Case Study: Harmoney achieves 90x faster loan decisions with Camunda

Harmoney speeds loan decisions 90x with Camunda

Harmoney, a direct-to-consumer digital lender in Australia and New Zealand, faced significant challenges with its manual loan origination process. The process took four days, causing customer drop-off and system limitations that prevented the approval of thousands of viable applicants each month. To address this, they turned to vendor Camunda and implemented their Camunda Platform to automate and orchestrate the complete workflow.

Using Camunda, Harmoney built BankBot, an automated system that intervenes in complex income verification cases. The solution reduced loan approval times from four days to just 17 minutes, a 90x improvement. For the complex cases it was designed to handle, BankBot reduced customer drop-off by 20-30%. Camunda also provided a fully auditable trail of every action, which was critical for compliance in the regulated lending industry.

Harmoney