Introduction

UniCredit Bank Belgrade is a leading financial institution in Serbia, operating as part of the UniCredit Group. With a focus on customer satisfaction, it offers a wide range of banking services for individuals, businesses, and institutions. Committed to excellence and integrity, UniCredit Bank Belgrade plays a vital role in the country’s financial sector, supporting economic growth and development.

Motivation

The driving force behind the introduction of the Underwriting tool stemmed from a credit process laden with manual tasks, resulting not only in lengthy processing times (TTY and TTC) but also in the emergence of certain risks. It became imperative to shake up the existing landscape, primarily to mitigate risks associated with the current process, while simultaneously turbocharging and refining the credit process in alignment with a forward-thinking digital/omnichannel strategy. This strategic shift was crucial for positioning the bank for future growth within the retail segment.

Primary objective was clear: to revolutionize through digitization, enhancing customer experience and broadening the scope of the bank’s retail credit offerings.

However, maintaining the status quo posed significant risks. Without addressing the inefficiencies in the credit process and failing to embrace digitization, the bank would find itself vulnerable to various risks, ultimately stunting the long-term growth potential of the credit portfolio. This impact would be felt most acutely in the retail segment, encompassing cash loans, credit cards, and overdraft.

Procurement Process

Our journey through procurement spanned roughly 6 months, engaging every corner of the bank under the leadership of the Retail business unit. Central to our offer was Unicredit bank pursuit of a contemporary solution rooted in a BPM platform with a modular architecture, poised to propel their journey towards enhanced omnichannel access.

Project Execution

Implementation stretched across approximately 18 months. The project organization was intricate, involving a multitude of bank departments/sectors such as IT, Risk, Business, Legal, among others.

Working with new technology was a main challenge and a cornerstone of the project. Probably the best way to describe the project execution from customers point of view is by quoting Velibor Vidic, UCB Head of PI Process, Products and Distribution Unit: ” As a vendor, GET approached each project with a fervent desire to surpass expectations. Thanks to their extensive experience and deep understanding of banking processes, they consistently achieved this goal.”

Results

Expected business outcomes of the project included an increase in TTY and TTC, thereby boosting the number of processed credit requests and enhancing CSI (Customer Satisfaction Index) for sold credit products. After an adjustment period, the achieved results exceeded expectations. The bank set and measured a greater number of KPIs in this case, with a focus on TTY and TTC. Almost all KPIs were met, with the most significant being TTY and TTC surpassing expectations. Market share of credit products increased over the two-year period.

In addition to the aforementioned impacts, there was a visible influence on CX (Customer Experience). The modernized credit process surpassed market standards, facilitating easy implementation of all necessary changes through parameterization rather than development.

The Future

The bank sees the further development of this product primarily through its application across all channels, and subsequently across other sectors within the bank. They aim for this product to become the cornerstone of operations, expanding its usage to all parts of the organization.

This solution plays a pivotal role in digitizing and enhancing the credit process for retail customers. It enables them to have faster, more efficient, and more convenient access to financial services through digital channels, improving their experience and satisfaction.

Underwriting tool occupies a central place in the overall digital strategy of the bank for retail customers. It serves as the foundation of banks digitization strategy, allowing them to deliver innovative and efficient services to clients and gain a competitive edge in the market.

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