web servers and DB with clustered SQL servers. Configurable end-user forms were set up in order to automatically respond to changes in the bank’s and the government’s mortgage policies. Seeking to trim the long cycle times and reduce administrative workloads, the system allows electronic submissions of full mortgage applications. This enables registered brokers to use the system to prepare KFI, submit AIPs and mortgage applications. The Mortgage Platform produces an automated online Agreement in Principle, subsequently obtaining a report from the credit bureau used in the AIP decision. The automated approval, or the referral of the case to a human employee for the AIP, is determined through rules defined by the bank credit policies. The applications can be easily tracked by brokers as they are handled electronically. Efficient Channel for Mortgage Services The bank’s great tradition of responding to customer needs in a genuine and reliable manner has set a framework to how the solution was built and ultimately to its immediate results. A high degree of transparency and constant communication between all three parties ensured smooth progress and delivery of this complex project. Through the new set of functionalities, the strategic eMortgage Management System enhanced the bank’s profitability by attracting an increasing number of customers with reduced acquisition costs. Faster service deployment led to over 40,000 registered brokers and direct customers regularly using the website, meaning 80% of intermediary business is received and managed electronically. Brokers benefit from immediate access to AIP and full applications, being able to view the progress of a case online throughout its lifecycle. They are also able to pre-populate an application from data already collected in other legacy systems and add new call centres and brands to the Mortgage Trading Exchange. The eMortgage application simplifies the management of online forms, broker and product maintenance, reducing the administrative workload and causing the time to offer a formal mortgage to a customer drop from 10 to 5 days.
  • 3. About iQuest iQuest is an international IT services group that for more than 16 years has been delivering an extensive portfolio of customised software solutions, products and integration services across Europe, MEA and the US. With a successful combination of technical expertise and service excellence, iQuest drives long-term business value for leading companies in Life Sciences, Telecom, Financial Services, Transportation and Energy. Headquartered in Germany, iQuest has local teams in Switzerland, Romania and the US, and currently employs more than 500 people. For more information, please visit: www.iquestgroup.com © Copyright 2014, iQuest Technologies. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from iQuest. All other product names, service marks, and trademarks mentioned herein are trademarks of their respective owners. In the meantime, the number of handled applications has increased by up to 700 per day, effectively doubling the retail lending market without addition personnel in a short period of time. The platform enables its users to set up multiple mortgages for multiple properties through a “Buy to Let” portfolio, which provides a simpler way of managing data bundles. Being responsible for handling over 60% of the group’s mortgage lending business, the customer website was rebranded in order to offer a more efficient channel of communication with the bank’s mortgage servicing. The system is now offered directly to retail clients seeking to obtain a mortgage without an intermediary. Shortly after its release the website received the 5 stars award at the “Financial Adviser Service Awards”, which includes the bank’s website in an exclusive group of companies across the financial services industry accredited with this top service rating. The eMortgage Platform has played a key role in the pursuit of a strategic channel for service delivery. By creating an online mortgage management system, our client gained a competitive advantage and maintained their position on the financial market as a proactive and reliable partner for their customers.