The bank’s mortgage origination process relied on human-powered workflow. Almost every hand-off throughout the process involved manual procedures.
“Whether applications came directly to us from a branch or a partner, an important part of our daily work was handled manually, which slowed down the process and adversely affected the customer experience,” explains Pedro Bastos Marques, Regulatory Controller at Banco CTT.
Although these practices were typical across the industry, as a new market entrant Banco CTT had the opportunity to streamline the end-to-end mortgage approval process. By simplifying its processes and focusing on the needs of its customers and partners, the bank knew it could gain a competitive advantage.
“We wanted to give our partners much more autonomy,” says Pedro. “By giving them the ability to track the progress of their applications with automated status alerts, they’d be able to provide their customers with a much better service.”
Banco CTT realized that none of its Portuguese competitors had such a solution. “Getting a solution like this to market before a competitor would give us a significant advantage and help us engage more deeply with our partner network,” says Pedro.