The financial services industry has been riddled under cost pressure to complete processes efficiently, but numerous manual tasks such as translating documentation requirements into emails and tracking items on paper forms, has made it very challenging. In turn, the cost of these manual processes and inefficiencies are borne by the customers in the form of increased fees and costs. Digitization has transformed the processes and given the power to simplify the process, and processes in themselves have been vastly reduced with the help of new age technology, such as Robotic Process Automation (RPA)
RPA reduced costs by removing manual processes, which also adds immense value to customers and employees. Error free processes that move along quickly, without any dependence on human capital, ensures human capital is utilized in higher value activities that drive sustainability of growth and improvement of experience.
The industry is focussing on bringing down traditional business process outsourcing with RPA bots. Understand specific usecases where RPA bots stand to solve challenges around time and accuracy.
RPA has various uses across the mortgage lending industry, ranging from fraud check, loan user assignment to vendor billing reconciliation. Here, we take a look at 3 of the many uses Bots have been implemented for, across the industry.