Loan Lending Process Automation with RPA
Business Challenge
Loan processing is a critical task for most financial companies. The main objective of loan fulfillment is to reduce the time to process applications and increase accuracy and customer satisfaction while minimizing underwriting risk.
In most cases, processing loan applications is highly time-consuming. Multiple people and documents are involved at different steps of the process, completing tasks like data entry and verification, approvals, and cross-signing and redistribution of documents.
In addition to the increase in loan requests during specific periods, lender companies receive requests from different channels such as email, WhatsApp, or web form. So, the team must monitor all these channels for new submissions to process the data manually.
Monitoring, processing, and tracking the application takes too much time, negatively affecting the team’s performance. Moreover, the employees involved in this process make many mistakes, resulting in inconsistent data.
Robotic Process Automation (RPA) streamlines the whole process from start to finish, as an end-to-end lending process automation. An RPA bot can retrieve information from various sources to validate data on loan forms. RPA allows financial organizations to dramatically speed up the underwriting process while reducing costly mistakes caused by human error.
Automation Goals
- Eliminating manual work and reducing the time required for loan processing increasing the overall performance and efficiency of the team
- Handling unstructured data to eliminate costly errors caused by human error and have consistent data
- Increasing customer satisfaction to stay competitive in the market
Robusta RPA’s Solution
Robusta RPA deploys RPA software robots to automate the entire loan processing tasks that are received through various communication channels:
- Omnichannel system: Collect documents and information from almost any location, including email, chatbots, and web forms. Imports data to the relevant database, network, or valuation system. Automatically restructure the data or updates as needed.
- Cognitive Document Processing: AI-powered intelligent bots analyze data from documents and update all required databases.
- Risk Assessment: Scrape additional data from internal and external sources, including risk scores, financial information, and company information.
- Automated Approval Process: Identify errors or missing information on applications, and automate the following steps, including deciding who to approve them. Automatically initiate the next steps required for the provision of the loan once it is approved.
Automation Benefits
The performance of the Loan processing teams can be increased significantly as the loan processing times are dramatically reduced, and errors are eliminated:
- Lower Operational Costs
- Increase Efficiencies
- Improved Compliance
- Eliminate Errors
- Omnichannel System
Testımonıals
What Our Customers Say About Us
ELİF AYCAN
We developed a great partnership with Robusta, who simplified and automated some of our major workflows leading to significant efficiency increases and cost reduction. We appreciate their dedication and creativity to bringing our initiatives to life.
ROKSAN KASPİ
Robusta has proven to be a true strategic partner to our company by combining their state-of-the-art and easy to use RPA solution with a clear dedication to customer satisfaction.
TUĞÇE BALARISI
Our customers appreciate that with the Robusta Cognitive Automation RPA platform, they can get their process improvement efforts up and running in a short timeframe. And, also thanks to Robusta RPA for such extensive and structured partner training opportunities. Robusta Partner Network has enabled us to reach more customers with more suitable solutions. As a partner, we thank the entire team for their support from start to finish.
AZİZ VOLKAN KURT
We wanted to replace the cumbersome and unstable RPA product we were using. Robusta carried us over to their platform in record time, and we never looked back!
SERKAN BAL
We were looking for RPA technology that was easy to use, configure, learn, adopt, and manage. Robusta exceeded them all. They clearly stood apart from the competition in this important area, which is the main reason we picked them.
MERT ALPAYA
Robusta has been more than a RPA software vendor since we started our partnership. The entire team have been putting their hearts and souls in automatizing our processes. Robusta has already been and will be a key digitalization partner of us.
AYKUT YILMAZ
We were looking for a strategic partnership with an RPA vendor who would be capable of working with us, who would also deliver an innovative product roadmap to continue to help us in the future. Robusta clearly demonstrated its long term vision and proved that their technology would carry us into the future.
