Shawbrook Bank to implement Pega Platform to improve processing time for unsecured loans

Pegasystems Inc. announced that Shawbrook Bank, a UK-based specialist savings and lending bank, has deployed Pega Platform to transform its unsecured loans process, improving processing time by 75%, saving 1500 hours per month, and improving customer experience.

Over the past 10 years, Shawbrook has experienced rapid growth in the UK lending and deposits market by applying technology where it’s needed without losing the human touch. As its customer demands continue to grow, the bank has undergone a significant undertaking to rewrite its full end-to-end process for both its lending and deposit solutions. Shawbrook collaborated with partner Labb Consulting (Labb), to redesign the process for customers and staff and quickly implement it using Pega Platform.

“Our strategy is all about combining the best in technology with deep human expertise” said Russ Thornton, Chief Technology Officer at Shawbrook. “Pega was easily integrated into our existing technology stack, streamlining and automating the journey. Our team is therefore able to provide our customers and colleagues with a simpler and more efficient experience.”

Stage one of the Pega Platform deployment focused on the front-end unsecured loan underwriting process. Shawbrook leveraged Pega Platform’s low-code capabilities to automate multiple administrative tasks that ensure the underwriter has all the necessary information to approve the loan 75% faster than before.

Labb followed the Pega Express methodology, which allowed Shawbrook to ideate and capture new requirements, as well as prioritize and reprioritize requirements based on business and user feedback in a more agile way. Shawbrook’s technology strategy is to own the customer experience with its own technology and to partner with experts for everything else. The end-to-end unsecured loan journey is processed completely within Pega while any technology that’s directly touching Shawbrook’s end customers is its own bespoke software.

The next phase of Shawbrook’s journey with Pega will focus on achieving efficiencies in two additional aspects of its business: reducing time spent processing ‘buy-to-let’ mortgage applications from an initial letter of intent to full mortgage offer, and 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.

“To retain a competitive edge, it’s essential for today’s financial institutions to be streamlined and efficient while maintaining a strong focus on customer service,” said Steve Morgan, Banking Industry Market Lead, Pega, “For Shawbrook to have realized such significant efficiencies in the early stages of the project illustrates our products’ capabilities. We look forward to continuing to support the bank in its digital transformation journey as it rolls out Pega across other aspects of its business.”