Enabling Faster Lending Through Digital Process Transformation

Enabling Faster Lending Through Digital Process Transformation

Arrk group specializes in developing digital solutions for the financial services industry. We helped a consumer finance company become more competitive by creating a secure and scalable platform for acquiring new customers online. This platform significantly reduced the time it takes to process a loan application, from weeks to minutes. As a result, these companies saw an increase in customer applications of over 25%. The new platform also improved efficiency for the companies and enhanced the customer experience while ensuring compliance with financial regulations. By streamlining the loan application process, we helped these companies attract more customers and improve their overall business performance.

Customer

This leading consumer finance company in the UK and Ireland has been assisting customers for over 29 years. They offer flexible financing options for various needs, including insurance and education, making it easier for a wide range of people to manage essential payments. With a proven track record of processing over 26 million direct debits annually, they are a well-established and trusted name in the industry. This experience allows them to provide reliable and convenient payment solutions that help customers manage their finances effectively.

Number 1 premium finance company in the UK and Ireland

Over 29 years experience

Processed over 26 million direct debits annually

Owned by Cinven, a leading international private equity firm

Situation

This finance company encountered a significant obstacle: an outdated loan system that was impeding their growth. Their IT department, comprised of in-house employees, freelancers, and a centralized IT team, lacked the necessary coordination and focus. This resulted in project delays and solutions that did not effectively meet the evolving needs of the market. To address these challenges, we provided expert guidance and implemented a modern, customized digital solution. This transformation not only streamlined their operations but also significantly improved the customer experience. By overcoming these challenges, the company is now well positioned for long-term success and can effectively compete in the market.

Replacement of legacy system in one go would be high risk strategy

New undefined functionality would need to be integrated into new system

Speed to market essential as market share was being lost daily to competitors

In-house team lacked the skills required

Solution

The existing IT team structure within the finance company was not effectively aligned with their business needs. To address this, we introduced a program to define the ideal IT organizational structure. We partnered with the lender to transform their digital financial services offerings. This involved implementing streamlined processes with a focus on quality and speed, resulting in faster software releases and significantly improved user experience. By fostering a collaborative environment and assuming key leadership roles, we empowered the client to achieve their business objectives.

Joint project team established

EmbArrk process undertaken to identify full requirements and gain consensus

Phased migration approach established to deliver quick wins to market

Scalable solution developed using a consistent platform and architecture

Outcomes

Facing tight deadlines, we successfully delivered a cutting-edge digital loan processing platform for a lending company. This robust solution empowers the company with faster turnaround times and a significantly improved customer experience. We achieved this through a collaborative approach, fostering a high-performing team across multiple locations. This team worked effectively on various aspects of the project, delivering exceptional results on time and within budget. We continued to

support and maintain the application, enabling the company’s business managers to innovate and effectively execute their offerings.