Sweden’s Skandiabanken, a digital bank owned by Skandia, has introduced Capgemini-designed new mortgage lending solution Lending User Experience (LUX).
The solution automates mortgage processing to streamline operations. The implementation encompasses the overall mortgage operations of Skandiabanken including all property types for existing and new customers.
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Capgemini designed the LUX using Pega Platform, a unified digital process automation (DPA) and case management platform from Pegasystems. The full project was completed in less than 12 months.
The deployment of LUX is expected to reduce operational risks and costs for the company. Furthermore, it will make loan origination process more flexible and competitive.
Skandiabanken products head Kristina Tånneryd said: “Our new LUX digital mortgage lending platform enables our customers to receive faster decisions about their mortgages with increased transparency, at competitive rates.
“With LUX, customers can have the decisions on mortgage commitments and mortgages in days and for some, minutes.
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By GlobalData“Our work with Capgemini has resulted in a simplified and automated mortgage process that will improve customer experience and enhance customer satisfaction.”
Skandiabanken is a wholly owned subsidiary of Skandia Insurance Company. With a workforce of 300 people, it offers payment services, deposits and lending in the form of home mortgages, private loans and others.
Around 99% of the bank’s lending services comprise home mortgages.
