Beyond Bank
Australian customer-owned bank speeds loans and credit card processing, and enhances customer understanding with a Boomi-powered automated data framework
Business goals
One of Australia’s largest customer-owned financial institutions, Beyond Bank delivers banking, lending, and insurance services to 305,000 members.
Beyond Bank realized it needed to centralize its loan origination data to maximize value and speed delivery of its financial services for consumers and businesses. Therefore, it launched a digital transformation project for loan fulfillment operations, involving home loans, personal loans, credit cards, and overdrafts.
Integration Challenges
Beyond Bank’s loan origination process was previously hindered by timely data duplication and manual data entry. Its digital environment lacked system integration, which slowed down the processing and fulfillment of loan applications, and also made it more cumbersome for customers to interact with the bank.
How Boomi Helped
Beyond Bank worked closely with Australian advisory and IT solutions provider, Atturra, to connect its customer relationship management (CRM), NextGen ApplyOnline lending platform, and core banking applications with the Boomi Enterprise Platform, and introduce Boomi APIs to automate data retrieval across the environment.
Phase one of the project saw the bank modernize its home loan process and introduce e-signing capabilities. The bank has since launched phase two, streamlining processing of personal loans, credit cards, and overdrafts.
Results
Since implementing the Boomi Enterprise Platform, Beyond Bank has trimmed 35 points of manual data entry and ironed out previous data duplications. This has earned back the organization 14 full working days per month, allowing teams to tackle more strategic initiatives. The productivity benefits also extend to reporting, with Boomi supporting the seamless and accurate transfer of data to relevant governance systems.
