Beyond Bank and technology consultancy Atturra's partnership to implement a new Boomi loan processing automation system has slashed the time it takes to go through applications by 14 days, the financial institution said.
Atturra led the implementation of the new system, which connects the bank's customer relationship management software with its lending platform and core banking applications.
"With a competitive goal to attract and retain customers, Beyond Bank needed a strategic partner to ensure its loan origination revamp maximised value in every way," said Jason Frost, executive general manager of data and integration at Atturra.
Beyond Bank is customer owned, and serves around 305,000 members across Australia.
The implementation saw Boomi's integration platform developed, so as to modernise the bank's loan origination process.
Once up and running, the Boomi system eliminated 35 points of manual data entry, significantly reducing application completion times for customers seeking personal loans, credit cards and overdrafts.
"Connection is at the heart of how we operate, and this remains true even in our digital ecosystem," said Wendy Den Hartog, senior manager for loan fulfilment at Beyond Bank.
"The productivity gains are dramatic, having earned back the business 14 full working days per month."
This means my team isn't swamped by administrative duties, and can tackle strategic initiatives," Den Hartog said.
The project's second phase was launched in August this year.
It focused on streamlining personal lending products, building on earlier improvements to home loan processing.
"By coordinating its data, Beyond Bank has assembled a sturdy digital pathway in how customers gain access to finance options," David Irecki, chief technology officer for Asia-Pacific and Japan at Boomi said.
The bank plans to integrate loan calculators in future projects, leveraging its enhanced data capabilities to expand financial services offerings.
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
