Video

Loan Processing

  • Nov 09, 2019
  • 1 min read

Share on

– Loan processing often involves labor-intensive documentation and error-prone data capture.
– Robotic Process Automation strengthens pre-decision, decision-making, and post-decision loan steps.
– Pre-decision automation covers digitization, application validity checks, and sanity rule application.
– Machine learning supports high-confidence decisions through Straight Through Processing.

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).