Role of RPA in Consumer Loan Processing

Automation has become the latest industry catchword, but what does this mean? How can automation streamline your loan initiation process, increase the productivity of your lending officers and make your consumers happier?

Manual workflows slow and error-prone, which can end with unhappy customers. Normally, the processing of a loan application involves the below steps which need to be performed by a Loan Officer to make a decision or to complete the loan request.

  • When a customer requests a new consumer loan, a bank’s internal Loan Processing System will receive the customer data.
  • Loan Officers extract the information from the Loan Processing System and insert into credit check system/website to pull the credit report.
  • A Loan Officer then saves the credit report and attaches it to Loan Processing System.
  • The Loan Officer then extracts the data from a credit report and fills the credit score fields in the Loan Processing System.
  • Loan Officer then move the data from Loan Processing System into other banking systems.
  • A Loan Officer then logs into an external system/website to validate address of the customer requesting the loan, if the given address is valid or not and a loan is already registered for the property or not.
  • Once the validation report is generated, a Loan Officer saves it to the Loan Processing System.

The Loan Officer usually performs all of the above work manually which results in time-consuming and tedious work. Robotic Process Automation can eliminate all of the manual work by introducing bot which can perform all of the above tasks automatically instead of the Loan Officer. Consider the consumer loan process through the implementation of Robotic Process Automation.

How RPA Drives Success for the Loan Processing

  • A Bank’s internal Loan Processing System receives the customer loan application.
  • The bot runs the credit check by extracting the data from Loan Processing System and inserting into credit check system/website.
  • The bot then attaches the credit report to Loan Processing System.
  • The bot then extracts the data from credit report and fills the credit score fields in Loan Processing System.
  • The bot then extracts the data from Loan Processing System and moves into the other banking systems.
  • The bot inserts the required data into external system/website to generate the address validation report.
  • The bot inserts the generated validation report into Loan Processing System.

Now the Loan Processing System has all the required information needed by the Loan Officer to approve or reject the requested loan application.

Royal Cyber - Ready, Set, Optimize

In today’s fast evolving, customer driven landscape, executives need to please increasingly demanding and tech-savvy customers, and reduce the cost of operations. Royal Cyber has the robotic process automation (RPA) expertise to solve your complex challenges.

Is your organization ready for process transformation? Let us help you transform your credit industry today. Sign up for a complete credit lifecycle management solution today!

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