First Bank’s end-to-end mortgage journey was digitally transformed by FintechOS
September 05, 2023
Overview
First founded in 1995, as Pater Bank, First Bank was renamed in 2018 as it was taken over by its new parent company, private equity investment firm, JC Flowers and Co. The US firm intended to offer local customers banking – the American way – putting customer service and personal choice at the core of everything it does.
Never was this ambition more important than during the last few years, when access to banking was restricted for customers locked down at home. They needed remote and online loan and banking services to allow them to continue to live their lives in safety while being out in public was a risk. Mortgage customers, particularly, found it a trying time. Locked down at home, many found themselves struggling with the limitations of their homes and sought new accommodation. Yet, modern, online options were required to support relocation during lockdown.
FintechOS determined to empower First Bank with the technology it needed to offer truly exciting, personalized customer experiences and modernize its service to accommodate customers who couldn’t be present at the bank, both during lockdown and beyond.
Implementation Process
The implementation process of FintechOS at First Bank exemplified a rapid and customer-centric transformation. Recognizing the need to modernize its mortgage services, First Bank partnered with FintechOS to overcome legacy obstacles and revamp its customer experience. Despite its reputation for innovation, the bank grappled with outdated systems that hindered growth. The COVID-19 pandemic underscored the urgency to adapt, prompting First Bank to swiftly transition to a digital self-service model that offered customers a seamless end-to-end mortgage journey without the need for physical branch visits.
FintechOS played a pivotal role by providing an agile and configurable platform. This enabled First Bank to liberate its data, streamline workflows, and introduce transparency into the process. The transformation yielded impressive results, the Time-to-Yes was reduced to under 24 hours, delighting customers with swift approvals. Furthermore, the digital self-service option achieved a remarkable 25% conversion rate, showcasing the resonance of the new system.
Benefits Achieved
Some of the key benefits achieved were:
- Leveraging FintechOS’ High-Productivity Fintech Infrastructure (HPFI), First Bank drastically reduced its approval process time, achieving a remarkable 89% reduction
- The implementation of FintechOS’ technology boosted First Bank’s mortgage product conversion rate to an impressive 25%, a substantial improvement from their previous rate
- 30% of all loans were signed entirely online
Conclusion
The implementation of FintechOS at First Bank exemplified a rapid and customer-centric transformation. Overcoming legacy obstacles and spurred by changing demands, the bank swiftly transitioned to a digital self-service model, revolutionizing its mortgage journey. FintechOS’s agile platform enabled streamlined workflows and data utilization, resulting in impressive efficiency gains and a substantial 25% conversion rate. This successful implementation not only enhanced First Bank’s mortgage services but also set the stage for ongoing innovation, underlining the bank’s commitment to delivering customer-centric solutions across its offerings
Key Facts
Bank Name: First Bank
Bank Founded In: 2018
Bank HQ: Romania
Vendor Name: FintechOS
Solution Implemented: Digital Lending Platform
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