Intelligent Automation solutions are being structured at the core of business strategy across verticals. But the potential of IPA can be maximized only when the application is right. Apart from the direct and more tangible savings of time and money, Intelligent Automation has the potential to play a significant role in the work life balance of employees, creativity at work, and consequently in the quality of service they provide to customers. IPA can truly transform the workplace!
IPA is turning out to be the light sabre of the enterprises of the future as it can help you slice through the unstructured data with OCR, ML tools down to granular levels with utmost flexibility. A survey states that about 95% of the leading enterprises of the world have already started on their automation journey to better their processes. But nearly 60% of financial professionals say that the current back-office systems are still insufficiently automated.
Mortgage processing, banking and financial services are ideal candidates for IPA. There are a plethora of use cases where digital workers can perform tasks such as extracting and compiling data, verifications, meeting compliance, onboarding customers, providing regular analytical reports and so on.
As with the highly utilitarian light sabre, how well automation works depends on how well the initial groundwork is done to identify the potential use cases. According to research, only 30% of all digital transformation initiatives are successful.
Thus, it is critical to consider the nature of the process, data inputs, hazards, regulations, supervision, and stability. Every process may not be an ideal candidate for automation. One needs to identify the processes which will give a high ROI and maximise efficiency. A good automation solution is ideally low code and offers immense flexibility, to enable the average business user without extensive technical know-how to be able to automate functions. Scalability is another non-negotiable aspect of a robust automation solution.
For efficient implementation of IPA it’s essential to:
- Prioritize your best-fit IPA use case
- Establish achievable ROI expectations
- Construct a precise governance framework
- Ensure IT and business collaboration
- Leverage reliable IPA tools partners
- Standardize processes for maximum value
Advantages of Harnessing IPA
- Swift document processing
- Faster customer onboarding
- KYC automation
- Effective compliance regulation
- Gain actionable insights
- Reap ROI from operational improvements
In the future, IPA will serve as the light sabre you need to combat the challenges of document intensive Mortgage Industry, to become the data Jedi you always wanted to. And as the Mandalorians would say, “This is the way”, the way to an advanced future, of document processing. Leverage IPA to conquer this inevitable future and lay the foundation to a sustainable Mortgage processing enterprise.
If you are interested in exploring other aspects of IPA that can benefit your enterprise, you can read about Financial Risk Management with Intelligent Automation Alternatively, you can also read Streamlining Mortgage Processing, Banking & Financial Services with Intelligent Automation.
If you’re interested in exploring Intelligent Automation to enhance your firm’s mortgage processing, Rapid Acceleration Partners would be glad to help. Our next-gen, AI-powered content intelligence platform RAPFlow enables full lifecycle AI orchestration on a single platform. When used in tandem with our RPA tool RAPBot, it provides end-to-end workflow automation capabilities that can be deployed in just weeks. You can even build your own use case and the platform can easily integrate with your existing systems. Book a demo to get a more detailed understanding of how our products can transform your business.
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