Streamlining Mortgage Processing, Banking & Financial Services with Intelligent Automation

Intelligent automation is driving transformation across a wide range of industries. It has been a game-changer for processes that are highly-repetitive with massive volumes of data and documentation, particularly in the finance and banking sector. While the majority of finance organizations have transitioned to an online platform for various functions, nearly 60% of financial professionals say that the current back-office systems are still insufficiently automated.

The nature of intelligent automation required in financial services and banking requires both RPA and IPA. While Robotic Process Automation (RPA), a rule-based tool, can efficiently and precisely process through structured data, it simply can’t handle documents containing unstructured content.

Over 90% of organizations today are faced with the challenge of processing unstructured data, and 80% of business data is unstructured. Hence, to tackle this inevitable load of unstructured content, it is vital for organizations to leverage Intelligent Process Automation (IPA) solutions which harness both Artificial Intelligence (AI) and RPA. The AI component enables automation of processing unstructured content and together AI and RPA enable hyperautomation or end-to-end process automation.

Mortgage processing, banking and financial services are ideal candidates for IPA implementation. There are  a plethora of use cases where digital workers can perform tasks such as extracting and compiling data, document and data verifications, meeting compliance, onboarding customers,  providing regular analytical reports and so on.

Advantages of Harnessing IPA

  • Swift Document Processing

IPA enables your digital workforce to understand human language and its context in any given document. This enables faster and error-free extraction of relevant data, while also significantly decreasing processing time. This ultimately boosts process efficiency and scalability.

Through its entity extracting capabilities, an IPA solution for mortgage processing system can reduce document handling time by 97%. Moreover, with humans in the loop, any confusion caused by inconsistent data can be resolved much faster, increasing loan processing capacity by 70%. Unlike RPA, IPA requires one-time training and can seamlessly be integrated with pre-existing tools.

  • Faster Customer Onboarding

Customer onboarding is a multi-layered task. Onboarding a single client involves loan application forms, tax returns, identity validation, W-2s, credit verification and much more. RPA would require a hefty investment for reconfiguration for each data type. However, democratized and low-code IPA solutions do not require IT professionals; business users can train the system and manage it.

AI along with Machine Learning allows your system to learn new and unique data types and integrate them swiftly. Intelligent mortgage automation can extract key data-points from various documents and compile them into spreadsheets. After extraction of relevant data, the solution feeds them to a downstream system enabling end-to-end process automation.

With an IPA solution, your customer onboarding is accelerated, resulting in a satisfied customer base. Moreover, human-error is completely eliminated, as your digital workforce doesn’t require any rest and can work 24×7.

  • KYC Automation

Know your customer (KYC) regulations are rapidly becoming a norm in every financial organization. Non-compliance with KYC regulations can cost your company heavy fines and taint its reputation. Similar to customer onboarding, KYC regulation requires validation of various documents from disparate departments. IPA can work in a automate this process, providing relevant data to your employees for faster customer service and efficient workflows.

  • Effective Compliance Regulation

Finance organizations are expected to demonstrate 100% compliance to government regulations. You can deploy your intelligent mortgage processing solution to perform these high risk-management assessments. This will also allow you to cut labor costs on private accountants and compliance officers.

Furthermore, with London Interbank Offer Rate (LIBOR) due to be phased out by the end of 2021, banks and financial services must track-down any and every loan reference to LIBOR. Additionally, banks in certain countries need to comply with anti-money laundering regulations. Employing a team to process thousands of documents is not going to be very cost-effective or accurate. IPA on the other hand can perform the same task much faster, with zero manual intervention, lower capital, and with accuracy as high as 99.99%.

  • Gain Actionable Insights

In addition to these IPA can also provide you with weekly analytical reports to examine your workforce productivity and workflow efficiency, as well as weekly trading updates for strategical implementations. IPA can also act as a financial advisor for your accounting team, helping them to be more productive and insightful. IPA helps your company to grow its revenue without growing its expenses.

  • Reap ROI from Operational Improvements

In a recent survey more than 56% of bankers said that it was the manual collection of data and subsequent back and forth with the client that was the biggest challenge in mortgage processing. Manual processing also creates massive backlogs causing delays in mortgage processing. This can be completely eliminated by deploying IPA for your mortgage processing. The complete solution can be built and deployed in 4-6 weeks, saving you a lot of time and capital. When implemented for feasible use cases, it typically reaps triple-digit ROI.

If you are interested in exploring other aspects of IPA that can benefit your enterprise, you can read about Accelerate Mortgage Processing with Game-Changing Intelligent Process Automation (IPA) Solutions. Alternatively, you can also read How Intelligent Automation is Transforming Mortgage Processing

 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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