Loan origination is one of the most important steps in Commercial Lending, and Robotic Process Automation (RPA) is here to ease it for both lender and borrower.
Commercial lending is one of paper-based and process-intensive businesses that has lots of people involved in one workflow: origination teams find the deal, underwriting teams deal with the numbers, credit teams opining on probability of default, legal teams working on loan documents and, finally, operations teams undertaking the monthly servicing of the loans for a period of anywhere from one to ten (or more) years.
Where RPA can be used in loan origination process?
- Filling out forms, fast and error-free results
- Process scanned documentation using OCR
- Automated email reply helps with email overload
- Daily/Weekly reports about performance at work, etc.
Benefits of using RPA in loan origination process
- It does not require any IT infrastructure changes or upgrades.
- Implementation takes several days, not weeks or months.
- RPA bots are easy to adjust. If needed, they can be installed or updated in a couple of days.
- Error-free results.
- Receiving documents by email automatically
- Data can be processed in the night time even without the participation of people if scheduled
- After the process is finished, the robot can be used for other tasks
To learn more about the use of RPA in banking operations, reach out to our automation experts.