Bendigo transforms its loan processing systems

  • By Zilla Efrat

Bendigo and Adelaide Bank has transformed and streamlined its third-party division loan processing systems and processes in partnership with Sandstone Technology.

“With legacy lending systems and a growing broker channel, we identified the need to transform our loan processing systems to better support the growth of the bank’s lending business, better serve our broker channel and improve the overall customer experience,” explains Darren Kasehagen, general manager of third-party banking at Bendigo and Adelaide Bank.

“Our collaboration with Sandstone Technology has helped us streamline our loan applications, improve turn-around times and increase our loan approvals.

“It’s also enhanced and improved the partner experience, reduced operational risk and costs, and ensured an 80 per cent reduction in reviewing declined applications.”

Bendigo wanted to implement a one-platform, one-process approach to processing loans that would cover all of its third-party origination channels and limit the exposure to existing legacy systems.

It has now achieved quicker loan processing through Sandstone’s loan origination platform (LendFast) which is integrated with the bank’s lending ecosystem.

In order to eradicate manual loan processing tasks for both the bank and its brokers, Bendigo worked with Sandstone to identify where processes could be automated as much as possible. This included implementing eligibility rules and lending criteria filters within Sandstone’s LendFast platform which drove efficiencies in processing times.

Brokers now receive more value-adding information from Bendigo via enhanced back-channel messages in real-time at the point of submission. According to the bank, the result is fewer touch points and a significant reduction in rework.