Vendor Selection of a Mortgage Originations Platform for a Specialist Lender

Banking

Vendor Selection

The Challenge

Navigating the Vendor Landscape: The client required solutions that could support Sharia-compliant lending, which made navigating the vendor landscape challenging.
Operational Inefficiencies: Existing manual processes led to long mortgage decision times (60 days), hindering customer satisfaction and the bank’s ability to scale.
Scaling Challenges: Achieving the growth target of 2,000+ mortgages per year was impossible without significant investment in additional resources.
Decision-Making Challenges: The bank lacked confidence in its ability to select the right vendor and solution to meet its specific needs and growth objectives.
Time Pressure: To maintain momentum, the entire RFP, due diligence, and decision-making process needed to be completed within a tight six-week timeframe.

Process Mapping & Analysis: We engaged with stakeholders to map existing customer journeys and lending processes, identifying pain points and opportunities for improvement.
Requirements Definition: We translated identified challenges into clear and prioritised business and IT requirements for the new system.
Vendor Selection: We identified and shortlisted potential vendors with Sharia-compliant solutions, developed and issued an RFP, and facilitated vendor demonstrations.
RFP Evaluation & Scoring: We compiled, analysed, and scored vendor responses against pre-defined criteria, presenting the information in a clear and digestible format.
Data-Driven Decision Making: We defined decision criteria aligned with the bank’s design principles and developed a fair scoring methodology to enable objective vendor evaluation.

Rapid Vendor Selection: The entire RFP, due diligence, and decision-making process was completed within a tight six-week timeframe.
Confident Decision-Making: The bank made an informed and confident decision, selecting a vendor that met their specific needs and growth objectives.
Proactive Risk Mitigation: Insights gathered during the process enabled proactive discussions with vendors and informed decision-making.
Stakeholder Alignment: We ensured alignment across the organisation, fostering support for the new system and the bank’s growth strategy.