Saving auditors 25 hours of loan processing time per day
Friday, May 21, 2021
Challenge
A large regional bank sought to replace its aging, inefficient underwriting system for national auto and RV loan applications. The bank’s legacy solution forced auditors to navigate to multiple systems to complete a single task, slowing processing times and delaying loan approvals. Disjointed data and delayed processing limited reporting capabilities for managers. To stay competitive, the bank needed to increase loan application throughput with a unified, scalable solution that reduced context switching between systems.
“The project was one of our biggest accomplishments
of the year…We’ve gotten great feedback from the business, project, and management teams.”
— VP, IT Solutions Delivery
Solution
The financial institution partnered with Macedon to develop an Appian solution to unify the disparate systems required to complete loan application processes. Macedon integrated the Appian platform with a variety of systems so users could check credit reports, perform OFAC sanction checks, calculate dealer incentive program compensation, and record TCPA consent from a singular source of truth. Wrapping these integrations into business rules allowed auditors to quickly determine a loan application’s viability and route to other credit and contract reviews as needed.
Macedon also drastically improved the auditors’ user experience by grouping information into logical sections and introducing new and consistent design patterns to guide the auditors seamlessly through the audit process.
Result
Macedon’s solution on the Appian platform saves the bank an average of 25 hours of auditor time each day. Each auditor can approve a loan within a single system, saving an average of 5 minutes per application across the 200-400 daily applications, adding up to significant time and cost savings.
By integrating their disjointed systems and simplifying the pre-funding audit process, Macedon’s solution increases the bank’s ability to handle more loan applications with its existing auditing staff, and the simple, unified user experience significantly reduces training burdens for new auditors. In addition to increasing productivity, the application also ensures compliance and adherence to loan regulations. All of these factors have enabled the bank to expand its indirect lending capabilities substantially.
From inefficient and untimely to streamlined and simplified
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