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An incredible 4X increase in speed to process

A leading bank’s loan department was faced with difficulties in the processing loan requests. An RCA initiated by management revealed that the manual process of filling applicants’ information, verifying their credit score, and then generating a report was not very reliable. Additionally, the whole process was cumbersome, leading to errors and inefficiencies. These factors stretched the loan processing cycle, causing valuable customers to migrate to competitors. Neither the employees nor the customers were happy about the service delay.

Process

  • A new request in the Loan Processing System (LPS) directs the Bot to login and download related files and personal information.
  • Bot fires up the Credit Bureau web interface in a browser, auto-logins, and uploads data required to procure credit report.
  • Bot downloads the Credit Report fetched from the Credit Bureau website and organizes it in a folder pertaining to the loan request.
  • Bot performs identification verification using an online service.
  • For valid requests, bot performs auto-logins to the core banking system (CBS) and any necessary data entry.
  • CBS interfaces with the LPS, and the loan request details are updated for further processing by a human operator.

Processing new Loan Requests equates to no more headaches for employees. Download Download

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