Police Bank

GBST builds Police Bank a tool to calculate internal comparison rates for Police Bank’s home loan and personal loan products

Police Bank came to GBST with one key objective: to make it more efficient to produce comparison rates for their loan products.

Police Bank were operating with manual processes to produce comparison rates, which was not sustainable long term, due to the changing nature of interest rates.

GBST and Police Bank partnered to build a comparison rate calculator. This project was completed in four phases:

1. Build of the calculator prototype – the comparison rate calculation needs to be built according to the latest legislative requirements (National Consumer Credit Protection Regulations 2010). It was critical the calculations were accurate, and that they were actuarially certified. GBST produced a calculator prototype in Excel that showed the required inputs and outputs of the calculator. This prototype was used to test the calculations.
2. Actuary sign off – GBST partnered with EY to perform the actuarial services and sign off the calculator prototype.
3. Build of the calculation engine – once the calculations were signed off, GBST built the calculation engine.
4. Build of the user interface – GBST then built the user interface based on our in-house design system and integrated both the engine and UI to complete the tool.

The outcome? Police Bank and their internal staff can access a compliant and modern tool that can quickly generate the comparison rate for their loan products.

GBST and Police Bank signed a three year partnership. GBST supports and maintains this tool and reviews the legislation for updates as and when required.