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BankSight Single View of the Customer Accelerates the Launch of Judo Bank for Small Business Lending

OVERVIEW

Judo Bank is a 100% digital lender in Australia, founded in 2016 with a mission to transform business banking by delivering a relationship-centric proposition combining traditional values and technology innovation. Judo was founded by a team of veteran bankers who are passionate about providing small and medium enterprises the products and services they want and need.

Upon it’s founding, Judo looked for a strategic technology partner to help them deliver on their mission and launch as quickly as feasible. In less than 6 months, the BankSight and Judo teams collaborated across every function to:

  1. Develop a comprehensive single view of financial and non-financial relationship information for customers and prospects;
  2. Build an end-to-end digital process that enables Judo lenders to orchestrate a collaborative leads and referrals process across any channel with both small businesses and brokers;
  3. Engineer a modern, consistent small and medium enterprise (SME) lending application capture process that results in highly informed and responsive credit decisions that benefit both small businesses and Judo. 

BankSight Customer Engagement applications offer unparalleled collaboration between small businesses, lending brokers and Judo Bank. The result is a lending experience for Judo Bank’s customers and brokers that is efficient, modern and far more digital than the largest lenders in the Australian market offer.

 

KEY FEATURES

BankSight Single View of the Customer

  • Full commercial entity data model, accommodating every type of business, the relationships between them, and the connections between individuals and companies
  • Automatic creation of relationships between a broker and the customers owned by the broker
  • Customer Data Master for Contacts, Companies and Trusts

BankSight Leads & Referrals

  • Configured state machine to facilitate transitions that align with Judo’s lead business process
  • Email notifications to bankers, brokers and customers
  • Automated alerts to bankers and brokers
  • Calendar and email synchronization with Microsoft Office 365 integration

BankSight Application Collaboration

  • Responsive any-device User Interface within one system that tailors views by user on any device
  • Small business loan application capture and status tracking
  • Pre-populated document generation
  • Document uploading as attachments with automatic links
  • CoreLogic integration property validation and valuation
  • Veda (Equifax) Integration for credit data
  • KYC & AML compliance standards enforced

Impact of Innovation

  • Full loan decisioning in less than 5 business days: The digital collaboration between brokers, small business customers, and Judo relationship lenders is unique in the Australian SME financing marketplace. BankSight’s modern digital user experience enables Judo to deliver on its market commitment to providing a credit decision for every prospect within 5 business days. The industry standard for this is ~15 business days.
  • Automation & collaboration: Most financial services processes offer a trade-off between automation and collaboration. BankSight and Judo developed an innovative process that delivers both. 
  • Increased lender ratio of time spent with customer / time in system: Since implementing BankSight, Judo has seen this ratio increase from 20% to 70%.
  • Complete control of customer experience all the way to settlement: Without a middle office, Judo lenders now have more control and can deliver significant operational quality benefits and cost savings.
  • One singular system for lenders to use instead of multiple systems: Many larger banks require lenders to login and re-key information to dozens of different systems.

Judo’s collaborative mutually-beneficial process that keeps the broker involved and the customer participating efficiently throughout the decision-cycle is also simpler for participants with less hassle and paperwork at many steps along the process. This allows Judo to offer an SME lending service that is both personalized and efficient. The result is increased customer stickiness, lender productivity, and revenue. The system went live in May 2017.