Pega Helps Shawbrook Bank Improve Processing Time for Unsecured Loans by 75%

Rhea-AI Summary

Pegasystems Inc. (NASDAQ: PEGA) announced a collaboration with Shawbrook Bank to enhance its unsecured loan process using Pega Platform™. This transformation improved processing time by 75%, saving 1,500 hours each month, thereby elevating the customer experience. The bank's initiative reflects its commitment to applying technology intelligently while maintaining a strong human touch. The next phase of implementation will target efficiencies in 'buy-to-let' mortgage applications and digitizing account opening processes. This partnership showcases Pega's capabilities in streamlining financial operations and enhancing customer service.

Positive

• Processing time for unsecured loans improved by 75%.
• 1,500 hours saved monthly through automation.
• Collaboration with an established bank reflects strong market position.

Negative

• None.

 Specialist UK savings and lending bank uses Pega to transform personal loan process, reducing costs and improving customer experience

CAMBRIDGE, Mass., Feb. 23, 2023 /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), the low-code platform provider empowering the world's leading enterprises to Build for Change® , today announced that Shawbrook Bank, a UK-based specialist savings and lending bank, has deployed Pega Platform™ to transform its unsecured loans process, improving processing time by 75%, saving 1500 hours per month, and improving customer experience.

Over the past 10 years, Shawbrook has experienced rapid growth in the UK lending and deposits market by applying technology where it's needed without losing the human touch. As its customer demands continue to grow, the bank has undergone a significant undertaking to rewrite its full end-to-end process for both its lending and deposit solutions. Shawbrook collaborated with partner Labb Consulting (Labb) to redesign the process for customers and staff and quickly implement it using Pega Platform.

Stage one of the Pega Platform deployment focused on the front-end unsecured loan underwriting process. Shawbrook leveraged Pega Platform's low-code capabilities to automate multiple administrative tasks that ensure the underwriter has all the necessary information to approve the loan 75% faster than before.

Labb followed the Pega Express™ methodology, which allowed Shawbrook to ideate and capture new requirements, as well as prioritize and reprioritize requirements based on business and user feedback in a more agile way. Shawbrook's technology strategy is to own the customer experience with its own technology and to partner with experts for everything else. The end-to-end unsecured loan journey is processed completely within Pega while any technology that's directly touching Shawbrook's end customers is its own bespoke software.

The next phase of Shawbrook's journey with Pega will focus on achieving efficiencies in two additional aspects of its business: reducing time spent processing 'buy-to-let' mortgage applications from an initial letter of intent to full mortgage offer, and digitizing end-to-end customer journeys and internal savings processes to speed up the time it takes for new and existing customers to open an account and make their first deposit.

Quotes & Commentary:

"Our strategy is all about combining the best in technology with deep human expertise" said Russ Thornton, Chief Technology Officer at Shawbrook. "Pega was easily integrated into our existing technology stack, streamlining and automating the journey. Our team is therefore able to provide our customers and colleagues with a simpler and more efficient experience."

"To retain a competitive edge, it's essential for today's financial institutions to be streamlined and efficient while maintaining a strong focus on customer service," said Steve Morgan, banking industry market lead, Pega. "For Shawbrook to have realized such significant efficiencies in the early stages of the project illustrates our products' capabilities.  We look forward to continuing to support the bank in its digital transformation journey as it rolls out Pega across other aspects of its business."

Additional Resources:

Website: Pega Platform™
Website: Pega Express™

About Pegasystems 
Pega provides a powerful low-code platform that empowers the world's leading enterprises to Build for Change®. Clients use our AI-powered decisioning and workflow automation to solve their most pressing business challenges – from personalizing engagement to automating service to streamlining operations. Since 1983, we've built our scalable and flexible architecture to help enterprises meet today's customer demands while continuously transforming for tomorrow. For more information on Pegasystems (NASDAQ: PEGA), visit www.pega.com 

Press Contact:

Jon Brigden
Senior PR & Communications Manager
jon.brigden@pega.com
Tel: 44 118 939 8584

All trademarks are the property of their respective owners.

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SOURCE Pegasystems Inc.

FAQ

What improvements has Pegasystems made for Shawbrook Bank?

Pegasystems enhanced Shawbrook Bank's unsecured loan process, reducing processing time by 75% and saving 1,500 hours each month.

How did Pega Platform help Shawbrook Bank?

Pega Platform automated administrative tasks, streamlining the underwriting process for loans.

What is the next phase of Shawbrook's project with Pegasystems?

The next phase will focus on improving efficiencies in 'buy-to-let' mortgage applications and digitizing customer account openings.

When was the announcement made about Pega's collaboration with Shawbrook Bank?

The announcement was made on February 23, 2023.

What is the stock symbol for Pegasystems?

The stock symbol for Pegasystems is PEGA.