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Case Studies
Loan Origination Application Enables Global Financial Leader to Manage Complex Workflows
Project At a Glance |
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RDA developed a loan origination application to manage complex workflows for a global financial organization. The resulting solution has improved process efficiency, reduced errors, and enhanced our client's reporting capabilities and visibility into the loan approval process. |
About Our Client
RDA’s client is one of the nation's largest diversified financial services companies. The firm provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers.
Background
Our client's existing paper-based loan origination process was inefficient and led to long delays. Approval times ranged from 30 to 90 days due to email backlogs that required manual intervention to clean up. Wachovia sought to develop a loan origination application with robust and complex workflows to manage their loan request process.
Solution Detail
RDA worked with our client to develop a loan origination application leveraging the built-in functionality of K2.net to manage complex workflows. RDA's solution provides end-to-end workflow automation for the entire loan process, from pre-pipeline to delivery.
The solution features a variety of capabilities that enhance and improve the efficiency of the loan process. For instance, it includes time-driven automated escalations when approvals have exceeded a pre-determined period of time.
In addition, dynamic task routing to alternate approvers based on team roles is employed when necessary due to workload. Workflow tasks are also routed based on business hours and out of office status.
The solution is adaptable and able to handle the changing and varying workflow needs of numerous divisions within the organization.
Benefits
RDA's solution delivered the following benefits to our client:
- Reduced loan origination and qualification time significantly.
- Improved visibility with enhanced reporting, escalations and alerting.
- Significantly reduced number of data entry errors.
- Reduced physical paper trail previously generated.
- Integrated with legacy Web application to minimize employee training
Technically Speaking
RDA's solution leverages K2.net for business process automation. The graphical user interface was developed in ASP.NET. XML Web Services and WCF Web Services were used for data retrieval from AD and Microsoft SQL Server.
