Virtusa implemented a unique and integrated workflow automation system to manage and track the loan disbursement process for a leading Singapore-based multinational bank. The client loan disbursement process was based on obsolete systems that involved high deal of manual intervention along with cumbersome and isolated processes of generating letters, correspondences, and reports. The system was also highly unscalable. As a result, the customer’s operational efficiency was at an all-time low. Virtusa’s Pega based workflow automation solution upgraded the legacy platform while automating the processes to enhance operational efficiency
The ChallengeThe customer was facing multiple issues with its loan disbursement process that were mainly due to its dependency on obsolete systems.
The processes of generating letters, correspondences, and reports to facilitate effective tracking and monitoring was highly cumbersome, manual, and paper intensive. The system was also nearing the end of life and hence was not scalable to handle business growth. All of this resulted in a high deal of operational inefficiency resulting in the client losing money.
The SolutionVirtusa leveraged the unique and integrated Pega workflow automation system to manage and track loans across the various stages of a loan lifecycle.
Automation of processing steps with an integration to downstream systems enabled easy retrieval and updates of information. Also, using the Pega out-of-the-box (OOTB) features of reports production and dashboards, Virtusa was able to implement facilitated tracking statuses and follow ups required for loan accounts. The new system also incorporated system audit trails and controls to minimize manual interventions.
The BenefitWith a new, agile system in place, the client quickly realized benefits.
Operational efficiency for the client increased substantially. At the same time, the back-office mail processing expenses were reduced to the tune of $2.25 million over 5 years. Automation of payments enabled the client to accept payment across various modes such as RENTAS-MY/GIRO-MY, cashier order, FAST-SG, SWIFT/ MEPS. All these processes in place also resulted in better system audit trails that provided greater visibility and accessibility within the system to review user actions during any investigations. All in all, the client’s operational efficiency improved tremendously through a 60% reduction in turnaround time for case creation and loan disbursement.