Global Wave Collaborates with a Regional Bank to Help Streamline the Credit Process

The Challenge

An expanding Regional Bank with assets of approximately $7B had undertaken a project to determine if they could use process automation to solve a series of efficiency issues that had begun to surface as part of their rapid growth. The Bank documented the issues they were experiencing, and as part of an RFP process, looked to select and engage with a vendor that would build a long term partnership with them. The objectives of the project were to focus on automating the credit process and bring collaboration tools to users in disparate locations. The Bank had various regional offices which operated almost independently of each other, thereby not taking advantage of standardized processes and structure. The vendor to be selected not only needed to have a robust workflow and loan origination solution, but also needed to understand the Bank’s current processes and make best practice recommendations.

After an exhaustive review of eight software vendors, Global Wave Group was selected for its flexible software platform, deep banking knowledge and ability to quickly meet the Bank’s business requirements.

The Solution

Global Wave worked with a team of business representatives, IT and other stakeholders to initiate requirements and functional design sessions. Key to the success of these sessions was the Global Wave team’s ability to drive consensus between groups and sites, enabling the Bank to achieve its overall objectives. The Global Wave team treated the implementation as a project, publishing milestones, responsibilities, and kept the Bank’s Staff updated on a weekly basis. Due to the banking background of the team, Global Wave used bank terminology and banking concepts rather than arcane IT jargon. This provided transparency during the process and each milestone/deliverable was agreed upon to ensure a successful implementation.

Global Wave’s unique requirements/analysis process provided the basis for a system that was delivered with very minimal changes and also helped manage expectations for the users, IT and management. Credit Track allowed the bank to effectively put a framework in place that further enabled collaboration on disjointed credit processes. It also connected departments outside of the normal credit lifecycle such as Treasury, Deposits and Legal so they could work together in a cohesive and collaborative manner. This translated into better information, a complete understanding of the status of a loan at any given time, the ability to work together despite physical location, and a repeatable straight-through process. By enabling the Bank to become more efficient, it was able to provide better overall experience to its customers as well.

The Credit Track system helped the Bank with the sales process, origination, analysis, underwriting, and even took into account their business rules on credit approval. Post approval functions such as loan documentation were connected to other doc prep systems along with a connection to their core system. Finally, loan monitoring, tracking and reporting was also provided.

The Bottom Line

The Bank expects to reduce their processing time by 70%. The time savings allowed the Bank’s staff to spend more time taking care of their clients and potentially selling more products and services, leading to a ROI of less than a year.