Westminster Finance & Business Solutions is a fast-growing financial solutions company who negotiates funding for clients seeking business, residential, investment and development loans throughout Australia. As the company grew, the need for better, more efficient systems to handle the 90+ tasks associated with applying for and settling loans became pressing.
“The systems we had in place didn’t allow for us to be efficient as we began to take on more clients,” said James Grima, Owner and director of Westminster Finance & Business Solutions. “Managing commissions, generating reports and maintaining separate databases were all lengthy, manual processes that began to overwhelm our staff as our client base grew.”
Grima worked with his developer to build a temporary CRM solution in Microsoft Access to track and manage client data and the loan processing workflow, but after a little over a year, he knew it was time to move to the next level. A colleague recommended Progress® Rollbase®.
“Rollbase adapted to all the technology we’d already built, while enabling us to add to it, so we didn’t have to reinvent the wheel,” he said. “And, because the solution is cloud-based, it provides the flexibility we need to scale the application and add to it as our needs change.”
The new application took one full-time developer roughly three months to build and implement. Grima said migrating his old CRM to Rollbase created about 80% of the new solution; the remaining 20% consists of enhancements to improve the system and provide added functionality. Now Rollbase drives the Mortgage brokerage division of the business, serving brokers and support staff working internally, remotely and even off-shore.
A key functionality is the ability to create templates that allow users to move easily through a workflow. Once a task is complete, the system creates the next task automatically and assigns it to the appropriate person or division, eliminating delays in processing and ensuring no task is left unfinished.
“With Rollbase, we have a system in place that makes loan processing easy,” said Grima. When a client calls the firm, a broker simply opens Rollbase and selects a template to add the client’s information. Any existing data in the CRM populates the template. Tasks are generated as needed, and staff can upload the application directly to the bank once it’s ready for approval.
The Rollbase application enables Westminster’s brokers to check the status of tasks, generate task reports and link from the reports to the application, and store documentation. It’s accessible on mobile devices, as well, so brokers can make updates on the go.
“There are roughly 90 different tasks throughout the workflow,” he said. “Our Rollbase application drives the business through all tasks, from the application through to settlement.”
Grima said that since implementing the new application, error rate associated with data entry has been reduced 20 percent. “Thanks to Rollbase, we have a single repository of all the data and tasks associated with a loan,” said Grima. “It’s one, centralized system that everyone can use and understand, and it’s helped us to virtually eliminate data entry error.”
Grima said the main benefits are improved efficiency and consistency. “Because tasks are pre-assigned and generated sequentially as we move through the loan process, nothing gets missed,” he said. “And, it’s much easier to track the loan status and manage the workflow.”
Grima uses the system to generate daily task reports, which help him stay in the loop. “The daily task report is crucial,” he said. “I no longer have to ask the various divisions for updates; I can simply look at the report and follow up with guidance and direction, if needed, helping to speed up the loan process.”
Although currently, the Rollbase application is used only in Westminster’s Mortgage division, Grima said implementation in the Financial Planning unit is underway. “The solution is flexible enough to accommodate the needs of multiple business units, so we can easily customize it to fit the needs of our Financial Planners,” he said.
Additionally, the team is working to integrate the application with Apply Online, a system used to send a loan application to a client. “Connecting Rollbase to Apply Online will eliminate the remaining data entry tasks, further reducing human error and speeding up the process even more.”