The Welsh society, established in 1869, has announced it is to use Blue Prism’s AI digital robots to improve its broker and member services.
These additional ‘digital workers’, the society said, would help it to improve accuracy and reduce risk.
It has chosen Blue Prism’s turnkey cloud platform for a change programme that could see as many as 170 processes improved through intelligent automation.
With automation partner Codebase8, stage one fully automates the end-to-end mortgage borrowing process. Onboarding new brokers and networks within 24 hours and paying broker commission more frequently – equating to more mortgage applications and more business.
Stage two automates some of the heavy manual processes undertaken by the underwriting team, including assessment of application forms, documents, affordability verification, ID verification and instructing valuation reports.
Stage three will automate assessing valuation reports, producing mortgage offers and uploading offers to broker and solicitor portals. By minimising the amount of physical mail, it will also strengthen the Society’s ‘green’ approach amongst members and Society colleagues.
Dawn Gunter, COO of Monmouthshire Building Society, said: “Our use of digital workers means we’re able to expand the mix of products we can offer to our changing member base via our broker network, allowing us to grow a lot faster.
“Our people clearly see the potential this has for serving our stakeholders better than ever. In fact, we are seeing healthy competition among business teams to get their processes to the top of the stack.”
The benefits of Blue Prism at the Society will go far beyond making processes more efficient as the high levels of accuracy and detailed audit trail strengthens the Society’s risk and compliance.
Brian Mort, general manager of EMEA, Blue Prism, said: “Monmouthshire Building Society had the long-term vision to digitalise all of its operations and adopt a cloud-first technology strategy.
“It’s now leading the way within the sector with a clear view of how to harness the power of a digital workforce and continue providing the high level of service customers and brokers expect.”
