Mortgage Variation Process Diagnostic

Challenge

A major Australian bank’s Home Lending division set out to radically simplify home lending for customers and colleagues. Simplifying variations that need a credit assessment was one of the first focus areas, to give existing customers a smoother experience and support retention.

What we found

Variations were largely handled like new applications, with the same information and checks required regardless of the customer’s history. Verification effort was also higher than the risk warranted.

How we helped

Working with the bank’s internal business improvement team, we designed a simplified pathway for the most common variation type, along with changes to reduce the information customers need to provide and focus verification effort where the risk is.

Team members involved: Peter Campbell, Ben Burger, Amy Pizer and Louis Auclair.