Centralizing previously distributed loan operations improves time to market for innovation, reduces risk and improves efficiency

Centralizing previously distributed loan operations improves time to market for innovation, reduces risk and improves efficiency

«We chose to work with Bonitasoft partner Trycore because they offer experience, they accompany us through the processes, and because we can do all the projects ourselves, with their support.»

José Arturo Gómez, Industrial Engineer, BBVA

The video is in Spanish but you can activate the subtitles to have the English translation.

Project Objective

Reduce time to market through automation

BBVA needed Bonita to manage personal and professional loans for the entire Colombian market (460+ offices).  Before implementation of the Bonita project, loans were processed by individual local offices according to each office’s own process. Processing times and handling were not standardized from branch to branch, or optimized across all branches.

BBVA needed to:

• Reduce time to market
• Simplify and streamline processes (reduce manual activity/increase automation)
• Reduce loan risk by 30%
• Reduce the cost of operations by 30%
• Improve monitoring and traceability for easier case control

Challenges

All the teams associated with loans needed to be coordinated directly from the central loan processing center: application processing, underwriting, credit evaluation and verification, credit approval, document processing, payment processing systems and services, customer service or call center support operations, product renewals, loan disbursement, statements, recoveries processing, default management, risk management and foreclosure, fraud mitigation and detection, regulatory and program compliance, etc.

Outcomes

Loan processing is now centralized in Bogota, no longer distributed. This has radically changed the way this national bank works - they can now process loan applications more quickly than other banks. There are 600+ BBVA people managing loans (including identity management, risk validation, account creation, etc) with Bonita.

7800 users from 460 offices use Bonita on a daily basis.

Benefits to the CIO

• Better time-to-market: Before, at least 7 iterations were needed. Now, BBVA has implemented a process with 17 activities, web services connections and integration to core BBVA banking services in only 50 days
• With better visibility to the customer, BBVA can now make more loans in less time, increasing revenues.

Benefits to the users

• Risk linked to loans has been decreased by 30%:
  Bonita is directly connected to authentication and biometric validation services, as well as financial risk calculation systems. This helps automatically validate loan evaluations. Loan officers can rely on documents automatically provided by competent authorities.
• Operational costs for loans management has decreased by 30%:
  Loan officers no longer have to ask for, and then wait for, customer documents. RPA in Bonita replaces agents doing manual tasks.

Optimized process

«In Bonita, the design of forms and the generation of a scorecard and follow-up is very fast. Thanks to Bonita, we have optimized the processes and have less manual operation.»

José Arturo Gómez, Industrial Engineer, BBVA

BBVA

Banco Bilbao Vizcaya Argentaria Colombia SA is part of a global financial group, with a diversified business that offers financial services in more than 30 countries to 53 million clients. With a history of more than 50 years, in Colombia BBVA stands out as an entity committed to the economic and social development of the country. With presence in more than 122 municipalities throughout the national territory, through a network of 390 branches, 1300 ATMs and more than 7,136 banking correspondents.

Trycore - Consulting partner

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Trycore offers professional services using the latest Bonita technology. They provide organizations with the necessary tools to transform into a smarter organization, helping them discover and use the power of technology, make better-informed decisions and facilitate organizational growth. Trycore was founded by a team of experts in agile methodologies of software development. They fully tailor their solutions to the needs of each business.