A large UK challenger bank wanted to innovate their mortgage application submission process to make it easier for customers to apply, to make it easier for 3rd party brokers to manage document submissions, without invoking a costly large-scale project.
In partnership with our FinTech partner in the UK (Aicura) we helped the bank to run a lean project to rapidly iterate through a prototype and POC, gain feedback from the target audience(s), and then deploy a Minimum Viable Product in as short a time as possible, with as little integration into back-end systems as possible.
A Web and Mobile Document Scanning and Submissions system was developed to manage the document submission process. Brokers and Branch Staff can scan a customer’s documents immediately – even in low / no bandwidth situations (for example at property development locations with no internet connections) and the solution will automatically submit the documentation when the user is online again.
The system submits into the existing mortgage back-end fax solution, and imaging optimisation on the mobile devices means high volumes and low cost faxing is possible.
A small team undertook 1 week of discovery and planning, and 6 weeks of development to iterate through the various releases of the solution – a record for the customer, a competitor took the same time to prepare their quotation for the job. This also kept the cost exceptionally low.
The client achieved the objective of innovating at low cost and in a short time. – a competitor took the same time to prepare a quotation as it took our team to release the first version into production.
Customers of the bank now receive an answer to their mortgage application in shorter timeframes.
Brokerages prefer to use the solution over normal fax or post as it is faster and only costs a fraction of the alternatives.
Large brokerages enjoy the ability for administrators to submit and manage submission on behalf of brokers, and are sending more business to the bank.
Partnered our UK FinTech Partner with an offshore Agile Digital team (Developers, Visual Design, Testing, Scrum Master and Digital Product Consultant)
Support the Bank’s Product Owner and team to define an MVP (Minimum Viable Product)
Iterated through 3 X 2 Week Sprints to deploy and launch into production, and prepare the business team to train and support users
Client innovated at low cost in record time (8 weeks)
Customers of the bank now receive their Mortgage Application answers in shorter timeframes
Brokerages enjoy the experience and lower cost of the platform over alternatives