Vital UAT testing brings investment bank one step closer to transformation
The bank required UAT testing in order to move their major project forward, and looked to Quinnox.
Read moreThe client is a leading specialist bank in the UK, providing a range of financial services including business finance, residential and commercial mortgages, savings products, and personal loans to meet the financial needs of businesses and individuals.
In the sphere of Commercial Property, a project was launched to address gaps in the underwriting process for loan applications. The business’s supporting applications were dispersed over several platforms, including origination services, in-life apps, origination apps, and origination portals. However, the existing underwriting process was manual and error-prone, hindering the efficiency of loan applications. Recognizing the need for change, the bank embarked on a transformative journey with the support of Quinnox.
Of course, the project faced its fair share of challenges:
Quinnox, renowned for its agile and innovative approach, understood the complexities of the bank’s underwriting process. They devised a ground-breaking solution, primarily focusing on addressing the existing systems’ gaps and empowering underwriters to process loan applications more efficiently.
The project aimed to address gaps in the bank’s Commercial Property platform, mainly focusing on the underwriting process for loan applications. Quinnox wanted to help the bank build a Colleague Hub, a robust and user-friendly application that would streamline loan application evaluation and processing to help enhance the customer experience by reducing flight times, improving communication with brokers, and enabling quicker processing of loan applications.
The Hub introduced additional capabilities, including integration with Azure services, new technology layers like a case management & business process management solution, a central repository for property and customer information, workflow systems and portals, a decision engine, and API integration with the Cross-Business Exposure (CBE) platform.
Technical Competencies: The development team leveraged the latest front-end technology, to create user-friendly applications. Automation played a significant role in improving efficiency. The testing team automated the loan application creation process, resulting in scheduled daily jobs for standard regression scripts and easy maintenance of automation scripts through reusable components.
The project team adopted an agile methodology, ensuring effective collaboration and communication among team members and stakeholders. New team members received hands-on training and were encouraged to participate in daily stand-up meetings, sprint planning, and retrospective sessions. On-the-job training and shadowing were provided to new joiners, allowing them to learn from experienced resources. The emphasis on training and upskilling ensured the team’s competence and enabled successful project delivery.
The project successfully addressed gaps in the loan origination process, improved underwriting efficiency, and enhanced the overall customer experience. The application, along with its integrations and automation, positioned the client as a leader in delivering exceptional customer experiences in commercial property lending. The minimum viable features introduced in this phase added value to the loan origination processes, enabling underwriters to take a loan application from Indicative Mortgage Offer to Full Mortgage Offer.
Security issues were identified during the Penetration test performed when the product was newly launched in the market.
This resulted in a delay in getting VAPT certified due to the security issues.
Quinnox team implemented Microservices and automated gateway using APIs and DevOps to ensure data security and compliance.
Systems were very slow and used legacy forms-based applications for their mortgage applications and some of the software and tools were ending lifetime support
Customers/Brokers needed to fill applications manually, only 30% of the data was collected through existing applications and rest of the data was needed to be processed manually
The case conditions document uploading, and approval process was carried out on a legacy system leading to delays in approval.
The bank required UAT testing in order to move their major project forward, and looked to Quinnox.
Read moreQuinnox helped Monument deliver complex cross-product customer journeys with our automated proprietary Qyrus platform via client onboarding, account opening, transactions, lending origination, and client servicing journeys.
Read moreOur client is a Fintech start-up in the financial and technology cross over space.
Read moreGet in touch with Quinnox Inc to understand how we can accelerate success for you.