The bank, serving over 15 million customers across more than 20 countries, faced significant challenges with its traditional mortgage process. The outdated process resulted in prolonged application times, customer dissatisfaction, and high operational costs due to broker reliance and inefficiencies in mortgage origination.
VelExcel Solutions addressed these challenges by implementing a digital mortgage platform that leveraged modern technologies, including user-centric design, responsive architecture, microservices, and omni-channel enablement. The platform allowed customers to complete applications and track progress seamlessly across devices.
The solution resulted in a 22% reduction in operational expenses, faster funding approvals (from weeks to just 36 hours), and a significant decrease in application processing time (from 25 days to just 20 minutes). The bank also experienced a 45% shift to digital mortgage sales within two months, signaling successful digital adoption.
