Shawbrooknhas improved its buy-to-let mortgage underwriting process by deploying Pega Platform from Pegasystems.
This strategic move has led to a substantial reduction in mortgage processing times and a notable increase in underwriter productivity.
Since implementing Pega’s case management capabilities, Shawbrook has reduced the processing time for buy-to-let mortgage applications from 40 days to an average of 11 days since May 2023. This time further decreased to just four days between September and October, enhancing customer experience.
Pega Platform has also enabled Shawbrook to streamline data input and updates for mortgage brokers, increasing underwriter productivity from an average of six to 20 mortgages per week. By integrating rules-based decisioning, the bank minimized manual checks, allowing underwriters to focus more on complex cases.
Russ Thornton, chief technology officer at Shawbrook, said: “Our ‘best-of-both’ strategy combines our deep human expertise with best-in-class technology. This second phase of our Pega journey continues to drive even better customer experiences as well as, and really importantly, our colleague experience through automation and easy to use low-code user interfaces.”
Steve Morgan, banking industry market lead at Pega, added: “Having a timely, transparent mortgage application process is vital in the current UK housing market. Shawbrook is already seeing impressive efficiency gains that are positively impacting customers and the bank. As Shawbrook continues to roll out Pega Platform to other areas of the business, we look forward to seeing the results.”
