ubank
Digital neobank, ubank, has its sights set on becoming a genuine alternative to the big four banks by delivering all the capabilities of a bank on a consumers’ phone. Since July 2019, when it was awarded a full banking licence by APRA, it has grown rapidly. With currently more than 225,000 accounts on its platform and $300 million in customer deposits, it is Australia's only neobank to offer home loans and remains the only digital mortgage for brokers.
ubank’s aim is to drive genuine change in the Australian banking industry. They plan to differentiate themselves by leveraging mobile technology in order to reinvent and personalise the customer banking experience.
As a start-up, unencumbered by legacy systems and processes, ubank needed help developing their digital offerings - specifically to transform the manual process of loan origination into a fully automated digital process.
Through a competitive tender, they chose Loanworks to create a solution that would do just that.
Solution
In late 2017, when first engaged by ubank, Loanworks had an existing ‘out of the box’ loan origination platform, which was already integrated with the majority of ubank’s core third party service providers. The platform however needed to be tailored to meet their specific needs.
We kicked off the engagement with a series of workshops to identify ubank’s critical issues, priorities and objectives. Armed with a clear understanding of their business, the project’s potential risks and opportunities, and the company’s ultimate goal, we devised a detailed solution, incorporating ubank’s explicit requirements.
Our solution involved integrating the Loanworks origination systems with additional value-adding third parties.
Loanworks’ platform also assigned tasks and generated the necessary documents to support the origination process. To execute the above integrations, we used a variety of coding technologies, including ASP.NET, Web services, SQL server, AJAX, XML and JSON.
Over the course of eight months, the Loanworks team of three developers, a quantitative analyst, a service delivery manager and a solution delivery manager worked with ubank to deliver stage one of the project.
Outcome
Launched in beta at the end of 2018, ubank went live in late 2019, with its intuitive mobile banking app. They use technology, data and machine learning to deliver personalised service, based on what their customers value the most in real time.
Loanworks was tasked to develop, and subsequently delivered, a cloud-based, end-to-end, straight through processing digital loans origination platform, fully integrated with third party providers, which incorporates everything from lead capture, credit assessment and credit decisioning, right through to mortgage document preparation and settlement.
By automating the entire origination workflow from start to finish, headcount costs are contained, error rates limited, and loan processing speeds and productivity increased. Subsequent savings can be reinvested to fulfil ubank’s goal of building a bank that is truly technology led.
Loanworks is continuing its work with ubank and exploring additional options to add further value to their systems and processes.
“We’ve worked closely with Loanworks in delivering our home loan proposition to market. They are really easy to work with, their response times are great and the system has been very flexible to cater for our customised solution.”
Melissa Christy
Home Loan Lead, ubank
Need a solution for your business?
If you’d like to discuss a tailored solution for your business, to help you cut your cost-to-serve and improve customer experience, please get in touch. Call +61 498 112 056 now to speak with our Customer Relationship Manager, Jason Goodacre, or send him an email.
