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Colleagues in retail loan administration had to perform the steps of loan application, approval and disbursement largely manually in various banking systems. As the number of incoming applications changed rapidly, they often had to be processed with overtime work.
Robots gather the data and documents related to the application from banking systems and external databases for credit scoring. Once the loan application is approved, robots open the customer’s account, configure and schedule the loan, generate the contractual documents, and disburse the loan if necessary.
Loan administration workload has been significantly reduced and overtime has been eliminated. A total workload of 25+ FTEs have been freed up by several robots. Loan turnaround time was reduced by 20-60%.
