Pega Helps Shawbrook Bank Reduce Mortgage Processing Time in Half
Pegasystems Inc. (NASDAQ: PEGA), the low-code platform provider empowering the world’s leading enterprises to Build for Change® , today announced that Shawbrook, a UK-based specialist savings and lending bank, has deployed Pega Platform™ to transform its buy-to-let mortgage underwriting process.
Shawbrook cntinues to invest in its unique business model and best-of-both capabilities, combining the intelligent use of technology to enhance human judgment and to automate where it makes sense to do so. Working with leading data and technology partners, including Pega, Shawbrook has scaled up by reducing mortgage processing times nearly fourfold and increasing underwriter productivity by threefold. The approach is helping Shawbrook continue to deliver faster service with less friction for its customers whilst reducing its cost to serve.
In its second stage of the Pega Platform deployment, Shawbrook implemented Pega’s case management capabilities to reduce the time it spends processing buy-to-let mortgage applications, from an initial letter of intent to a full mortgage offer, while maximizing underwriter productivity. Since the launch in May 2023, Shawbrook has seen a reduction in time from indicative mortgage offer to full mortgage offer in digital buy-to-let deals from 40 days to 11 days on average. Between September and October, this process averaged just four days, resulting in a dramatically improved customer experience.
Pega also drives efficiency and scale for Shawbrook’s mortgage brokers by enabling frictionless data input, regular status updates, and a single customer view. Pega’s process automation capabilities also increased underwriter productivity from underwriting an average of 6 mortgages per week to 20 per week. By implementing rules-based decisioning, the bank reduced manual checking, enabling underwriters to spend more time on cases that require deeper expertise.
Shawbrook collaborated with partner Labb, to redesign the process for customers and staff and quickly implement it using Pega Platform. Labb has supported and upskilled the internal teams at Shawbrook in support of Shawbrook’s technology strategy, which is to own the customer experience with its technology and to partner with experts for everything else.
The next phase of Shawbrook’s journey with Pega, which is already underway, will focus on digitizing end-to-end customer journeys and internal savings processes to speed up the time it takes for new and existing customers to open an account and make their first deposit.
Quotes & Commentary:
“Our ‘best-of-both’ strategy combines our deep human expertise with best-in-class technology,” said Russ Thornton, chief technology officer, Shawbrook. “This second phase of our Pega journey continues to drive even better customer experiences as well as, and really importantly, our colleague experience through automation and easy to use low-code user interfaces.”
“Having a timely, transparent mortgage application process is vital in the current UK housing market,” said Steve Morgan, banking industry market lead, Pega, “Shawbrook is already seeing impressive efficiency gains that are positively impacting customers and the bank. As Shawbrook continues to roll out Pega Platform to other areas of the business, we look forward to seeing the results.”
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