Client: -

A finance company that provides online banking services in different states.

Problem: -

This company came to us with various challenges which they were face in manual loan processing. They are facing several issues such as: The loan process is very time consuming and hectic. Multiple employees were involved in loan approvals, cross-sign checking, document verification etc. at various stages of Loan processing. All these tasks were done manually by their team due to which they were dealing with multiple mistakes.

Manual data entry, which was prone to errors and slow, and lengthy manual verification processes, leading to longer loan processing times and frustrated customers.

Solution: -

Our RPA team delivered a bot to them. They used UiPath tool for this process. RPA solution to automate various loan processing tasks, such as data entry and document verification. The RPA bots were trained to read and extract information from loan applications and related documents, reducing the time and effort required for manual data entry. Additionally, the bots were configured to perform automated credit checks and score applications based on pre-defined rules and criteria, further speeding up the loan processing process.

UiPath Bot automate various loan processing activities: -

• Data extraction: Using UiPath to extract information from loan applications and related documents, such as identity proof, income proof, and credit history.
• Data validation: Using UiPath to validate the extracted information against various sources, such as credit bureaus, to ensure accuracy and completeness.
• Credit scoring: Using UiPath to evaluate and score loan applications based on pre-defined rules and criteria, such as the borrower's credit history, income, and employment status.
• Decision making: Using UiPath to make loan approval, rejection, or referral decisions based on the credit score.
• Document verification: Using UiPath to verify the authenticity and completeness of loan-related documents, such as identity proof and income proof.
• Loan monitoring: Using UiPath to monitor the loan performance, including payments, default, and delinquency, to ensure timely and accurate reporting.

Results: -

After implementing the RPA solution, ABC Company saw significant improvements in loan processing times, with average loan processing times reduced by 60%. The bank also experienced a decrease in errors and manual effort required for loan processing, leading to increased efficiency and improved customer satisfaction.

Conclusion: -

This case study shows the benefits of RPA in loan processing in banking. By automating manual and repetitive tasks, RPA can improve processing times and accuracy while freeing up staff to focus on more value-added activities.