Shawbrook Bank taps Pegasystems for automated underwriting solution
Customer relationship management (CRM) solutions provider Pegasystems has been tapped by savings and lending bank Shawbrook to automate its underwriting process and claims to have slashed loan processing times by 75%.
Pega automates the loan underwriting process at Shawbrook Bank
Shawbrook has embarked on redeveloping the full end-to-end process for both its lending and deposit solutions. The first phase of the Pega deployment focused on the front-end unsecured loan underwriting process.
Pega says its low-code platform has automated “multiple” administrative tasks, ensuring underwriters have all the necessary information to approve loans 75% faster than before and saving them around 1,500 hours a month, the firm claims.
The next phase will focus on two additional aspects of the business: reducing the time spent processing ‘buy-to-let’ mortgage applications, and digitising end-to-end customer journeys and internal savings processes to speed up the time it takes for new and existing customers to open an account.
Shawbrook chief technology officer (CTO) Russ Thornton says: “Pega 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.”
