Beyond Bank’s purpose is to change the lives of customers and communities by protecting, creating and returning value, promoting the financial wellbeing of its 305,000 members. With banking, lending, and insurance services, the organisation is one of Australia’s largest customer-owned financial institutions.
Beyond Bank Speeds Servicing of Loans with Atturra
About the Client
Business Opportunity
From home loans and personal loans to credit cards and overdraft fulfilment, the fulfilment process of Beyond Bank’s loan origination was previously encumbered by data duplications and manual data entry. Its systems lacked coordination, slowing how employees processed loan applications, and hampered the ease at which customers engaged with the bank.
To maximise value and accelerate delivery of its financial services for consumers and businesses, Beyond Bank recognised it needed to digitise and streamline its loan fulfilment operations by connecting its systems and centralising its data.
“Connection is at the heart of how we operate, and we seek to maintain this in all part of the business, including our digital ecosystem,” said Wendy Den Hartog, Senior Manager for Loan Fulfillment at Beyond Bank.
“We’ve earned back the business 14 full working days per month, which means my team isn’t swamped by administrative duties, and can tackle strategic initiatives.”
Wendy Den Hartog, Senior Manager for Loan Fulfillment
Beyond Bank
Solution
To build a framework that coordinates and securely houses its loans origination data, Beyond Bank engaged Atturra to lead the design and implementation of the Boomi integration platform as a service (iPaaS).
Atturra used Boomi to connect the bank’s customer relationship management (CRM) system, NextGen ApplyOnline lending platform, and core banking applications. The solution also involved Boomi APIs, which Atturra introduced to automate data retrieval across the connected environment.
Beyond Bank selected Atturra to handle the project due to its long-standing data and integration expertise, which was a natural continuation of its managed services relationship, and supports the ongoing simplification of complex, manual tasks.
Jason Frost, Executive General Manager, Data and Integration at Atturra, said, “With a competitive goal to attract and retain customers, Beyond Bank needed a strategic partner to ensure its loan origination revamp maximised value in every way. Our history with them proved invaluable.”
Outcomes achieved
Mapped into two phases, the first tranche of Beyond Bank’s loan origination project modernised the bank’s home loan process and introduced e-signing capabilities. Now completed, the bank’s moved into its second phase of the project, digitising and streamlining personal loans, credit cards, and overdrafts.
With its Boomi-connected environment, Beyond Bank drastically reduced manual interventions, trimming 35 points of data entry and ironing out previously cumbersome data duplications. Addressing the productivity gains experienced, Den Hartog said, “We’ve earned back the business 14 full working days per month, which means my team isn’t swamped by administrative duties, and can tackle strategic initiatives.”
Atturra also helped Beyond Bank build an ‘extraction layer’ for reporting, where the Boomi Enterprise Platform ensures critical reporting data accurately flows to relevant governance and business intelligence systems.
According to Den Hartog, Beyond Bank’s work with Atturra has not only optimised the way it works internally, but also facilitated a more user-friendly experience for customers. “With the system automatically picking up known customer data, such as annual income or number of dependents, the time needed to fill out a new loan, credit card, or overdraft application has been drastically reduced.”
Frost said, “We worked to match Beyond Bank’s digital ambitions with its strategic imperatives. And the outcome very quickly enhanced every inch of its loan origination process, which from lodgement to funding is a core business output.”