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UKRSIBBANK, a subsidiary of BNP Paribas, embarked on a transformative journey in 2021 to streamline its loan origination process. By leveraging Camunda’s capabilities, UKRSIBBANK is successfully addressing the core challenges of legacy systems, lack of standardization, and manual workflows.
UKRSIBBANK is facing meaningful inefficiencies in its loan origination process. The existing system required credit analysts to navigate multiple platforms, which involved:
These fragmented processes could lead to delays, errors, and irregularities. The lack of standardization and manual workflows resulted in over- or under-quality applications, creating bottlenecks in the loan approval process. Additionally, communication with clients was not as they desired, leading to potential customer dissatisfaction and frustration.
UKRSIBBANK partnered with Integrity Vision to implement Camunda process orchestration. This implementation has been pivotal in transforming the bank’s loan origination process.
Unified window: Camunda enabled the creation of a single, unified window for all loan origination activities. This consolidation reduced the reliance on multiple systems and minimized manual data entry, significantly improving efficiency.
Orchestration: The platform’s orchestration capabilities ensured tasks were completed accurately and efficiently, reducing human error. Orchestrated workflows streamlined the entire process, making it faster and more reliable.
Best practices: UKRSIBBANK is creating a consistent, standardized loan origination process by leveraging best practices and engaging with all stakeholders. This standardization minimized inconsistencies and ensured that everyone involved had a clear understanding of their roles and responsibilities.
Clear workflows: Standardized processes minimized the chances of over or under-quality applications and ensured a uniform approach across the bank. This consistency was crucial for maintaining high-quality service and compliance.
Dashboards: Camunda’s dashboards, which we are preparing based on data taken from the Credit workflow, will provide real-time insights into the loan origination process. These dashboards allow managers to track key performance indicators (KPIs) and service level agreements (SLAs), identifying bottlenecks and areas for improvement.
Transparency and visibility: UKRSIBBANK’s management team will have a transparent view of the entire process, from start to finish, enabling them to make informed decisions and set realistic goals. This transparency fostered a culture of continuous improvement and accountability.
By 2024, UKRSIBBANK had successfully began migrating to Camunda 8 and anticipate numerous benefits that aligned with its initial goals.
Improved efficiency
The standardized, orchestrated processes significantly reduced the time required for loan origination. What, for small and medium entities, previously took up to 28 days could now be completed in as little as 12 days, with aspirations to reduce this further to match the best market practices of five days. This improvement enhanced client satisfaction and allowed the bank to process more loans in less time, boosting overall productivity.
Enhanced client satisfaction
Client satisfaction is a one of the key metric for UKRSIBBANK’s success. Clients felt more informed and valued by providing a seamless, transparent loan application process. The ability to complete the entire process online, from application to document signing, without visiting a branch, will be a significant advantage in the marketplace.
Increased employee motivation
With orchestrated processes and clear workflows, employees found their work more manageable and less prone to error. Reducing manual tasks will allow staff to focus on more value-added activities, increasing their job satisfaction and motivation. Furthermore, the transparent tracking of KPIs and SLAs helped create a sense of employee ownership and accountability.
Strategic insights and decision-making
The data collected through dashboards will provide valuable insights into process performance. This data-driven approach allowed UKRSIBBANK’s management to identify trends, anticipate challenges, and make strategic decisions to optimize operations further. The transparency and visibility into every stage of the process ensured that issues were addressed promptly, and improvements were continuously achievable.
UKRSIBBANK’s is committed to continuous improvement and innovation. With plans to further integrate CRM, ERP, and core banking systems, UKRSIBBANK aims to create an even more cohesive and efficient environment. The plan for the future is to expand digital sales to 20% of legal entities’ lending and increase the SME portfolio elevenfold by 2025. Moreover, the migration to Camunda 8 is seen as a stepping stone to even greater agility and responsiveness. The bank is already exploring new features and capabilities within the platform to enhance its offerings and stay ahead in the competitive banking market.
UKRSIBBANK’s transformation journey, from the project’s inception in 2021 to the migration to Camunda 8 in 2024, is a testament to its commitment to innovation and client-centricity. By addressing the core challenges of outdated systems, lack of standardization, and manual workflows, UKRSIBBANK is creating a streamlined, efficient loan origination process that benefits both clients and employees.
The transition to Camunda 8 has empowered UKRSIBBANK with the tools and insights needed to continuously improve and adapt to changing market conditions. As they look to the future, UKRSIBBANK remains dedicated to leveraging orchestration technology to enhance their operations, deliver exceptional client experiences, and achieve their ambitious goals.
Financial organizations can create a more efficient, responsive, and competitive environment by prioritizing client needs, engaging employees, and leveraging innovative technologies.
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