Principality Project Highlights

  • Transform IT landscape and processes.
  • Build a secure and robust information protection system.
  • Give customers the best mortgage experience.

The Company

Principality is the 6th largest building society in the UK with 500,000 members. With over 160 years of experience and 70 branches and agencies, Principality looks after its members’ savings, mortgages, investments and protection.

The Opportunity

Founded in 1860, Principality Building Society takes care of more than £10 billion in total client assets. With the technological disruption of the past decade came the need for Principality to modernise its IT landscape and transform its operation in order to keep on providing best-in-class customer experiences, as well as to meet the evolving regulatory requirements.

To achieve this, Principality needed to unlock critical customer and financial data in siloed legacy systems, and also integrate that data with modern applications.

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The Solution

Initiative 1: build a secure and robust information protection system

One of the first initiatives that Principality embarked on with MuleSoft’s Anypoint Platform™ and WHISHWORKS, is ensuring that customers’ savings accounts remain protected from fraud in line with the high security standards of the building society and the respective regulations.

Our number one priority is to protect the assets our customers entrust us with. For us, this meant we needed to enhance our customer authentication by moving from a password-centric to a strong authentication solution. WHISHWORKS helped us make this move as seamless and undisruptive as possible for our customers,” said Anthony Hewer, Principality Building Society.

WHISHWORKS worked closely with the Principality IT team to build reusable APIs to verify and migrate all the data to the new platform in real time, without any interruption to the service provided to customers, whilst applying security policies at API level in accordance with Principality’s policies. To further enhance security, the teams are now working on integrating an SMS verification solution to establish a customer’s identity.

Initiative 2: give customers the best mortgage experience

Another key area that Principality wanted to transform was its mortgage origination process.
Previously, this weeks-long process involved a lot of manual effort from brokers and underwriters to collect and compile all the necessary information from a disconnected ecosystem of internal and external data sources.

To move away from inefficient, time consuming and costly manual processes, Principality decided to transform its mortgage origination process starting with the procurement of a market-leading mortgage software. Building APIs on Anypoint Platform, WHISHWORKS and Principality teams were able to connect backend systems to the new mortgage software as well as to trusted third parties that are involved throughout the mortgage origination process (legal services, credit bureaus, property services etc).

With Anypoint Platform and WHISHWORKS’ support we were able to completely automate our mortgage origination process, releasing our brokers and underwriters from mundane and time-consuming manual tasks whilst offering a significantly more efficient, simplified and connected mortgage journey to our customers.” Anthony Hewer, Principality Building Society.

The Result

Savings

  • Enhanced security using 2-factor customer authentication, SMS verification and security policies applied at API level
  • Accelerated time-to-delivery by creating reusable APIs to launch new initiatives faster, such as the SMS verification
  • Improved customer satisfaction knowing that their assets are protected in accordance with the highest industry standards

Mortgages

  • Faster new partner onboarding and decreased time-to-market for new mortgage products thanks to the flexibility of the platform and the reusability of the APIs
  • Improved adherence to regulatory and compliance requirements owing to the end-to-end automation of the mortgage application process
  • Faster decision making with more accurate information
  • Improve the speed of integration of key platforms in the estate

With Anypoint Platform and WHISHWORKS’ support we were able to completely automate our mortgage origination process, releasing our brokers and underwriters from mundane and time-consuming manual tasks whilst offering a significantly more efficient, simplified and connected mortgage journey to our customers.

Anthony Hewer – Principality Building Society

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