Shawbrook Bank uses Pegasystems for low-code business process rewrite
Specialist business lending and financial savings financial institution Shawbrook Bank is utilizing a low-code platform from Pegasystems to rewrite business process software program and automate buyer journeys.
Using low code, the financial institution has accomplished the business process rewrite of a part of its loans business, and is already saving 1,500 hours a month consequently.
Shawbrook Bank, which serves small and medium-sized business prospects, was the results of the merging of 5 completely different finance companies in 2011, and it has since grown quickly. As a consequence, the corporate determined to rewrite its end-to-end processes in its loans and financial savings companies.
The end-to-end journey for unsecured mortgage processing will probably be accomplished on the Pegasystems platform, whereas any expertise that’s instantly touching Shawbrook’s finish prospects is Shawbrook’s personal bespoke software program.
Russ Thornton, chief expertise officer at Shawbrook, stated the corporate “was previously scared of writing its own software”, however that the low-code platform from Pegasystems modified this.
“We have completed the rewrite of one part of our unsecured loan business, which has proven the model, and now we are doing the rest of it,” he stated. “We should have completed the entire unsecured loan process by the end of the first half of this year. Having proved the model, we have now moved this to the biggest part of the business, our property and buy-to-let underwriting. In this business, we already have a lot of automation on the front end, but not at the back.”
The firm will start this venture on the finish of this month.
When full, Thornton expects it will cut back the time between an indicative mortgage provide to ultimate mortgage provide from 34 days to lower than 10 days.
“Our strategy is all about combining the best in technology with deep human expertise,” he stated. “Pegasystems was easily integrated into our existing technology stack, streamlining and automating the journey. Our team is therefore able to provide our customers and colleagues with a simpler and more efficient experience.”
Low-code, also known as no-code, growth platforms use graphics to permit builders to tug and drop software elements, join them collectively and create apps. This permits groups to create new net and digital banking capabilities extra rapidly.
Pegasystems is finest identified for its business process administration software program, which permits customers to visually mannequin and optimise their business processes. Low-code platforms can tap into business processes as effectively, however are oriented extra in the direction of the fast creation of net and cell purposes
Shawbrook labored with digital transformation and companies consultancy Labb Consulting to revamp the process for prospects and workers. “We spent a bucket load of time analysing processes and work with Pegasystems to automate good processes,” stated Thornton.
Shawbrook additionally plans to digitise processes in its financial savings business to hurry up the time it takes prospects to open an account and make deposits. “This will replace a monolithic third-party application which will mean the final bit of legacy is out the door,” he stated.
The financial institution has no branches or present accounts with 100% digital business.
