By automating the loan approvals process for a large regional bank, GDI reduced the average time to create a loan approval document from 45 minutes to five minutes.
The Challenge
Client Background
The client is a large regional financial services company, strategically aligned in three major business segments: business, retail, and wealth & institutional management. The commercial lending division of this bank used manual processes to produce the documentation to originate loans and make loan approval decisions. To better serve both the business and its customers, changes had to be made to these processes.
Project Objective:
GDI’s objective in this engagement was to design, develop and implement a system that automated the loan origination process for 12 commercial lines of business.
The Solution
Technology Employed:
Websphere, J2EE, DB2, Fair Isaac Blaze rules engine
Project Details:
GDI played a critical role in this project, interviewing people from all lines of business to develop a requirement set for a system that supported the disparate needs of these businesses. In addition, we continuously bridged the communication between the business and technology teams to make sure that any problems or open issues were resolved quickly and effectively. GDI also put together technical design documents that laid out data requirements, functional requirements, integration requirements and data migration flows from outside systems.
The project entailed interviewing people from 12 lines of business within the bank and developing a unified, streamlined system requirements document that supported all groups. The requirements for the system had to be easily understood by the wide range of project constituents, including executives, business customers, project managers and technical developers. Over 1,200 pages of documentation were produced to lay out a clear project blueprint.
Once the requirements were defined, the system was built by developers working closely with business analysts and end users over 24 months. The project was rolled out nationwide to over 2,000 users.
The Results
The solution designed by GDI consultants exceeded customer expectations. It not only created a unified process for all 12 lines of business, but also reduced the average time needed to create a loan approval document from 45 minutes to five minutes.