Case Study - Latitude Financial Services

It was a pleasure working with Clear Dynamics to rapidly deliver a Fraud Case Management solution that addressed all of our challenges from day one, while also providing increased value to our team every month. We have more than achieved our vision for this project and look forward to working with Clear Dynamics in the future to continue our journey of delivering successful outcomes for Latitude.

Martin Engberg Fraud Solutions Leader Latitude Financial Services

Three successful outcomes

1. Credit Card (Retail) Loan Originations

Clear Dynamics’ close working relationship with Latitude Financial Services has produced significant, innovative outcomes from the in-store and online (mobile and desktop) Credit Card origination solution through to Securitisation of Dept portfolio and Fraud Case Management system.

Challenge

Latitude’s Financial Services team was being challenged with existing legacy platforms that had issues around lack of automation and scale. The loan origination’s project was tasked with automating straight through processing with progressive decisioning, from the initial on-boarding of the customer, to the servicing back-end for customers, and workflow. At the same time with the goal to reduce operational costs and provide real time data to meet the requirements of the business.

Our implementation has realized Latitude‘s goals, powering Latitude in-store and online credit card offerings including:

Customer Experience Front-End

  • 28 Degrees
  • Infinity
  • Lowrate
  • GO
  • GEM
  • Creditline

Customer Experience Back-End

  • Staff Experience
  • Smart Doc Hub
  • Core Admin (Single view of customer)
  • Reporting Dashboards

2. Supercharge

Financial Services team challenged by volume of Fraud claims & transactions.

The project goal to automate claims case management while reducing overheads and operational costs.

Solution: Fraud Case Management

  • Case queue management
  • Automated case allocation based on a defined criterion and tracking of staff workload
  • Form pre-population so staff can update, match or cross-verify for case similarities
  • Automated integration with AI fraud detection systems
  • Automated processing of specific cases based on criteria
  • Simple workflow logic
  • Simple customer claim view, displaying details and transaction information with drop down menus to select specific actions
  • Ability to hold / filter new cases & queue work when settlement data is available
  • Automated SMS notification upon receipt of claims with templated responses
  • Access management
  • Organisational hierarchy permissions to manage delegated authorities and access level(s)

3. Securitisation

Reconciling customer debt across multiple core systems was a manual and time-consuming process subject to human error and did not provide a real-time status.

Solution: Debt Portfolios

Reduced the cost of raising funds by:

  • Rapidly creating and classify securities
  • Identifying loans attractive to investors faster using automated categorisation
  • Providing for contractual debt of residential mortgages, commercial mortgages, auto loans, credit card debt obligations, other non-debt assets
  • Facilitate selling as securities, pass-through securities and collateralised debt obligations
  • Generation of Daily GL files for all transactions and automatic transfer to specified server locations
  • Ability for the Finance Team to maintain “real-time” within the Source Receivables System
  • Automatic generation of a Daily Interest Pro-Rata report
  • Population Tagging reports with clear identification of loans to “sell” to investors