TAB Bank gains internal process excellence to reduce costs while expanding the business

  • x20 productivity boost in loan application processing

  • Up to 20% operational staff time saving

  • Eliminated siloed spreadsheets

The Story

Since 1998, TAB Bank has provided business finance solutions to clients across the USA. The company initially specialized in financial services for truckers at truck stops. After over 20 years, the Utah-based bank diversified the product portfolio to include online banking services to expand the customer base on small and medium enterprises (SMEs) primarily across the United States. In 2016, the TAB Bank IT department started to search for an enterprise application development technology to enable continuous online business growth. The technology should fulfill strict regulation requirements for banking software in the US and rapid application development functionality to perform internal digitalization projects.

The Challenge

One of the major blockers that slowed down the digital transformation journey's pace was the loan and deposit processing workflow automation. Previously, TAB bank used a CRM system to manage inbound loan applications. The given approach proved to limit the business as it was unable to tailor the solution to the specific requirements of automated loan application processing: customer data was siloed across disparate systems; staff made a lot of manual steps during the workflow execution. Given the expansive customer base, TAB Bank needed to implement the end-to-end loan applications process automation starting from the inquiry made via TAB bank`s website and finishing with the approval/rejection and notifying the client. The TAB Bank team found Jmix (back then - CUBA Platform) functionality suitable for migrating the entire process into the custom workflow and making it as easy as possible for consumers and employees. The business objective was set time-sensitive as TAB Bank did not want to renew the incumbent CRM system for the next year and pay the associated licensing costs.

Solution

The Haulmont development team, working with the TAB Bank team, delivered the custom solution on time to cut costs for the business. The new digital workflow of loan application processing showed greater efficiency as 70-80% of approval/rejections were automated. Following the success, TAB Bank developed a series of applications to enhance internal process excellence and increase productivity:

  • Risk management system. The new system eliminated spreadsheets usage and automated the risk management process. Now, TAB Bank management monitor the dashboard connected to key performance indicators. The dashboard automatically highlights the emerging risks when relative indicators drop below certain levels.

  • Credit checks. TAB Bank implemented an automated scoring system built with Jmix to perform credit checks for new loan applications. The scoring system leverages BPM capabilities to orchestrate requests to external services like Experian, PayNET, and internal scoring logic execution. Finally, the system calculates the credit rating and generates a reject or approval decision with recommendations.

  • Customer 360. TAB bank team has built with Jmix one-stop-shop for customer connected data: contacts, communication history, connections with other customers, overall status on all consumed products, balance, return on equity and loan grade calculation, transaction history with details. The system brought front-office and call center employees to get all data about the customer rapidly and navigate easily across the connected data and services.

  • Automatic payment recognition and reconciling. Jmix automated the admin-heavy factoring service with the digital workflow to reconcile payments, deduct funds under a factoring agreement and notify customers about invoice payments. As a result, TAB Bank has concentrated on business growth opportunities instead of business run issues.

Result

The platform helped TAB Bank to automate a lot of laborious business processes and manual tasks. Loan applications processing time was reduced from two days to an hour on average. Process automation and data centralization stipulated up to 20% economy in specialists worktime. Thus, TAB Bank performs greater work without workforce capacity growth, and customers receive better service quality with the significant processing time reduction.

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