Expedite Time to Loan Approval and Drive More Informed Credit Decisions
Santander UK cuts lending processing time in half using 360° customer views
Santander UK plc, a British bank wholly owned by the Spanish Santander Group, is a leading financial services company in the UK, boasting a strong heritage in retail and commercial banking services. With its extensive branch network complemented by seamless digital and phone channels, Santander strives to deliver a convenient and tailored customer experience.
Challenges
At Santander UK, enterprise data silos made it difficult to reconcile customer data and gain a complete view of customers across disparate sources. As a result, lending decisions were slow, with rules-based systems failing to remediate the situation.
Outcomes
Tamr enabled Santander UK to create a single customer view across 45 data sources, which reduced lending decision times, increased reliability of reporting data, and revealed additional cross-sell opportunities within their customer base.
Santander UK was facing exponential growth in data required for its lending practices. To capitalize on the value of this data, the bank embarked on a digital transformation that included a new lending system connecting modern digital processes, data, and SaaS applications.
To be successful, the new system required a single view of each customer. However, enterprise data silos prevented the bank from gaining a comprehensive, accurate view of customers and exposures, which slowed down lending decisions. The bank attempted to reconcile its disparate data silos using rules-based systems, but ultimately, these efforts failed.
Data mastered by Tamr underpins the entire digital journey. If we didn't have the single customer view, we wouldn't be able to feed information downstream into decision and risk engines."
Jonathan Holman
A True Customer 360° View
In order to reach its goals of speeding up the loan approval process and improving decisions about credit, all while continuing to address regulatory requirements, Santander UK knew the new lending system needed a holistic view of both retail and corporate customers. Using Tamr, the bank created complete, up-to-date views of its customers across 45 sources and tens of millions of records. And they did so in under four weeks.
By generating a unique Tamr ID for each customer, Santander UK was able to consolidate corporate, retail, Salesforce, and global business data into a single, 360° view. Doing so enabled them to take things one step further by clustering customer views into business-ready segments such as products or regions.
Faster Time to Decision
Upon rollout of their new lending system, Santander UK cut credit decision times in half, expediting the lending process for its retail and corporate customers. In addition, the reliability of reporting data increased because they now had greater access to unified data feeds for financial, credit risk, and regulatory reporting.
Sales teams benefited from the new customer views as well. With a holistic, consolidated view of customers across divisions and products, sales reps could more easily spot cross-sell opportunities that would otherwise remain obscured by siloed data.
With Tamr as the underpinning of Santander UK’s digital transformation, they now have single customer views that feed downstream into decision-making and risk engines, enabling them to reduce the time it takes to approve a loan and make better-informed credit decisions.