Creating Value Through Innovative Collaboration
At Lantern, we help our clients become digital leaders by delivering innovative solutions that drive business value. Our partnership with a financial services company exemplifies the power of strategic, in-person collaboration. Through immersive workshops and a flexible, capacity-based model, we’ve transformed their loan origination system, not only addressing immediate needs but also identifying opportunities for long-term growth.
Understanding the Client’s Needs
A financial services company approached Lantern with the challenge of maintaining and improving their existing loan origination system while simultaneously innovating and adding new features. With their previous vendor discontinuing support, they needed a partner who could ensure stability while driving strategic enhancements.
We positioned ourselves as a true partner, embedding ourselves within their team to deliver solutions aligned with their immediate business goals and long-term vision.
Building Innovation into the Partnership
At Lantern, we believe that true innovation comes from working together with our clients to co-create solutions, rather than simply providing pre-packaged services. Our partnership with this financial services company was no exception. From the beginning, we adopted a “build with, not build for” mentality, ensuring that their team was fully involved in the development process.
This collaborative mindset was the driving force behind many of the advancements we made together, whether it was implementing new features or tackling technical debt. By involving both technical and non-technical stakeholders, we created an environment where every voice was heard, ensuring that the solutions we developed were aligned with the client’s business goals from the outset.
The Power of Immersive Workshops
Our bi-monthly in-person workshops with the financial services company became a cornerstone of our collaborative approach. These sessions broke down silos, encouraged open dialogue, and sparked creativity by bringing both teams together in a dedicated space where everyone could contribute.
Workshop Approach
To put this collaborative principle into action, we organized an innovation workshop during one of our regular collaboration sessions. Here’s how we structured it:
- We printed out all pages of the loan origination system and displayed them around our meeting room.
- This created an immersive environment that allowed both technical and non-technical team members to view the application holistically.
- The visual representation encouraged everyone to contribute ideas, ensuring alignment with the client’s business goals from the outset.
Workshop Outcome
The power of our collaborative approach was clear in the results:
- We collectively identified 54 new opportunities for improvement and innovation.
- 31 of these ideas were marked as high priority, reflecting the client’s immediate needs.
- The workshop strengthened the relationship between our teams, reinforcing a shared commitment to future success.
Proactive Solutions, Delivered Through a Flexible Model
Our capacity-based model enabled us to deliver tailored solutions that scaled seamlessly with the client’s evolving needs. By maintaining flexibility, we ensured that the right resources were available at the right time—whether for smaller enhancements or larger, more complex projects.
Our approach allowed us to:
- Rapidly scale efforts to address newly identified priorities, such as those from our immersive workshops.
- Bring in specialized skills as needed to manage complex integrations and technical improvements.
- Provide cost-efficient solutions, allowing the client to pay for the capacity they needed without unnecessary overhead.
This flexible model ensured that the client not only received timely technical support but also benefited from a long-term strategic partnership that delivered continuous innovation.
A Modernization Strategy for the Future
As our partnership continues, we’re not just focused on maintaining the loan origination system but also on preparing for long-term success. By balancing ongoing enhancements with forward-thinking solutions, we ensure that the client remains competitive in an ever-evolving market.
Our modernization strategy focuses on minimizing technical debt, implementing scalable technologies, and ensuring that the system evolves in line with the client’s future business goals.
Conclusion
Our partnership with this financial services company exemplifies how we strive to be more than just a service provider—we are a true partner in driving innovation and delivering business value. Through proactive collaboration, immersive workshops, and a flexible capacity-based model, we’ve consistently identified opportunities for improvement while ensuring the loan origination system evolves to meet future demands.
As we continue to work together, we remain committed to fostering innovation and supporting the client’s journey toward long-term success, helping them navigate challenges and stay ahead in an increasingly competitive landscape.