Shawbrook Bank has reduced the time it takes for the lender to switch its mortgage products from 107 days to 13 by partnering with a tech consulting firm.
Shawbrook worked with AND Digital to replace its legacy systems with an updated technological infrastructure and team training.
The fully integrated mortgage switch journey was developed with Microsoft Azure and React, to include automated valuations, credit checks and financial decision making.
The tech consultancy firm also improved the skills of Shawbrook’s in-house team to reduce ongoing development costs and the end-to-end delivery time by updating how customer data was stored and used.
Shawbrook said the partnership had redefined its operational capabilities by reducing its reliance on external resources.
It also reduced deployment times from 12 hours to two hours and shortened the broker journey by cutting application time from 40 minutes to eight minutes.
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Russ Thornton, chief technology officer at Shawbrook Bank, said: “By working with us, rather than simply for us, AND Digital has not only delivered the product we needed, they’ve upskilled the team in a way that has fundamentally changed how we will approach digital development in the future.”
Amol Punekar, managing director at AND Digital, added: “At AND Digital, we believe people are at the heart of innovation and by combining our expertise with Shawbrook’s objectives, we co-created a transformation that went far beyond just delivering software, it helped to shape their approach to digital development.
“Through hands-on coaching, targeted training, and embedding a culture of collaboration, we empowered Shawbrook’s teams to take ownership of their technology and drive ongoing innovation. Businesses should consider taking a people AND innovation approach to ensure not only immediate impact but also a future-proof foundation for continued success, combining talent with technology.”
Last month, Shawbrook secured a £150m facility from the British Business Bank to boost its development finance lending.
