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The bank faced significant operational inefficiencies due to the inflexibility of its Loan Origination System. Over time, workarounds and external software solutions were required to compensate for its shortcomings, leading to frustration among employees and delays in the approval process. Major challenges included reliance on multiple external systems for critical functions, a lack of responsiveness from the software vendor regarding necessary improvements, and long approval timelines due to system constraints.
SolomonEdwards facilitated in-depth workshops to uncover and document the client’s most pressing issues with the Loan Origination System. We then translated these challenges into a detailed set of business requirements, providing a clear roadmap for potential improvements. Engaging directly with the software vendor, we initiated discussions around necessary system updates and evaluated the feasibility of continued use versus transitioning to a new platform.
The client received a well-defined set of business requirements, equipping them with the necessary documentation to:
With these actionable insights, the bank is now positioned to optimize its Loan Origination System, whether through vendor-led enhancements or a strategic transition to a more capable solution.