More2Life have seen YoY double digit growth now for several years which has been a fantastic achievement and a tremendously exciting journey to be a part of, however not without the reasonably expected growing pains.
One of the challenges M2L face is the time-consuming nature of the various data validation processes, which are critical to lending with the correct level of governance.
To achieve this, M2L employ highly skilled compliance specialists who are able to manage risk effectively, however these people are often burdened by the administrative tasks and paperwork meaning time spent on due diligence is under pressure. M2L recognised that as they grow, this problem will simply get worse.
To overcome this, M2L decided to look to technology for a solution; Robotic Process Automation looked like it could be a good fit.
Robiquity were engaged to deliver Automation as a Service.
Robiquity began by completing an Automation Roadmap Assessment (ARA) which helped define the value that could potentially be derived through automation and the type of opportunities which existed. This allowed Robiquity to make an appropriate technology vendor recommendation.
On completion of the Assessment many of our initial questions were answered. Robiquity delivered the outcomes presentation which showed a clear route to ROI and a development roadmap which gave us confidence by de-mystifying the technical jargon and creating a simple plan.
Over the last twelve-months, this partnership has seen more2llife automate around 80% of its back office servicing processes, improving speed by over 40% by deploying smart robots to tackle time consuming monotonous administrative tasks. This has allowed the lender to deploy the 1,500 man hours saved each month to support the customer facing and processing teams to help improve the time between application, offer and completion. Latest data from more2life shows that it takes on average just 6.9 days to get from application to offer.
80% of back office workload automated
40% increase in lending capacity without taking on additional headcount
Customer Application Offer journey decreased to just 6.9 days from an average of 15 days
Copyright © 2017-2022 Robiquity Limited. All rights reserved. Designed & produced by ChapterOne Design.