EBS was established in 1935, by Alex McCabe and a small group of teachers working together to help each other buy their family homes. The EBS purpose to help families get on in life still continues and today EBS offers a wide range of financial products and services.
EBS Building Society had a requirement to improve the visibility and control of their Deeds and Collateral Documents processing related to the sale and purchase of property both for the retail and commercial sector. This also included the need for a automated process which would initiate an relevant action in line with appropriate legislation and also pro-actively reduce the risk exposure to the bank. Requests for Collateral could be received from both internal and external sources requiring a high degree of tracking of these documents both inward and outward bound which was resulting in a high degree of manual intervention and paper based records.
The business was awarded to Rockall Technologies as it was deemed that the Rockall solution addressed the problems outlined above plus brought additional benefits through the integration with the bank’s loan origination solution allowing for the perfection and draw down of the loan. EBS have also been able to rollout Rockall’s solution to their subsidiary Haven therefore benefiting from the same savings.
Being an "out of the box" solution meant that it was a robust solution which had been extensively tested in the market therefore reducing the overall project risk plus reducing the time to going live. The project commenced in April 200x and the solution went into production in September 200x. ??This included the migration of hundreds of thousands of their existing collateral items to the Rockall solution??
1.3 Benefits Realised:
- Control of the collateral processes with less skilled staff
- Significantly Improved risk management, control of LTV (Loan to Value)
- Better customer experience – faster access to funds
- Pro-active management of Collateral
- Significant reduction in costs
- Basel II compliant