How robotic process automation can improve the loan origination process?

Today’s customer expects fast, seamless and hassle-free access to loan services at a time, place and channel of their choice. They seek loan products that suit their specific needs, products that are available on their preferred channel and are offered to them with super-fast approvals. Digital  transformation has impacted the loan  management cycle in a big manner. Robotic Process Automation or Digital Automation has helped lenders to  gain competitive advantage in loan origination process.

Robotic process automation

Lenders are trying different tools and processes to improve efficiency and earn customer loyalty.   Robotic Process Automation or Digital Automation is already a known facet in the lending arena which can help lending firms to improve loan origination process and make customers happier.

Automation fulfills the customers’ need for convenience, and at the same time offers lending firms many new opportunities for growth, both top line and bottom line. How far is your firm on automating the loan origination process?  How can robotic process automation technology transform your lending business?

Robotic Process Automation, the next big  disruption

In the current commercial lending market, there are many software applications that serve the loan origination and credit assessment requirements of traditional and non-traditional lenders. Digital automation, or robotic process automation (RPA) or digitalization, is helping lenders automate manual, repetitive processes that have traditionally been performed manually by loan operations staffs. Automation can allow for the streamlining of disparate systems, provide reliable and consistent dataflow for any stage of the loan origination process and quicken the overall process, while delivering solid audit and control benefits. RPA Implementation involves front-end integration without any changes to existing IT infrastructure.

“The goal of automation is not to replace your existing loan origination system or related quality systems. The best tools work with existing technology to improve the quality and speed of the information that is entered”.


Easy customer management: Customer management is made easy through automation. Automation can mitigate the inconsistency and delays of manually collecting financial data and other mandatory customer information

Enhance customer experience: Improve customer satisfaction by delivering a convenient, personalized customer experience in a very timely process

Fraud detection: Computer assisted document expose fraud more efficiently than human findings.

Cost Reduction: Reduced costs that would accrue due to the cost of paper, extra labour, storage, mailing and any necessary physical transportation.

Reduced Cycle time: Shortened processing time, reducing the approval process so closing rates are quicker, giving the organization an advantage over the competition

Enhanced Competitiveness: Enhanced search and retrieval of important documents to increase productivity and allow employees to focus on more important tasks — like strengthening client relationships. This translates to improved market reach

Higher Data Accuracy :  RPA would result in higher data accuracy as the automation would remove the errors arising from human intervention.

Enable Compliance:  Digital automation mitigates the risk of data compromise that goes together with manual manipulation of customer information. With automation, the risk of non-compliance, data loss, or data compromise is greatly reduced.

Robotic process automation redefining lending

Using an automated loan processing system starting from the origination to the underwriting and post-closing processes means data from paper documents can be electronically captured, then indexed and routed to the appropriate system. Workflows can be set up for certain procedures to enable repeatable, consistent processing for faster turn-around times. An automated loan processing system can lighten the load for lenders who struggle with:

  • Adhering to a multitude of ever-changing regulations
  • Misrepresenting multiple processes involved while using different business information systems
  • Maintaining compliance to reduce risk exposure
  • Ensuring accountability within the processes and sub-processes
  • Operating within organizational silos that make finding needed information a frustrating, time-consuming task

How Insight Consultants can help you?

Insight Consultants specialises in digitizing the lending ecosystem. From general to specialised, prime to sub-prime, we have helped firms setting up a retention/destruction plan for records to achieve regulatory compliance and enhance the auditing process. Insight’s automated loan processing solution efficiently handles paper and electronic financial documents, so your organization can deliver exceptional customer service from account openings to loan processing. Contact Us to know  how much your firm can save through the implementation of RPA.

So, if you are you looking for ways to harness the power of digital automation for your business, or would just like to know more, REQUEST FREE CONSULTATION