Streamlining Lending Processes at Regional Australia Bank with IoT
Applicable Industries
- Finance & Insurance
Applicable Functions
- Sales & Marketing
Use Cases
- Inventory Management
- Personnel Tracking & Monitoring
About The Customer
Regional Australia Bank is a member-owned bank that has been serving its customers for almost 50 years. Known for its flexibility and personable approach, the bank has grown to become a premier alternative to the ‘Big Four’ banks. The bank prides itself on making complex processes simple and ensuring that its teams are working with up-to-date processes to deliver a seamless experience to both their customers and to each other. However, the bank was facing challenges in its lending space due to organizational changes and different lending processes for different loan products, users, and channels.
The Challenge
Regional Australia Bank, a member-owned bank known for its flexibility and simplicity, was facing a complex challenge in its lending space. The bank was dealing with numerous organizational changes and had different lending processes for different loan products, users, and channels. This resulted in duplicate processes, each of which needed to be updated whenever something changed. This not only created an administrative burden but also led to a matrix of processes that were slightly out of date. As the number of processes multiplied and keeping them up to date became more complicated, staff trust in the processes, which should have been the single point of truth, started to erode. The bank needed a solution to streamline its processes, regain staff trust, and improve customer service.
The Solution
The bank turned to Nintex Promapp’s Process Variant Management (PVM) functionality to simplify and streamline its lending processes. PVM allowed the bank to establish a standard process and then add subtle process variations as required. This meant that after a compliance or legislative shift, or a process review, the bank team only had to amend one standard process. If applicable, the change would flow through to the process variations as well. This not only simplified the process management but also gave staff more confidence in the processes, which had a positive impact on customer service. The exercise of adapting their lending processes into the ‘standard + variations’ way of working also helped the bank uncover and clarify their core activities, making it easier to identify opportunities for improvement.
Operational Impact
Quantitative Benefit
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