A leading UAE bank, serving over 15 million customers across 20+ countries, faced challenges with its traditional mortgage process. The process was inefficient, requiring multiple branch visits and extensive paperwork, leading to prolonged application times and customer dissatisfaction. Additionally, heavy reliance on brokers and operational inefficiencies strained profit margins.
VelExcel Solutions addressed these challenges by developing a modern, digital mortgage platform. The solution featured a user-centric design, a fully integrated React architecture, and microservices to streamline operations. The platform enabled omni-channel access, ensuring customers could manage their mortgage processes seamlessly across desktops, tablets, and smartphones.
The digital platform led to several key outcomes, including a 22% reduction in operational costs, a significant decrease in approval times (from weeks to 36 hours), and a drastic reduction in application processing time (from 25 days to just 20 minutes). Additionally, 45% of new mortgage sales were processed digitally within two months, marking a shift toward digital adoption.
