Beyond Bank has revamped its loan origination infrastructure, with the successful deployment of Boomi’s all-in-one data and systems integration platform, Boomi Enterprise Platform (BEP), slashing loans processing times for the mutual.

The data consolidation, or “centralisation”, and digitisation program effectively overhauls Beyond’s loans processing system handling mortgages, personal loans, credit cards, and overdrafts fulfilment.

Boomi was also joined by Atturra, Australian advisory and managed services provider, who led the design and implementation of new loan origination system.

The initial phase of the deployment saw Beyond’s adoption of Boomi’s integration platform-as-a-service (iPaaS) layer – a cloud-based software model designed to coalesce data from multiple applications into a single solution – that connects the bank’s loan fulfilment systems in a ‘hub-and-spoke’ model. Leveraging APIs over this layer automates data retrieval across the connected environment, delivering a “more intuitive loan fulfilment process”.

These apps include Beyond’s customer relationship management (CRM) system, the NextGen ApplyOnline lending platform (an external home loans application service for brokers and lenders), and core banking applications.

Following the completion of phase one of the loan origination project, which overhauled home loan processing and introduced e-signing capabilities, Beyond Bank launched the second phase in August, extending the “digitisation and streamlining” program to personal loans, credit cards, and overdrafts handling.

Beyond Bank senior manager for loan fulfilment at Wendy Den Hartog said successful deployment of the BEP has removed 35 points of manual data entry and “[ironed] out previously cumbersome data duplications” from the initial lodgement and assessment process through to funding.

As a result of the platform’s implementation, Beyond has reportedly slashed loan processing times by 14 business days within each month.

“The productivity gains are dramatic, having earned back the business 14 full working days per month. This means my team isn’t swamped by administrative duties, and can tackle strategic initiatives.”

Den Hartog added: “The benefits also directly extend to our customers. With the system automatically picking up known customer data, such as annual income or number of dependents, the time needed to fill out a new loan, credit card, or overdraft application has been drastically reduced.

“Plus, in gaining a more comprehensive view of our customers, we’re delivering tailored services more quickly.

“The Boomi Enterprise Platform also serves as an ‘extraction layer’,” Den Hartog said, “ensuring critical reporting data accurately flows to relevant governance and business intelligence systems.”

As part of the partnership, Boomi said it will also support Beyond Bank’s forthcoming addition of loan calculators.