Loan Lending Process Automation with RPA

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

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