Bank of Ireland subsidiary Bristol & West is implementing the Summit system from Lynx Financial Systems in a £3 million overhaul of its mortgage processing operations.
Summit will automate Bristol & West's full mortgage application processing and post-completion administration. The solution enables end-to-end processing throughout the life cycle of the mortgage, beginning with a speculative quotation and progressing through application and completion stages, followed by the ongoing administration of the selected mortgage product.
A phased implementation of the system began in May this year and is scheduled for completion in summer 2002. By the time roll-out is complete, the Summit package will be available at 1000 desktop positions across various locations, including Bank of Ireland Mortgages in Reading and Bristol & West International, its offshore operation.
Richard Brown, Managing Director, Bristol & West Mortgages says: "Our existing system just isn't flexible enough to cope with the requirements of today's marketplace."
He says the new system will reduce mortgage processing time and ensure consistency of operation for customers.
Bristol & West plans to launch a flexible mortgage offering at the end of this year.