BACKGROUND

CHALLENGES / OBJECTIVESSNAPSHOT

HCL pioneers the automation of the Mortgage Product Launch for a leading bank in the UK

The overall objective was to automate the entire mortgage process, reduce business impact costs, and reduce IT costsHad a record of 7 days as the minimum lead time to market, and handled over 250 products per week; suffered a loss amounting to £750k due to incorrect product launch processes during the previous yearManual, laborious and time consuming operations in the generation of reports, APR calculation, and updates to websitesMounting IT costs during product launchesRequired the right kind of support to provide rapid response to market changes; required the agility to launch new products on a real-time basis, and a streamlined, standardized method for mortgage product launches

Vertical: Financial Services Micro-vertical: Banking Service Areas: Application Development

& Maintenance Technologies: Mainframe, .NET

Our client is the #1 in mortgage business in Europe, and the largest retail bank in the UK. It has over 30 million customers with one in three people banking with it in the UK. Our relationship with this client (later acquired by a major British financial institution) commenced in 1997

Our client required an automation tool that would save considerable time during the launch of its mortgage product, for which it partnered with HCL

CUSTOMER TESTIMONIAL

RESULTS / BENEFITS

THE SOLUTION

“The new tool allows our product launches to be turned around within 24 hours, and in addition, removes the risk of human error from manual intervention. This has also reduced our demand on IT, enabling other critical work to be completed.  Other benefits include the ability to launch new, and a wide range of products, on almost a real time basis and a standardised method for new mortgage product creation. The Mortgage Product Launch Automation Tool was developed by HCL with no additional cost to us and supported all business departments during the entire lifecycle by providing input for design, data and test.”

-Managing Director of Mortgages

HCL initiated the idea generation session and assumed complete ownership – from functional analysis to deployment of the entire mortgage processWe were also involved in the Architecture Design & Development, and Testing & Delivery, and offered end-to-end support to our client’s business during the entire life cycleAutomated APR collection, reports and website updatesThe mortgage automation process enabled end users directly interface with the application, which was a new phenomenon in the UK marketThe automation tool we built allowed product launches to be turned around within 24 hours [which earlier took a minimum of 7 days] and also removed all IT involvement. Thus, we were able to offer our client a unique product differentiator in the UK market, making its product launches almost real time, which prompted more and more customers to approach our client

HCL’s product launch automation tool proved to be a unique differentiator to the bank for launching new products in the market on a real-time basis, much ahead of its competitors. It is the only bank in the UK with this capability today and can directly launch new products with ‘zero involvement’ from IT . [The tool was developed at no additional cost to the client]Empowers with a high degree of scalability, resulting in the successful launch of more than 1000 products till dateEliminates manual intervention and reduces the risk of human errorsEnables rapid response to market changes, which was a key USP for the clientIncreases customer satisfaction leading to improved businessDirect cost savings to the business of over £1,000,000

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