Introduction
Shawbrook Bank, a UK-based specialist lender, has undergone a digital transformation that has revolutionized its mortgage product development. Partnering with AND Digital, the bank reduced the time required to switch mortgage products from a staggering 107 days to just 13. This game-changing improvement was achieved by revamping outdated processes, upgrading technology, and upskilling in-house teams.
Why Is This News Relevant?
The financial sector is rapidly evolving, and digital transformation is no longer optional—it’s essential. Shawbrook’s success story highlights how fintech partnerships can drive efficiency, reduce costs, and enhance customer experiences. For banks struggling with legacy systems, this collaboration serves as a blueprint for modernizing operations and improving service delivery.
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Industry Comments
Russ Thornton, Chief Technology Officer at Shawbrook Bank, emphasized the impact of AND Digital’s involvement, stating:
“By working with us, rather than simply for us, AND Digital has not only delivered the product we needed, they’ve upskilled the team in a way that has fundamentally changed how we will approach digital development in the future.”
Amol Punekar, Managing Director at AND Digital, highlighted the significance of the partnership:
“At AND Digital, we believe people are at the heart of innovation. By combining our expertise with Shawbrook’s objectives, we co-created a transformation that went far beyond just delivering software—it helped shape their approach to digital development.”
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How the Transformation Happened?
Shawbrook faced multiple operational challenges, including outdated software delivery methods and inefficient mortgage switching processes. AND Digital tackled these issues head-on by:
- Introducing an agile delivery culture to replace legacy waterfall methodologies.
- Leveraging Microsoft Azure and React to develop a fully integrated mortgage switching platform.
- Automating key processes such as valuations, credit checks, and financial decision-making to create a seamless customer experience.
- Enhancing in-house skills to reduce long-term dependency on external development teams.
The results were impressive:
- Mortgage product switching time dropped from 107 days to 13 days.
- Deployment times were cut from 12 hours to just 2 hours.
- Broker application processing time reduced from 40 minutes to 8 minutes.
FAQs
1. Why was Shawbrook’s mortgage switching process so slow before?
Shawbrook relied on outdated, manual-heavy processes and legacy systems that slowed down approvals and decision-making.
2. What technologies were used in the transformation?
AND Digital implemented Microsoft Azure for cloud-based solutions and React for a more dynamic and efficient front-end user experience.
3. How does this impact Shawbrook’s customers?
Customers now experience faster mortgage product switching with reduced wait times, leading to better service and convenience.
4. What are the long-term benefits for Shawbrook?
By upskilling their internal teams, Shawbrook has reduced ongoing development costs and gained more control over future technological advancements.
Conclusion
Shawbrook Bank’s partnership with AND Digital is a testament to how the right combination of technology and talent can drive meaningful change. By embracing digital transformation, the bank has not only improved efficiency but also laid a foundation for continued innovation. This success story serves as inspiration for financial institutions seeking to modernize their operations and enhance customer experiences in an increasingly digital world.
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