Case Study: Bendigo & Adelaide Bank

Overview

Industry
Retail Banking, Credit Decisioning, Product Origination, Lending Automation and Third Party Product Distribution

Deployment Country
Australia

Bendigo and Adelaide Bank aims to be Australia’s most customer connected bank. The bank chose Sandstone Technology to provide a state of the art omni channel customer on-boarding, product origination and lending solution that could cater for multiple products and brands, and through a device that the customer chooses. The goal was to make the experience for the customer as seamless as possible, with frictionless customer authentication, efficient back-end processing and quick turnaround. The outcome was to increase business with new and existing customers. The bank found that Sandstone was the only solution that met its criteria, with minimal need to customise, to support its unique business model. The same intuitive interface could be used by customers, staff and originators.

Solution

Sandstone’s Apply and LendFast Customer On-Boarding, Product and Loan Origination systems have been developed in consultation with some of the world’s leading lenders. The result being a solution that automates compliance, minimises fraud, leverages automated credit decisioning and straight through processing to deliver a transformational customer experience, increased revenue and ultimately increases shareholder return. This was achieved through providing opportunities for third parties to originate loans, whilst allowing the banks’ team to manage the increased volume, without the need for additional head count. The omni channel experience delivered was consistent with what modern day customers have come to expect from their interaction with organisations such as Google, Facebook and Paypal.

Benefits include:

  • Launched new products in days, compared with weeks and months previously, including a new range of market leading credit cards

  • Reduced back end processing times through implementing our compliance, serviceability and decisioning logic within the systems

  • Warmly embraced by our customers with thousands of new accounts per month

  • Delivered full straight through processing, including KYC and fraud management – removing the need for our customers to visit the branch or post office

 For more information about this case study download the pdf

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