Specialist UK savings and lending bank expands
use of Pega to triple underwriter output and accelerate mortgage
offers
READING,
UK, Nov. 13, 2023 /PRNewswire/
-- Pegasystems Inc. (NASDAQ: PEGA), the low-code platform
provider empowering the world's leading enterprises to Build for
Change® , today announced that Shawbrook, a UK-based specialist
savings and lending bank, has deployed Pega Platform™ to transform
its buy-to-let mortgage underwriting process.
Shawbrook continues to invest in its unique business model and
best-of-both capabilities, combining the intelligent use of
technology to enhance human judgment and to automate where it makes
sense to do so. Working with leading data and technology partners,
including Pega, Shawbrook has scaled up by reducing mortgage
processing times nearly fourfold and increasing underwriter
productivity by threefold. The approach is helping Shawbrook
continue to deliver faster service with less friction for its
customers whilst reducing its cost to serve.
In its second stage of the Pega Platform deployment, Shawbrook
implemented Pega's case management capabilities to reduce the time
it spends processing buy-to-let mortgage applications, from an
initial letter of intent to a full mortgage offer, while maximizing
underwriter productivity. Since the launch in May 2023, Shawbrook has seen a reduction in time
from indicative mortgage offer to full mortgage offer in digital
buy-to-let deals from 40 days to 11 days on average. Between
September and October, this process averaged just four days,
resulting in a dramatically improved customer experience.
Pega also drives efficiency and scale for Shawbrook's mortgage
brokers by enabling frictionless data input, regular status
updates, and a single customer view. Pega's process automation
capabilities also increased underwriter productivity from
underwriting an average of 6 mortgages per week to 20 per week. By
implementing rules-based decisioning, the bank reduced manual
checking, enabling underwriters to spend more time on cases that
require deeper expertise.
Shawbrook collaborated with partner Labb, to redesign the
process for customers and staff and quickly implement it using Pega
Platform. Labb has supported and upskilled the internal teams at
Shawbrook in support of Shawbrook's technology strategy, which
is to own the customer experience with its technology and to
partner with experts for everything else.
The next phase of Shawbrook's journey with Pega, which is
already underway, will focus on digitizing end-to-end customer
journeys and internal savings processes to speed up the time it
takes for new and existing customers to open an account and make
their first deposit.
Quotes & Commentary:
"Our 'best-of-both' strategy combines our deep human expertise
with best-in-class technology," said Russ
Thornton, chief technology officer, Shawbrook. "This second
phase of our Pega journey continues to drive even better customer
experiences as well as, and really importantly, our colleague
experience through automation and easy to use low-code user
interfaces."
"Having a timely, transparent mortgage application process is
vital in the current UK housing market," said Steve
Morgan, banking industry market lead, Pega, "Shawbrook is
already seeing impressive efficiency gains that are positively
impacting customers and the bank. As Shawbrook continues to roll
out Pega Platform to other areas of the business, we look forward
to seeing the results."
Additional Resources:
About Pegasystems
Pega provides a powerful low-code platform that empowers the
world's leading enterprises to Build for Change®. Clients use our
AI-powered decisioning and workflow automation to solve their most
pressing business challenges – from personalizing engagement to
automating service to streamlining operations. Since 1983, we've
built our scalable and flexible architecture to help enterprises
meet today's customer demands while continuously transforming for
tomorrow. For more information on Pegasystems (NASDAQ: PEGA), visit
www.pega.com
Press Contact:
Sarah King
Senior Specialist, Corporate Communications
Sarah.King@pega.com
Tel: 44 118 939 8584
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SOURCE Pegasystems Inc.