Shawbrook Bank Speeds Up Buy-To-Let Mortgage Processing With Technology

Shawbrook Bank announced that it now takes less time to handle buy-to-let mortgage offers after changing its old computer programs. The bank used a low-code platform from Pegasystems to do this.

Shawbrook explained that the time for a customer to go from an early mortgage offer to a full digital one dropped from 40 days to 11 days. The bank also said that its workers who check mortgages could now handle 20 loans each week instead of six because of the automation.

Shawbrook Bank Enhances Loan Process With Technology For Faster Service

In March, Shawbrook finished rewriting part of its loan processes with Pegasystems’ Pega Platform. It reported saving 1,500 work hours every month since then.

The bank shared that it has no branches or regular accounts and focuses only on digital services for small and medium business customers, personal customers, and property investors.

Shawbrook Bank started in 2011 when five finance firms joined together. Since then, it has grown quickly. Because of this, the company chose to update all its steps for loans and savings.

Russ Thornton, the bank’s tech boss, said the low-code platform helped staff work better. He explained that Shawbrook’s team had special skills in handling complicated money services, and the right technology helped them work faster.

He shared that the bank followed a “best-of-both” plan, mixing human skills with strong technology. He said this new part of their journey with Pegasystems helped customers have a better time and also improved work for staff through automation and easy-to-use computer screens.

Thornton told Computer Weekly in March that the bank’s plan focused on using both human skills and strong technology. He explained that the bank worked in complex markets, so human specialists were needed. But with the right technology and data, they could make quick choices.

Shawbrook Bank Expands Digital Services To Improve Customer Experience

Shawbrook has about 110 full-time IT staff and another 70 people from IT suppliers. Thornton said these extra workers, though not direct employees, were treated as part of the team.

To update its customer and staff processes, Shawbrook worked with Labb Consulting. The bank explained that Labb helped redesign these steps and put the new system in place quickly using Pegasystems’ platform.

Shawbrook shared that Labb also trained its teams to support its technology plan. The bank explained that it wanted to control customer service through its own technology but would work with experts for everything else.

Next, Shawbrook plans to use Pegasystems’ platform to fully digitize customer journeys and savings processes. The bank shared that it wanted to cut the time it takes for new and existing customers to open an account and put in their first deposit.

Shawbrook Bank Limited is a retail and business bank in the United Kingdom. It operates under Shawbrook Group plc, which was once listed on the London Stock Exchange. In July 2017, a group led by BC Partners and Pollen Street Capital took ownership of the company.

The bank started in 2011 after private investors, led by RBS Equity Finance, purchased Whiteaway Laidlaw Bank from Manchester Building Society. Later, RBS Equity Finance separated from the Royal Bank of Scotland Group and became Pollen Street Capital. In October 2011, Whiteaway Laidlaw Bank changed its name to Shawbrook Bank.