Through strong governance and leadership, Synerga was able to reduce their client's time to yes from 14.5 days to less than 5 days.
Industry | Banking & Finance
The Ask
To “reset” the E2E Mortgage process at a Tier 1 Bank in order to reduce Time to Unconditional Approval from 14.5 days to less than 5 days
The Challenge
The re-set was necessary as the newly rolled out next generation Technology platform was turning around mortgage applications in unacceptable timeframes that were slower than the “old process” after significant organisational investment in the new process
Synerga's Approach
Established strong governance and cadence that included Group Executive and EGM leadership, and representation across all parts of the E2E process from distribution, product, credit, operations, technology, risk and assurance.
Re-prioritised work, with prioritisation applied to target work required each day and get things right first time with appropriate measurement, reporting and governance to ensure delivery and speed in decision making.
Re-directed investment and resources to ensure the most important issues were being focused on.
The Outcome
Reduced time to yes on the new platform from 14.5 days to 4.8 days over 20 weeks. Cultural and process change that drove a single mortgage process across the E2E business with the old process no longer being the preferred method to support customers. Restructured support functions for the simplified business. Reduced budgeted technology enhancement spend from $80m to $20m for the financial year.
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