Loan Origination (RBC)

PROBLEM

The account manager complained for years that the loan origination system was difficult to use. There was no hard factual data that could justify an investment in improving the Loan Origination System (LOS). Consequently, improving the LOS was not part of the time saving programs. 

APPROACH

This project began with a field study using cognitive analysis to gather facts on the current process.  Twenty account managers, risk managers and back-office employees were met and observed. Cognitive Group was able to analyze how employees processed information, what problems were encountered and the impacts on operation costs. A total of 88 error types were uncovered that caused lost productivity and delays costing $30 million per year.

RESULTS

Based on Cognitive Group’s recommendations, RBC decided to invest in upgrading the Loan Origination System.  The revamp of the LOS, which was initially excluded from the time saving program, is now central to the time saving initiatives of the RBC.  The new design increases productivity by preventing usage errors that were common in the previous version.

EXPERTISE USED 

• BUSINESS PROCESSES
• COGNITIVE ANALYSIS
• UI DESIGN