Managing in normal times is repetitive in nature where problems are minimal, and outcomes are usually as expected. Crises on the other hand are sudden and outcomes are unknown. The COVID-19 pandemic could be one of the most serious challenges faced by the economy in nearly a century. The negative impact of the pandemic on every business is unstoppable and the damage is unrecoverable. The only solution is building resiliency and adapting to challenges. Let’s find out how Robotic Process Automation can play a role here.

The virus has caused financial turmoil and people are approaching lenders for financial assistance. However now, faced with a deluge of requests, many firms are finding the systems and workflows that had worked in the past are unable to cope. Manual processing and long approval chains simply can’t keep up with customer demand.

Using Robotic Process Automation to transform key lending functions

Today’s empowered customers have no patience for the mounds of paperwork and lengthy processes that was the hallmark of traditional lending.  Used effectively, RPA platforms can streamline workflows and automate many of the steps that have traditionally been completed by humans.

Using RPA tools, the entire origination process is streamlined. The initial customer request is captured via a digital form on the bank’s website. It is then sent through an automated workflow to each of the parties that must grant approval. The entire process can be completed in just minutes, compared with the hours or even days required in the past.

Introducing RPA can also help a lending firm fully document and improve its internal processes. Rather than relying on inefficient paper trails, automated workflows can be created that match exact requirements and ensure prompt responses for customers.

Easy customer management–Customer management is made easy through automation. RPA can mitigate the inconsistency and delays of manually collecting financial data and other mandatory customer information

Daily operations – The banking industry deals with heavy volume of data. Manual processing of this data is a time-consuming and error-prone process. RPA facilitates seamless communication and transfer of information from legacy to newer software. It automates menial and repetitive tasks, thereby reducing the turnaround time in processing a request.

Enable Compliance– RPA mitigates the risk of data compromise that goes together with manual manipulation of customer information. With automation, the risk of non-compliance, data loss, or data compromise is greatly reduced.

Loan processing – Underwriting is the most crucial step in lending. It means predicting if a potential borrower would be able to pay back. However, manual process of collecting information is tedious, complex and error prone. RPA powered software enables compilation of a prospect’s record from multiple systems, websites, channels and service providers. Once the data is collected, it is entered into a company’s systems for underwriters to analyze it.

Moreover, customers today, expect a lot from their lenders. They want instant responses to enquiries and immediate approvals. Automation can allow for the streamlining of disparate systems, provide reliable and consistent dataflow for any stage of the loan origination process and quicken the overall process, while delivering solid audit and control benefits.

Putting RPA to work now, amid the virus-related pressures, can help position a lending firm to weather the challenges of the future.

To know more about how RPA can transform your business, talk to us