What happened next
The bank worked with Deloitte to determine what customer standards its new cloud-based Digital Lending System should satisfy, and to define the characteristics the technology itself would need to meet its mission. For the customer perspective, the teams interviewed more than 3,500 commercial borrowers to learn their priorities and frustrations, and also invited input from employees throughout the organization.
To set the bar for the technology, Deloitte and the bank established a “three lens” standard for any undertaking: It had to be desirable, viable, and feasible. Deloitte’s OpenDATA platform, powered by AWS, satisfied those criteria thanks to the cloud’s modular, flexible, and scalable programming environment.
This allowed the bank to move from traditional development to an Agile process, and the lending system served its first customer only 13 weeks after the project began. Credit applicants can use a mobile interface to submit necessary documentation, and an artificial intelligence-powered risk engine calculates the customer’s credit forecast in seconds, leading to a loan decision in less than 15 minutes.