Loan processing is a fully process-oriented and mission-critical prerogative for financial institutions, and it is one of the essential activities in the banking and financial services industries. The banking and financial sector is becoming increasingly competitive, and it is developing with time and technology to meet outstanding world-class consumer demands, including "Faster Payments" services.
The amount of repetitive tasks required to meet consumer demands in this industry raises the risk of human error, which is where automation comes in to help reduce those errors. Some of the needs that led to the adoption of RPA were to improve performance, productivity, upskill capital, and streamline the end-to-end lending process in retail finance.
Loan Processing and Mortgage Lending
Loan processing is a time-consuming and sluggish process, but several banks have since automated this process. RPA has taken this a step further by obviating the need for manual labour.
Loan initiation, documentation, financial comparisons, and quality audits are only a few of the critical tasks that RPA can now manage in the mortgage lending process. It speeds up the whole process of money lending, loan approval, and processing.
Apart from back-office automation in banking, RPA has several other benefits:
- Electronic Signatures and Data Saving: Electronic signatures will reduce mailing and paper-based task execution costs, also saving time. It will make the process safe, and electronic data saving secures information in an organized fashion. Thus, leading to data loss prevention.
- Enhancing Visibility in the Process: When data is organized and gathered with an electronic data management system, visibility throughout the lending process increases. Thus, giving satisfaction to the customers and making the process reliable.
- Higher Data Accuracy and Fraud Detection: Since data is collected throughout the time when retail finance tasks and processes are executed, the chance of errors is reduced with RPA, as there will be no human intervention and accuracy will be at its best. With automation, it reduces possibility fraud, and everything will be checked and monitored at every stage of the process.
IntelliBuddies® helps in Mortgage:
IntelliBuddies® platform assists SMEs to automate their business processes, mainly back-office functions in HR, Operations, Banking & Financial institutions, Procurement, Supply Chain, IT, or other core processes. The involvement of digital technologies in banking and financial services has given rise to an all-new industry of Fintech. It has become imperative for banks and other financial institutions to continually evolve, remain competitive, and provide exceptional customer experience to users. They are under tremendous pressure to optimize costs and boost productivity while the sector faces difficulties in scarcity of skilled resources.
It built with a robust, powerful & scalable RPA technology–broad RPA technology ecosystem, including access to best-in-class AI, integrated security and role-based access, low-code approach – allowing business users to build and effortlessly execute automation by themselves.