- Soroco Tops Everest PEAK Matrix® for Digital Interaction Intelligence 2024 - Third Year in a Row
Customer Stories
Ecosystem
Work Graph
Company
Improving straight-through processing by 40% for a leading mortgage servicing company with Scout
The Challenge
A leading mortgage servicing company in the U.S., with 2 subsidiaries and more than 6,000 employees, faced critical challenges in its underwriting function.
Industry
Financial Services
Location
United States
6,000
Employees
2
Subsidiaries
Attempted Solution before Scout
About
1,000 hours
required from the business teams for discovery workshops
Enter
The Head of Process Excellence decided to implement Scout, to find and fix the firm’s challenges. Scout was deployed swiftly, integrating seamlessly without the need for complex adjustments to the existing systems.
Scout revealed crucial insights within the
first week
Scout’s AI to “find and fix”
Step 1: Find
Immediately after deployment, Scout revealed crucial insights within the first week:
Only 60% of the underwriters’ time was dedicated to core underwriting tasks.
The startling statistic that underwriters toggled between applications and documents 800-1,000 times a day, due to unintegrated systems and fragmented data, pointed to a massive work recall gap highlighting the disparity between the team’s understanding of how work is being done and how work was actually being done.
The analysis also found a heavy reliance on manual processes and “shadow IT” systems, like Excel spreadsheets, which were inefficient and time-consuming.
Step 2: Fix
Quick Fixes
Training sessions were conducted to elevate the entire team's performance to the level of the most experienced members
A central repository for
underwriting calculators and
templates was created
Deep Fixes
The leadership initiated a digital transformation initiative to design an end-to-end workflow system, reducing the disconnection debt by integrating disparate systems and streamlining processes. An intelligent underwriting assistant was also introduced, further enhancing productivity and accuracy.
Business outcomes
With Scout’s intervention, the mortgage firm achieved remarkable improvements:
40%
30%
15%
Key operating principles
Scout’s deployment was driven by principles that are essential to every success story:
Empathy at the Core:
It is important to note that in all of these recommendations, privacy was of the utmost importance – and no employee data was shared. Empathy was at the core of all recommendations and the focus was on addressing and improving the core issues i.e., getting teams to work together across functions, fixing disconnected systems, and simplifying and optimizing work processes.
Continuous Visibility and Improvement:
Scout was an integral part of this transformation, providing continuous visibility and enabling ongoing improvements.
How AI connects interaction data to business outcomes
The AI then provides data-based recommendations for the necessary interventions to address these challenges, paving the way for improved outcomes.
We call this lighting up the ‘dark side of the moon’.
Download this customer success story
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