Beyond Bank Australia Boosts Member Value, Gains 14 Days Productivity With Boomi
by Boomi · SCOOPSydney, Australia — October 24, 2024 — Boomi™, the intelligent integration and automation leader, today announced that Beyond Bank used the Boomi Enterprise Platform to automate its loan origination capabilities, speeding lending delivery with deeper insights into its members and eliminating 14 days of internal processing.
As one of Australia’s largest customer-owned financial institutions, Beyond Bank delivers banking, lending, and insurance services to 305,000 members, with a purpose to change the lives of customers and communities through financial wellbeing by protecting, creating and returning value. Following this principle, Beyond Bank embarked on a digital transformation project for its loan fulfilment operations, centralising data to maximise value and speed delivery of its financial services for consumers and businesses.
“Connection is at the heart of how we operate, and this remains true even in our digital ecosystem,” said Wendy Den Hartog, Senior Manager for Loan Fulfillment at Beyond Bank. “As part of efforts to digitise our home loans, personal loans, credit cards, and overdrafts fulfilment, we sought to establish a coordinated view of the business by connecting our many back-end systems. In doing so, we’ve built a framework that securely houses our data, and ensures no leakage of its value.”
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Beyond Bank adopted Boomi’s integration platform as a service (iPaaS) to connect its loan fulfilment systems through a hub-and-spoke model, including its customer relationship management (CRM), NextGen ApplyOnline lending platform, and core banking applications. In addition, the bank deployed Boomi APIs to automate data retrieval across the connected environment and grant it a more intuitive loan fulfilment process.
With this data framework in place, Beyond Bank launched the second phase of its loan origination project in August, digitising and streamlining personal loans, credit cards, and overdrafts. This builds on phase one of the project, now completed, which saw the bank modernise the home loan process and introduce e-signing capabilities.
“From lodgement and assessing, right through to funding, the Boomi platform has helped us trim 35 points of manual data entry and iron out previously cumbersome data duplications,” said Den Hartog. “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.”
“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’,” said Den Hartog, “ensuring critical reporting data accurately flows to relevant governance and business intelligence systems.”
Atturra, a leading Australian advisory and IT solutions provider, led the design and implementation of Beyond Bank’s new integration capabilities, and is providing ongoing managed services tied to the company’s loan origination project and simplification of complex, manual tasks.
“With a competitive goal to attract and retain customers, Beyond Bank needed a strategic partner to ensure its loan origination revamp maximised value in every way,” said Jason Frost, Executive General Manager, Data and Integration at Atturra. “Our history of working with the bank and connection with its team proved invaluable. We worked to match Beyond Bank’s digital ambitions with its strategic imperatives, allowing us to streamline the project.”
In future projects, Beyond Bank will use Boomi to integrate loan calculators, further enhancing customer value with additional financial services, powered by intrinsic knowledge of the broader data ecosystem.
David Irecki, Chief Technology Officer, APJ at Boomi, said, “As cost-of-living pressures continue to impact Australians, Beyond Bank is a prime example of the value cooperatives deliver to the economy.
“By coordinating its data, Beyond Bank has assembled a sturdy digital pathway in how customers gain access to finance options. The process is more user-friendly and has dramatically reduced data errors, speeding the internal process from lodgement to funding.”
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About Boomi
Boomi, the intelligent integration and automation leader, helps organizations around the world automate and streamline critical processes to achieve business outcomes faster. Harnessing advanced AI capabilities, the Boomi Enterprise Platform seamlessly connects systems and manages data flows with API management, integration, data management, and AI orchestration in one comprehensive solution. With a customer base exceeding 20,000 companies globally and a rapidly expanding network of 800+ partners, Boomi is revolutionizing the way enterprises of all sizes achieve business agility and operational excellence. Discover more at boomi.com.
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