Banks / Lending firms / credit bureaus have spent many years looking for ways to reduce the cost of operation, increase efficiency and to enhance their customer experience. But inefficiencies remain from decades of ‘throwing bodies’ at operational gaps. Now, thanks to technologies like robotic process automation (RPA), is rapidly expanding to more mundane parts of the business world.
Robotic Process Automation can perform repetitive task for humans, increasing productivity and quality while decreasing costs and errors. Automation can allow for the streamlining of disparate systems, provide reliable and consistent data flow for any stage of the loan origination process and quicken the overall process, while delivering solid audit and control benefits
Robotic Process Automation in Lending
Lending industry is an environment of relentless operational and regulatory change. At the same time, many continue to rely on complex legacy systems, multiple databases and spreadsheets, and manual processes. The resulting dependence on human labour to perform repeatable, relatively simple processes cuts into the time and budgets employees could be using to focus on analysis, process improvement, and customer experience. While several lenders have achieved cost-cutting objectives through business process outsourcing (BPO) and improved technology platforms, robotic process automation (RPA) offers a significant opportunity to further drive value and efficiency.
RPA presents several opportunities for lending firms:
- Read and compile data pulled from multiple resources and in multiple formats, including commonly used core platforms, third party websites, PDFs, Microsoft applications, and email into a single view.
- Data entry and transfers to / from third-party or non-integrated internal systems
- System data verification vs. documents or source data files, including reconciliation and quality assurance and quality control
- Processing transactions that follow structured rules but are not automated in the core system
- Perform workflow management allowing organizations to sequence the order of operations
- Processing audit trails that demonstrate adherence to rules and regulations
Insight Consultants specialize in providing Technology, Consulting & Financial Management Services to small and mid-sized clients. Analysis, Architecture, Development and QA/QC to Implementation and subsequent support are part of our integrated solution suite. Our highly talented team provide 360-degree solutions starting with business consulting, solution creation, identify insights to make real-time business decisions.
We have extensive experience partnering businesses who faced tech talent shortage after completing A series funding. Our highly competent team can quickly get on board and help in setting up a retention / destruction plan for records to achieve regulatory compliance and enhance the auditing process. We can help you in developing an 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. So, if you are looking for ways to harness the power of digital automation for your business, or would just like to get on board a competent tech team to scale your business,