Digitised loan originations process for large Australian Financial Services org reducing time-to-credit-decision by 30%

Opportunity

  • Completely manual, and mostly paper-based Loan application and origination process supported by an outdated legacy receivables system with limited opportunity for digital modernisation. 
  • There was little digital innovation in the industry, particularly in the consumer loan product space. 
  • The client organisation had limited online presence due to technical limitations of the current system architecture and processes and inability to innovate without a migration off the current legacy platform. 

Approach

  • Identified a future-state platform (SalesForce) to underpin the digital experience and designed future-state LEAN processes to define the critical requirements for the platform build. 
  • Worked through legal and technical challenges to implement a full digital experience for customers and staff, including instant credit decisioning processes, and contract acceptance digitally vs. paper-based signatures. 
  • Implemented a continuous improvement program to iterate improvements post system go-live and led agile iteration sprints to improve the platform and refine UX/CX. 
  • New target operating model designed and implemented to complement the new digital experience; included complete definition of roles and structure, performance frameworks and measures, incentive/commission models, training and development.

Benefits

  • Delivered the core platform, technology and automated workflows and implementation of the target operating model, resulting in a ~40% reduction in full-time equivalent resources for the comparable volume of sales.
  • ~30% reduction in the time taken to provide a credit decision, increasing NPS and customer satisfaction through continuous removal of high effort/pain points.
  • Industry-leading completely digital origination experience with zero requirements for printed contracts and paper signatures. 

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Centralisation of branch network for large Australian Financial Services org resulting in >$8M cost savings over 3 years.

Opportunity

  • Large and costly branch network primarily selling and servicing Personal Loans and cross-selling Credit Insurance and Credit Cards.
  • Poor quality and risk governance given lack of operational controls and technology constraints in the decentralised sales environment. 
  • Difficulties remotely managing the variation in performance for 400+ remote sales staff.
  • Large cost challenges in modernising technology across the branch footprint resulting in years of underinvestment and poor system performance and downtime. 
  • Ineffective capability development due to the decentralisation of the workforce and challenges implementing solutions remotely. 

Approach

  • Developed a 3-year, multi-phased strategy to exit the decentralised branch network and implement centralised sales operations, underpinned by an advanced geospatial demand and profit analysis to identify the optimal sequencing of branch exits over time. 
  • Led the ongoing operational transition out of the branch network, while concurrently developing and building a centralised sales target operating model. 
  • The new target operating model included full organisational design, process re-engineering, systems/app customisation and enhancements, data and reporting requirements, governance frameworks and operational readiness planning. 
  • Supported the successful transition to the new target operating model. 
  • Developed and implemented the ongoing quality assurance and performance frameworks to drive improved sales, quality, and regulatory compliance.

Benefits

  • >$8M cost savings over 3 years through a ~35% reduction in resources and fixed-cost overheads. 
  • All Sales targets were met and maintained within 3 months of centralising operations. 
  • Optimised customer and staff experience by significantly reducing effort resulting through improved process automation and digitisation. 
  • Reduced operational risk through more effective risk-based monitoring and supervision.