The Client
The client is one of the largest financial services groups in the ANZ region, providing a broad range of banking and financial services to individuals, small businesses and corporations.
The Challenge
Legacy systems were creating poor broker experiences
With growing consumer interest in digital banking and their gradual movement from physical branches onto digital channels, all banks must enable brokers with self-service capabilities to cater to their basic banking standard operating procedures, training and transaction activities.
Brokers — who can elect to work with any bank of their choosing — are a critical sales channel for our client, creating the requirement to deliver a smooth experience featuring state-of-the-art technology. The bank recognized the need to transform the end-to-end broker journey, from new product releases and sales to origination, fulfillment and ongoing communications with their joint customers.
The bank faced challenges in handling the increased volume of broker requests on application status and loan details, which negatively impacted the broker feedback parameters and net promoter score (NPS).
Broker satisfaction was also negatively impacted by increased call waiting times during periods of heavy inbound call traffic.
The bank's broker portal was built on legacy technology that didn't port to mobile devices.
Overall, their broker portal needed technology modernization.
The Objective
Simplify the mortgage broker user experience
HCLTech worked with our client to identify the markers for a successful engagement:
- Provide a simple, intuitive experience for brokers
- Fulfill broker needs digitally with self-service capabilities
- Seamless and consistent portal development based on new features prioritized by broker feedback
- Provide a low-friction, sustainable solution that reduces contact center interventions
- Reduce broker complaints and improve broker and customer retention
The Solution
Broker portal modernization and automation
HCLTech was the key partner for the transformation, from ideation to the execution phase of the solution.
Our expert team of advisors, architects and engineers worked with our client to break down the implementation of their new portal and the migration from their legacy systems – all with an eye on minimizing disruption to their day-to-day business.
HCLTech’s broker innovation POD, along with a few other client teams, were involved in all software development activities including accessibility testing, performance testing and the security assessment to ensure the product had no technical glitches.
Re-platforming the legacy application
The portal was upgraded to align with other apps, websites and the bank’s branding and user experience.
The new platform's responsive design caters to mobile, tablet and desktop users. Additional updates included:
- New feature development to further enhance the broker experience
- Single-sign-on (SSO) and session time-out functionalities were added to safeguard the customer details and ensure security for broker login
- Feedback widget was provided to capture real-time broker feedback
- Search experience powered by autofill
- Loan portfolio self-service provides up-to-date information about their post-settlement loan information
- Improved visibility into application status, real-time inflight application tracking, action required notification to brokers and other application details
The Impact
HCLTech improved our client’s customer experience by providing a stronger digital broker experience.
- Notifications and alerts resulted in faster turnaround times for application processing and settlement
- Reduction in calls to contact center because loan application details and statuses are now available as a self-service feature for broker
- Accomplished a top rating in user satisfaction due to improved user experience
- Resulted in a 90% retention rate of their users
- Doubled the amount of monthly active users
- Web portal received the ‘Good Design Award’ in Australia
- Significant savings for the bank in application processing time, call handling time and retention of existing loan customers
