Loan Packaging Optimization with RPA

THE CHALLENGE

The loan packaging process needed to be shorter with reduced manual human error and rework and at a lower cost to remain competitive in the market and maintain margins. Economic conditions did not support addressed the challenge by simply improving existing processes and hiring more staff and training them better.

THE SOLUTION

Robotic process automation bots were implemented to perform the tasks summarized below.

  • The bot downloaded the loan package and split the documentation by classification type.
  • The bot correctly indexed documents and validated or identified missing documents or information.
  • The bot updates the loan details on the LOS as required such as the order compliance report, flood certificate, fraud report, and loans in the LOS.

THE BENEFITS

The solution resulted in 30% AHT reduction and greater than $3 MM USD of annualized savings

Open Banking – External Integration of Consumer and Product Data

THE CHALLENGE

A bank needed to make its retail customer profile data and bank product and services data available to 3rd party payment provider systems to enable new products and services with the payee partner.

THE SOLUTION

APIs were developed for the bank for retail customer profile data and bank product and services data access. The payment provider integrated them in their customer application process inclusive of application, approval, and onboarding. The APIs allowed for the ability to read, insert, and update the data.

THE BENEFITS

The bank was able to offer new payment services capabilities to their customers that previously weren’t available in real time with limited error. Customer support for the services was incorporated into the contact center to further enhance the customer experience.

Open Banking – Item Processing Integration and Automation

THE CHALLENGE

A super regional bank was looking for methods of streamlining its item processing operation, shortening the processing cycles, reducing the overall costs, and decreasing the complexity of the number of constituents involved in the overall process.

THE SOLUTION

It was determined that the 75% of the non On Us checks came from 3 major banking institutions. The feasibility of establishing an item processing arrangement directly with these institutions rather than through the Federal Reserve was evaluated inclusive of services and service levels, operating standards, policies, procedures, terms and conditions, technical solutions, integration capability, governance and controls, fraud, fees, and other key aspects of such an important relationship. The decision was made to implement the direct item processing integration between the super regional bank and the 3 major banking institutions. The solution was successfully implemented.

THE BENEFITS

The direct integration and automation of the item processing between the super regional bank and the 3 major US firms significantly reduced the processing cycle times, overall process costs, human error, and an increase in NSF revenue.