Shaping a fast, frictionless auto loan application process in the IBM Cloud

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Auto loan in the cloudCars are some of the most significant purchases that people make in their lives. After the test drives and the price negotiations are finished, an auto loan is often the only thing standing between a customer and the road. Though it seems like just a formality, applying for an auto loan can be a complex and time-consuming process that takes weeks to complete.

Byblos Bank, one of Lebanon’s top three banks, is always looking for ways to enhance the customer experience. The bank’s leaders realized that switching from paper-based processes to digital workflows could help it serve customers faster, which would be a powerful source of competitive advantage. Byblos Bank leadership decided that the auto loan application process would be the ideal place to start this transformation.

Adopting an agile approach

When it came to a business process management solution, not just any tool would do. Bank leaders were keen to embrace an agile development methodology. To achieve that goal, we needed to build and release new processes in short, iterative cycles.

After a rigorous evaluation, Byblos Bank found that IBM Business Process Manager was the best fit for its business. By augmenting the solution with IBM Blueworks Live — a business process modeling tool running in the IBM Cloud — bank leadership was confident that the solution could help to deliver an agile development process.

Proving the concept

During a proof-of-concept (POC) exercise with IBM Cloud Professional Services, Byblos Bank executives were delighted with how straightforward it was to bring user stories and technical requirements together in one place. By clicking on a business process diagram in IBM Blueworks Live, we could see all the business stakeholders and systems of record involved, as well as a narrative description of the experience from the user perspective.

Speeding ahead in the market

With help from the IBM Cloud Professional Services team, Byblos Bank completed the POC in just two weeks, enabling it to move its new, digital process for auto loans into production quickly.

Today, we use IBM Business Process Manager to support practically every stage of the auto loan process. Because we can track where each loan is in our workflow at any given time, it’s easy to identify and remove bottlenecks. As a result, we can now disburse up to 90 percent of originated auto loans, compared to as little as 50 percent in the past. Better still, we’ve reduced the average cycle time for the process by 40 percent. By helping our customers get on the road faster, we’re nurturing their long-term loyalty.

Based on the successes so far, Byblos Bank is already looking to the future. As we prepare to digitize other workflows, we are also exploring the possibility of using AI solutions such as IBM Watson to further streamline the experience. For example, we could automate the onboarding journey for new customers.

Learn more about Byblos Bank’s transformation by reading the case study.

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