From Legacy to Digital: Streamlining Secured Loans
Overview.
major UK secured loan lender faced complexity due to multiple legacy systems. Coforge helped them modernize with Salesforce and micro-services, enabling self-service options, faster approvals, and a 25% reduction in call center volume.
Challenges.
4 separate loan books with outdated processing systems. High risk of obsolescence and difficulty in digitalization. Complex customer experience with no self-service options. Slow loan approvals taking up to 48 hours.
Solution.
Implemented Salesforce Mortgage Cloud for loan servicing workflows. Established an Agile product team for modernizing sales channels. Created an API development factory to reduce lending platforms. Developed a micro-service architecture using Java to replace legacy systems. Built a customer-facing web/mobile app for self-service features. Designed a dynamic product directory for flexible rates and charges.
The Impact
Metric Improvement
Customer Web & Mobile Access
Increased Significantly
Call Center Volume Reduction
25%
Call Center Volume Reduction
Increased by 67%
Automated Loan Payment Setups
Increased by 74%
Loan Approval Time
48 Hours
New Product Launch Speed
Streamlined
Modernize Loans. Improve Customer Experience.
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