Digital Transformation has always influenced the banking industry in a big way. It is evident from a recent survey – IDC Financial Insights that 1/3 of the IT budget in most of the banks are dedicated in achieving digital transformation in the coming years. Technology is at forefront, shaping the industry and enabling it to meet the needs of the clients. Robotics Process Automation (RPA) is gaining popularity and is being increasingly leveraged by every industry worldwide including the lending industry with no exception.

Automation is already a known facet in the banking industry, however it is only limited towards automating some of the routine and repetitive tasks within the core system. To take things further, lenders can look at RPA to assist them towards excellence. The lending scenario has become complex as customers look for fast, seamless and hassle-free access to loan products and services at their preferred time, place and channel of their choice. Hence, Lenders are using different tools and processes to upgrade the level of efficiency. The adoption of RPA has helped lenders gain competitive advantage in loan origination process and also to earn customer loyalty.

Automation provides consistent and reliable data flow for the loan origination process. It also speeds up the overall processes while delivering strong audit and control benefits. For instance, mortgage lending is an ideal candidate for Robotics Process Automation. Mortgage fraud check is a sub-process which can also be automated. Mortgage fraud is increasing and there are several measures that are being adopted by the lenders to mitigate losses due to fraud. Lenders are using a Loan Origination System which interfaces with the fraud detection applications, enabled with predictive analytics in order to know the tendency of the risk of a given loan. These fraud alerts are typically reviewed by a group of staff which consumes a lot of time. Thus, RPA can be assigned to handle activities such as accessing external websites and capturing detailed information of the borrowers, logging in and out of web portals and updating relevant systems; thereby producing results which are more reliable and free from errors.

The challenges that lenders are facing today is the rising level of cost and achieving client satisfaction has become imperative to market survival. RPA is considered as an indispensable technology factor to assist the lending industry on its journey towards meeting and exceeding the customer’s expectations.

Partnering with NanoBNK

NanoBNK is known for being keen on innovation and has always been up-to-date with the latest trends in the financial sector. Our company provides tailor made RPA solution for companies of different sectors. NanoBNK partnered with Automation Anywhere and WorkFusion for RPA and also provide proper guidance to its clients throughout the whole process workflow.