The client is a renowned multinational banking and financial services corporation in the APAC region with operations across 18 markets. It is a market leader in consumer banking and is committed to delivering a simple and seamless banking experience.
One of the critical aspects of consumer lending is to provide a seamless digital experience with accelerated time to market. HCLTech enabled the client to reinventing their digital lending program by enabling loans to be credited to customer accounts in minutes.
The Challenge
- To enable instant decisions for consumer loans
- To replace legacy file system and ensure a seamless journey through digital contracts/e-signatures
- To remove fit all sloutions and develop the capability to launch customized loan offers
- To provide pandemic relief through instant loans
- To accelerate ESG adoption through reusable capabilities
The Objective
HCLTech implemented the new digital lending program, leveraging next-generation chatbot solutions and digital-driven processes across the lending value chain.
- Digital-first, chatbot-led solution for omnichannel experience
- Custom-built workflow management to improve Straight Through Processing (STP) and automation
- Advanced API-driven architecture enabling accelerated information exchange
- Guided Conversation Engine (GCE) to manage Chatbot interactions
- Digitally-driven application process to reduce paperwork and mitigate operational risk
The solution
Through the solution implemented, HCLTech was able to improve the digital experience fo customers. The solution helped them realize:
- Differentiated customer journey through digital experience for loans
- More efficient Straight through processing (STP) by leveraging customized workflows
- Improved time-to-market by enabling loans to be credited within 10 minutes
- Create framework-level reusable components for retail lending
The impact
Digital customers prefer to engage in an intuitive journey with banks. To improve customer engagement through a conversation-led channel experience, the bank wanted to provide a loan origination solution enabled by Chatbot.
The entire solution was built on a microservices-led touchpoint architecture approach this was enabled through a conversational Artificial Intelligence (AI) solution leveraging a chatbot-led experience.
The chatbot-led digital solution enabled the bank to personalize loan offers for its existing and new bank customers. Bank bot was built with Python, Java, Spring Boot and microservices and powered through a state-of-the-at Natural Language Processing (NLP) engine.
HCLTech was also instrumental in developing a customized Guided Conversation Engine (GCE). The chatbot gathered customer and loan details and shared it with GCE for futher processing. This was required to evaluate each customer’s eligibility for the loan and trigger appropriate workflows. Data collected from the chatbot was validated by the master bot. For existing customers, the GCE orchestration layer was enabled to validate the account details through payload services.
Once the details are validated, the customer is presented with customized loan offers rolled out with digital contracts and digital signatures. Upon acceptance, the loan amount is credited to the customer’s account in less than 10 minutes.
The entire loan processing solution was enabled through a customized workflow built on Java 8. Alternate workflows were also enabled for customers who were unable to complete the loan process through the chatbot. Also, separate workflows were enabled for new and existing customers as well as for happy path and alternate path scenarios.
