RPA in Financial Services: Loan Processing

The banking industry is witnessing powerful changes thanks to digital transformation. With today’s customer-driven landscape, banks and mortgage companies are looking for ways to accommodate the high demands of customers. RPA is the solution for companies to gain a competitive edge and assist them in their journey to achieve excellence. In this series of articles, RPA in Financial Services, akaBot will help you and your businesses explore the power of RPA in different financial processes.

Loan and mortgage management is a big facet for banks and mortgage companies. The mortgage industry is known for being process-driven as well as integrating with a wide variety of stakeholders. According to a survey by Sutherland, RPA accelerates mortgage-related processes by 20% in leading companies. With this promising result, RPA can be adopted to tasks in loan origination systems, fraud check, billing or numerous other routine processes.

Source: Automation Edge

Loan pre-processing

Customers need to submit a plethora of different documents and proofs for their loan application. The employees then manually assess through all of those documents before sending it to the underwriting processor, which is a time-consuming and error-prone process. RPA will provide automatic verification of customer’s paperwork – loan applications, income validation, assets, bank statements, etc., which greatly reduces the processing time and provides customers with better experiences. To further improve the workflow, the robot will ensure all the fields on applications are filled out completely and correctly prior to sending it to the loan underwriter.

Fraud check 

As mortgage fraud is on the rise, banks and mortgage companies are putting more effort and solutions to mitigate the risks and losses. Lenders these days have been submitting requests through loan origination systems (LOS) to determine the risk of the loan. These requests are usually reviewed by a team of analysts based on a given set of rules and accessing external sources to identify the comments and potential red flag of the loan. The analysts then alert the risks, propose the recommended actions and upload the results on LOS. These steps are routine and follow a well-defined set of rules, which make them the perfect candidates for RPA. The RPA robot can automate the majority of these tasks, from accessing external websites to flag down potential risks, record borrowers’ information, and transfer data to the system. This will minimize processing time, and human errors, which effortlessly improve the workflow.

Source: Enate

Loan closing

Closing is as important as any other step during the entire loan process. Loan closing requires detailed cross-checking, reporting, and auditing across multiple applications and systems to ensure everything is correct. Even with an experienced and well-efficient team, the process can be very time-consuming as it involves multiple roles, including loan officers, processors, and underwriters. With the application of RPA, this process can be subsidized hugely as the robots eliminate the need for a human to cross-check all documents and fix the errors, which guarantees a faster processing time and higher customer satisfaction.

These are some cases in which businesses can leverage the capacity of RPA to achieve their goals and witness exponential growth. With a process-driven industry like mortgage lending, RPA has the potential to expedite many processes and tasks, which increase efficiency, reduce processing time, and overall boost customer happiness.


akaBot (FPT) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.

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