The UK`s third-largest residential lender, Cheltenham & Gloucester, the mortgage division of the Lloyds TSB group, has eliminated manual activities, such as faxing and paper chasing, from its loan application process and can transfer information in seconds as opposed to hours.
The lender has implemented the workflow management components (AWD) of DST International`s (DSTi`s) HiBPM product, supporting mortgage application and processing from across its branch network, the Lloyds TSB branch network and through its Teledirect operation handling telephone and Internet applications.
"The benefits to C&G are wide-ranging," says Cheltenham & Gloucester`s project manager, Jean Paskell. "AWD allows us to track cases and provide information about a case instantly. Cheltenham & Gloucester recognised that processing paper was neither an efficient process nor a good use of our time, so now we can transfer information electronically in seconds." In 2002, gross mortgage lending for the Lloyds TSB group was lb19 billion and Cheltenham & Gloucester claims to be one of the UK`s most cost-efficient lenders.
Paskell says the implementation of HiBPM has given the business a "strong platform we can build on in the future".
Steve Powell, Cheltenham & Gloucester`s head of lending, says: "We are pleased with the progress we have made so far with AWD. In the future we will build on the system further and ensure that we are using it to its full capabilities. We intend to do this by remaining in constant dialogue with DSTi about product direction and from continuously evaluating what is being delivered."
Marisa Bellini, MD of DSTi in SA, says: "Cheltenham & Gloucester has won the Financial Adviser Awards in the UK since its inception eight years ago and by choosing AWD, it clearly positions us as a leader in the space."
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