Introduction: The case study highlights the importance of customer centricity through Maveric’s 3 Cs – Core Commitment, conscious contextualisation and comprehensive competencies. Infused with agile methodologies, Maveric’s approach facilitated the seamless integration of services that resulted in an innovative digital lending solution tailored to meet customer needs at scale. Despite encountering initial challenges, Maveric successfully achieved its objectives, showcasing the significance of customer commitment through flexibility and adaptability to meet evolving client requirements in dynamic program environments.
Company profile:
Established in 2000, Maveric Systems is a niche, domain led, BankTech specialist, transforming retail, corporate, and wealth management digital ecosystems. Our 2600+ specialists use proven solutions and frameworks to address formidable CXO challenges across regulatory compliance, customer experience, wealth management, and payments.
Our services and competencies across data, digital, core banking, and quality engineering help global and regional banking leaders, as well as Fintechs, solve next-gen business challenges through emerging technology.
Our global presence spans across 3 continents with regional delivery capabilities in Amsterdam, Bengaluru, Chennai, Dallas, Dubai, London, New Jersey, Pune, Riyadh, Singapore, and Warsaw. Our inherent banking domain expertise, a customer-intimacy-led delivery model, and differentiated talent with layered competency – deep domain and tech leadership, supported by a culture of ownership, energy, and commitment to customer success, make us the technology partner of choice for our customers.
Accelerating Loan Underwriting Process on AWS
Background: In July 2022, a digital bank partnered with Maveric Systems to embark on a transformative journey. Their collaborative goal was to construct a cloud-based Loan Underwriting Platform that seamlessly integrated with the bank's Core Banking System and incorporated third-party services for digital retail lending. Maveric Systems, renowned for its expertise in banking technology, was chosen as the preferred solution provider. This was a greenfield project, which necessitated the establishment of the loan underwriting process from the ground up on AWS.
Agile approach: During the initial phase, the engineering team encountered numerous setbacks caused by a shortage of workspaces from the client. To mitigate this issue, Maveric took proactive measures by proposing that the client engage in initial code development locally using Maveric's Digital Lab. With the client's consent, this approach facilitated a seamless and high-quality implementation for the first two months. Following this successful initial phase, and after four sprints totalling eight weeks, the entire code base transitioned from the Digital Lab to the client's AWS cloud. This transition followed a Continuous Integration/Continuous Deployment (CI/CD) approach, allowing for incremental feature rollout. By leveraging Maveric's Digital Lab, this strategic move not only ensured timely development but also resulted in significant cost savings for the client, equivalent to two months of workspace expenses.
Development and transition: Maveric advanced through several sprints, initially demonstrating code executions on a local scale and validating the concept within the digital lab environment. Subsequently, the team smoothly transitioned the code to the AWS platform, effectively circumventing the delay associated with AWS Workspaces.
Loan processing evolution: As the development unfolded, the client's digital banking service gradually started processing loan applications. The first beta version, targeting a limited customer base, was released in November-December. By mid-June 2023, the digital lending service became fully functional, catering to a broader audience.
Loan underwriting process: Maveric meticulously outlined the requirements for loan underwriting features, encompassing preliminary checks, identification verification, employee verification, bureau checks, credit history assessments, loan eligibility criteria, anti-money laundering (AML) checks, and more. The engineering team then translated these features into technical implementations, creating data models, workflows, microservices, and integrating third-party systems. This comprehensive approach facilitated end-to-end testing, ensuring robust functionality.
Through this digital loan underwriting process, sales representatives or relationship managers experienced a significant improvement in operational efficiency, reducing customer interaction time by 40% by leveraging digital data and making informed decisions swiftly. As a result, loan processing times accelerated, leading to a remarkable 60% increase in Customer Satisfaction (CSAT) scores.
Integration with MAMBU: Maveric seamlessly integrated the loan underwriting process with MAMBU, an existing core banking system employed by the client. The process involved interacting with Mambu's API to evaluate existing and new-to-bank customers, ensuring a comprehensive end-to-end processing workflow.
Addressing delays: Facing delays from the client's side, Maveric proactively utilised their digital lab and GitLab in Maveric Systems for initial code development. This approach allowed progress while the client resolved workspace issues, showcasing adaptability in the face of unexpected challenges.
