Since 1995, Polish technology firm Efigence has focused on innovation and delivering digital excellence through a range of services including ideation, UX/UI design, software development, data and AI. Efigence’s digital solutions are renowned for enhancing customer experience and loyalty, while its software development ensures smooth integration and performance, and its AI offerings provide strategic advice and real-time data processing.
At the Global BankTech Awards 2024, hosted by The Digital Banker and held in Singapore, Efigence was awarded with the title of Best Technology Solutions Provider to Digital Banks for its ‘Mortgage Relief 2024’ project developed for Alior Bank.
Alleviating Customers’ Financial Burdens
Launched in 2008, Alior Bank is a medium-sized, fast-growing bank serving individual and business customers. Through innovation and highly acclaimed customer service, the bank has gained a significant market position and a developed a recognisable brand identity in the Polish banking market.
The bank’s ‘Mortgage Relief’ product is a digital platform designed to provide financial relief to mortgage borrowers facing economic hardships. The service includes automated processing of credit holiday applications, ensuring compliance with governmental regulations, and offering rapid decision-making based on advanced algorithms. This solution is integrated into Alior Bank’s online banking platform, allowing clients to apply for mortgage holidays from the comfort of their homes.
‘Mortgage Relief 2024’ is an updated version of this solution, developed in collaboration with Efigence, made in response to statutory mortgage holidays introduced by the Polish government in 2022 in response to rising inflation and interest rates. It leverages advanced technology to provide quicker, more efficient processing of applications.
The project involved the rapid development and deployment of an automated system for processing credit holiday applications, ensuring compliance with new governmental regulations. This system leverages advanced algorithms to evaluate applications based on clients’ credit history and current liabilities, providing decisions within a maximum of two to three days, which is significantly faster than traditional methods, while expediting financial support.
Clients can complete the entire process online from the comfort of their homes without needing to visit a bank branch, which is especially beneficial for people with disabilities or those who prefer not to visit banks in person. From a business perspective, the solution reduces the operational burden on bank staff while enhancing customer satisfaction and retention by offering a user-friendly, fully online process.
Functional features of the solution include automatic application assessment, quick feedback, flexible suspension period for clients based on their needs, no additional fees charged to clients beyond the standard mortgage insurance costs during the holiday period.
The technology integrates seamlessly into Alior Bank’s existing online banking system and also ensures GDPR compliance, providing robust data security.
Commenting on the collaboration and the award win, Paweł Haltof, Innovation Director and Board Member at Efigence, said: “This is a great honour that confirms our ability to deliver world-class solutions in collaboration with leading financial institutions. We are proud that our technologies are supporting the growth of digital banking on such a broad scale.”
Winning this prestigious award not only strengthens the positions of Efigence and Alior Bank in the global technology market, but also highlights the importance of Polish innovation and professionalism in the digital banking industry.
