HCLTech partnered with a Swedish retail banking organization to implement a digital, multi-channel credit proposition. This transformation leveraged the Camunda-based business process management (BPM) platform and aimed to enable the bank's transition to DevOps, SAFe and agile methodologies.
The Challenge
Streamlining loan processing and digital transformation
The primary challenge was to create a customer service portal capable of efficiently managing referral cases during customer onboarding. Additionally, the bank needed a solution that would allow its operations team to analyze applications referred or declined by third-party decision-making systems and override decisions when necessary. The project also sought to establish a digital platform utilizing Camunda workflows to streamline loan processing, reduce delays and eliminate inefficiencies associated with handling paper documents.
The Objective
Transforming customer onboarding and loan processing
HCLTech’s main objectives while tackling the challenges our client was facing were:
- Develop a customer service portal for streamlined management of referral cases during customer onboarding
- Empower the operations team to analyze and override decisions as needed
- Implement a digital platform using Camunda workflows to optimize the loan processing workflow
- Utilize digital imaging to reduce inefficiencies related to paper document handling
- Enable real-time monitoring of each loan application throughout the credit review, approval and closure process
The Solution
Meeting client objectives with Camunda
Our comprehensive solution included:
- Designing system flows to cover the entire product journey, encompassing both credit card and loan processes
- Leveraging Camunda as an orchestration tool, incorporating 60 microservices (internal/external), Decision Model & Notation (DMN) and Business Process Modeling and Notation (BPMN)
- Implementing a combination of REST API-based and event-driven architecture tailored for various countries
- Addressing geographical variations in the sign process
- Capturing user-application data through country-specific systems
- Integrating and aggregating information from previous customer engagements
- Facilitating data retrieval from credit bureaus based on market-specific requirements
- Implementing a robust process engine to handle credit decisioning and AML/KYC checks
- Introducing electronic archival of documents as a standard feature across multiple countries
- Facilitating data integration for General Data Protection Regulation (GDPR) reporting compliance
This architecture allowed for a dynamic approach to meet varying market needs across Europe and Russia. We also introduced agile methodologies during the loan origination transformation process for various countries.
The Impact
Driving change with impactful results in customer financing
This transformative initiative is set to revolutionize customer financing interactions, significantly benefiting sales and the bank's loan book. The key outcomes included:
- Efficient execution of direct debit checks, credit reference checks and anti-fraud checks
- Empowering business users to make real-time decisions using dynamic features
This partnership between HCLTech and the bank promises to redefine their customer’s interactions and financial service management.
