Loan processing can be highly labor intrinsic with voluminous documentation and error-prone data capture, often leading to poor decision making. Robotic Process Automation (RPA) can bring new vigor to the three steps of loan approval processing comprising:
- Pre-decision processes like digitization, checking validity of applications and applying the sanity rules against the data
- The decision-making step around data collection
- The post-decision processes like posting for payment and sending denial information for audit
Besides, Machine Learning (ML) can aid loan processing analysts in high confidence decision making with Straight Through Processing (STP).
