This project aims to standardise and streamline the business processes of the Australian home loan industry, cutting costs and providing quicker responses to customers.
NICTA is working with the major home loan organisations who have formed LIXI, a non-profit, independent organisation to improve efficiencies. While factories have developed time- and cost-efficient production lines, the automation of paperwork in business processes is decades behind. The LIXI standards group has already helped the loans industry by starting to standardise the vocabulary of lending. Our project complements this by aiming to standardise the conversations of lending.
The project allows us to address deeper research questions about process modelling techniques and trends, where the gaps are and what can be done to address them, so that the research outcomes will apply across many industries.
What will this research achieve?
The standardisation of the paperwork process will result in an industry sector that operates faster, more openly, with fewer errors and less re-working. Participants will be able to reduce their processing times and costs and borrowers will receive faster and more efficient service. The competitive standards of local participants will also be enhanced as they face growing pressure from overseas lenders.
Who will benefit?
All players in the industry - lenders, brokers, insurers, valuers and other agencies, as well as home loan customers, will benefit.
Research team
Paul Mackie, Liming Zhu, Vladimir Tosic, Udo Kannengiesser, Jennifer Sampson
Progress
- Commenced mid-2005 and has tracked with all milestones
- In March 2006 we completed the LIXI Process Handbook, a resource for all commercial members of LIXI which describes what process modeling languages are relevant and which are likely to become standards. It also includes the reference model of the LIXI formal loan approval process
- An updated version of this handbook was released in September 2006
- A Reference Architecture and Implementation guidebook for the LIXI valuations business process (the process of requesting and fulfilling property valuations) was completed in 2006 and is available to all LIXI members by free download from the members section of the LIXI website.