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Smart Document Management Solutions Accelerates the Launch of A Digital Direct Mortgage Offering for Questrade

59% of organizations looking to add BaaS capabilities are currently in the testing phase
Financial Services | Integrations | Services

Defining the Opportunity

Questrade, Canada’s leading discount brokerage had an aggressive target date to launch and debut its residential mortgage product to originate loans through an in-house, proprietary Loan Origination System (LOS) . The LOS solution needed to collect loan application data and documents from the borrower and co-borrowers. The challenge was to buy or build the document automation layer of the solution in a short period of time.

Questrade partnered with Blanc Labs to leverage their experience as a technology partner with experience in building digital lending products.

A big goal of the digital direct mortgage offering was to automate as much of the document collection and document management function by offering a secure upload workflow for the borrowers and secure document storage for underwriters and internal team members. The solution also had to enable a seamless document viewing and proofing workflow for mortgage officers to define the loan conditions.

Ultimately, Questrade selected  Blanc Labs’ for their expertise in the Canadian mortgage industry as a long-term partner which dramatically accelerated the timeline to design, build and launch the award-winning with Quest Mortgage platform in 2020 .

Challenge: Aggressive delivery target
Challenge: Limited internal resources
of banking leaders are prioritizing BaaS capablities

Approach and Solution

To deliver the requirements, Blanc Labs collaborated with the online brokerage’s stakeholders in two phases: Discovery and Design, and Solution Delivery and Integration.

 

Phase 1: Discovery and Design

During several agile design workshops, Blanc Labs’s multidisciplinary team of subject matter experts and specialists in user experience (UX), product, and engineering worked closely with the online brokerage’s senior executives and stakeholders representing both business and technology teams. The goal was to understand the requirements and imagine the total solution while keeping in mind the capabilities of Blanc Labs’s document automation product, Kapti.

Kapti is an automation software for document capture and processing. With Kapti, users can automate the document collection workflow through a web-based application and APIs. Kapti also uses proprietary machine learning (ML) technology to intelligently classify and split multi-page documents to extract, analyze, and deliver critical data from documents to generate decision-making insights. For more information, visit www.kapti.io.

The result was incorporating Kapti’s Application Programming Interface (API) and web-based user interface (UI) in the following arrangement:

    • Use Kapti headless as an API-first product to initiate document request flows

    • Use Kapti UI for document upload by borrowers and mortgage officers

    • Use Kapti UI for document proofing by mortgage officers

    • Integrate Kapti with the online brokerage’s Google Cloud Platform (GCP) to store uploaded documents

    • Integrate Kapti with the online brokerage’s enterprise virus software to scan each document for malware

    • Integrate Kapti with the online brokerage’s single-sign-on and identity manager for borrower and employee login

    • Deploy Kapti as a container on the online brokerage’s private GCP cloud (GKE: Google Kubernetes cluster)

Phase 2: Solution Delivery and Integration

Blanc Labs had a major advantage over other vendors and options: All the features and requirements listed during the discovery phase were part of Kapti’s out-of-the-box specification. This meant that the solution delivery didn’t need any development—Kapti just needed to be installed and configured to fulfill its duties.

During this phase, Blanc Labs worked on two streams of product and tech to deliver the solution. The Kapti product team worked closely with the online brokerage’s business and mortgage operations teams to configure the document types and user experience flows. In parallel, the Kapti engineering team worked with the online brokerage’s technology and infrastructure architecture teams to deploy the product and integrate it with the final state cloud solution ecosystem.

Blanc Labs had a major advantage over other vendors and options: Its product. Kapti, just needed to be installed and configured— extra development wasn’t necessary.

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