The Process

The process in scope is the centralized Loan Processing Unit for a global financial institution. The Loan processing unit for the bank got new loan applications as collected by various bank branches or other sales channels. The team was then responsible for verifying documents and determining the eligibility criteria for the loan applicant, which included getting data from third-party providers. The team then either sanctioned the loan or asked for additional documents, or rejected the loan. Since the processing team was centrally based, there was much to-and-fro between the processing unit and the sales channel, causing delays and irregular updates to the loan applicants. Also, the high volume of transactions at the end of the month required the processing team to work overtime to complete monthly numbers.

The Solution

Robotic Process Automation (RPA), with the help of Aiwozo DocuBot, our Intelligent Document Processing (IDP) platform, was used as a solution to automate the Loan processing task. Aiwozo DocuBot was used to extract information from documents submitted and update the loan processing system. At this stage itself, Aiwozo performed an auto check for completeness of the loan file for required documents. In the case of missing documents, the sales channel was contacted to submit the pending documents from the customer. Once the file was complete, loan processing steps that required third-party information sources like credit checks and collateral valuations were initiated and collated in the loan file. Regular updates were pushed to the sale channel and applicant on the current status of the file to ensure the least amount of follow-ups.

Challenges Addressed