Non-major bank reveals new lending system

by NZ Adviser01 Mar 2017
TSB Bank has revealed its Expresso platform, a complex loan origination suite delivered by Australian fintech provider TSWG.

Expresso, which is underpinned by Cloudcase technology, enables lenders and front-line employees to accelerate and control the loan process from application to funding. 

TSB Bank’s GM customer sales & service Steve O’Shea said, “Our commitment to enhancing the customer experience meant we followed an unorthodox approach and asked lead vendor TSWG to work with a number of bank lending products and use our prefered external data sources.” 

“The integration with TSB Bank’s core banking system and preferred external data sources such as credit agencies, verification providers, title and property searches are now automated," added TSWG chief executive officer John Williams.

“This approach accelerates the capture of data which delivers much greater accuracy with single entry of relevant information and associated fraud reduction given that they are now working with live data feeds”.

“Through a series of workshops the combined project teams traced 148 business rules and built them into the new system to ensure regulatory, credit and business policies were adhered to,” he said.

The platform is now being built out and implemented in phases - to date TSB Bank has delivered standard residential mortgage lending which covers up to approximately 70% of the bank’s residential loan book. 

“TSB Bank customers are already benefiting from the new lending system through real-time loan application progress updates, improved continuity between all channels and much faster processing and turn-around times. With home loans approved in as little as 30 minutes this technology is a game changer,” O’Shea said.

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