Banking today is streamlined in many areas, but manual processes still abound. At first consideration it may seem that automating those manual processes is not worth the time and costs involved. Yet the adoption and implementation of new technologies can both yield significant cost savings over the long term, and also improve the customer experience.
Sometimes in software development, the seemingly impossible is overwhelming. Sure, the idea is there, but understanding just enough of the details makes the final product seem unlikely. Many questions arise: Do we really want to take on such an enormous project? What if we can’t manage scope creep and it gets out of hand? What if it takes longer than we expected and turns into a five-year project? Those concerns are very realistic.
Partnering with an external software development company can help turn the impossible into the possible. And it can result in significant cost savings, as well. Founder and CEO Emmy Gengler talked with one of Softjourn’s clients about the incredible innovation and cost savings realized by Silicon Valley Bank when they partnered with Softjourn to automate their loan origination process.
Silicon Valley Bank had worked for many years to automate the process for their loan book. Yet it wasn’t coming to fruition. After partnering with Softjourn on another project, it became clear that loan book automation could indeed be completed and implemented – with the Softjourn team. Ultimately, a fairly aggressive product was created for what previously was considered “impossible” to develop.
Through a series of experiments they learned how to automate their loan origination process. The project went from a proof-of-concept idea to an enterprise-wide initiative – one that would create the greatest cost savings experienced by the bank to date.
This video provides a short overview of how the process came to life, as Emmy Gengler interviews Dave Kochbeck, Chief Scientist at Silicon Valley Bank. Contact us at Softjourn to discuss how we can help turn your impossible software development project into reality.
