Additional digital workers enable 24x7 business operations, improve accuracy and reduce risk

LONDON – March 3, 2021: Monmouthshire Building Society, a 150-year-old Welsh mortgage, savings, and insurance services business, has taken its first steps in rolling out Blue Prism’s cloud platform, for a change program that could see as many as 170 processes improved through intelligent automation.

The Society, established in 1870, has launched a transformation strategy to achieve greater operational efficiency and drive competitive advantage as a fast-growth modern mutual within the market:

• 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 commissions 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 the 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 minimizing the amount of physical mail, it will also strengthen the Society’s ‘green’ approach amongst members and Society colleagues.

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.

Intelligent automation enables mutual societies to break through the friction that this long-standing lending model has created, helping to build an operating model of the future and a fully digital experience that younger generations expect.