Simplifying post-retirement loan assessment in line with new banking regulations
Background
Currently, if a customer is 70 years or older during the term of a proposed loan, a banker is supposed to indicate how the customer will make loan repayments post-retirement. However, detailed discussion and documentation of the customer’s repayment strategy and plan do not currently occur.
To meet NAB’s responsible lending obligations, a new policy requires bankers and brokers to inquire about a customer’s loan repayment strategy post-retirement, verify it, and document it. We call this project ‘Exit Strategy’.
Banker's platform Loan Assessment tool
Challenge
An adhoc loan repayment strategy was used until the new policy was announced. The new policy requires, banks to collect evidence in complex situations.. Also, bankers (end users) fear the new policy will create more work for them to do.
My aim was to streamline the banker’s tasks while ensuring the process was simple and user-friendly.This was challenging since the bankers used many non-integrated platforms containing different (or the similar) data.
Solution
A single new, intuitive tool, ‘Exit Strategy’, allowed bankers to manage applicants’ loan repayments. My main design focus was “How might we minimise effort and time while bankers talk to the customer, allowing them to focus more on the conversation?”
Outcome
The outcome was a new Web app tool that contained 3 processes (non-linear) that allowed auto-evaluation oft he customer’s eligibility. We leveraged the data from other platforms, pre-populating it into the tool. This significantly reduced the need for manual input and reduced loan application processes to 15 minutes. Before the implementation stage, the Business Lending team invited me to present the project, adopting my design solution immediately to support the Business Lending experience.