Background

Shawbrook Bank experienced a 25% year-on-year growth in its loan book, necessitating the need for scalable platforms capable of handling a growing number of loan applications. To onboard new clients effectively, the bank recognized the importance of loan origination, administration, and underwriting processes that were both fast and accurate. To enhance its competitiveness in the consumer lending market, Shawbrook's consumer franchise realized the need to invest in a platform that could speed up the processing of loan applications. This investment in faster processing was seen as a key component of the bank's broader strategy to succeed in the consumer lending space.

Challenge

The lending process at Shawbrook Bank previously relied on manual procedures, which resulted in extended validation and checking periods, causing delays in loan processing. This created a challenge for Shawbrook to efficiently handle loan volumes, leading to customer frustration. This posed a risk of potential borrowers seeking loans elsewhere due to the extended wait times, resulting in missed business opportunities. Additionally, not addressing the processing times would have led to increased operational costs, typically associated with hiring more personnel to manage the loan volume. In the highly competitive banking market, ensuring prompt and efficient loan processing is crucial to minimize loan abandonment during origination and administration stages.