- Banking & Insurance
- Operations
RPA ensures correct and in-time loan creation at a bank
Operators at a bank have to create 10 to 15 loans each day. This is time-consuming, due to large inefficiencies in transforming the data and the obliged review by a second operator. We offer an UiPath powered RPA solution that automates creating loans in an efficient, reliable and persistent manner.
Use case: A time-sensitive process of creating loans
Every day at around 16:00, the operations department of a bank receives emails with requests for creating loans. On average, 10 to 15 loans have to be created every day, taking about 15 minutes each. These loans need to be created before the end of the next day, otherwise, the money will not be transferred in time.
Operators transform data from the emails in to a format that can be used by the loan servicing system. The operators do this using an excel template containing many variable look-ups. Then, the operator starts creating the loan in the loan servicing system. The same information has to be entered, in the same field, in the same format, for every loan. When the loan is submitted for approval, a second operator checks all loan information for mistakes. If all information is correct, they post the loan. While the second operator is checking the loan information, the first operator completes the registration form, where they store all information regarding the loan, such as the input files and the payment orders. The person responsible for releasing the payments uses this information to perform the last checks.
This process is highly time-consuming, very repetitive, and error-prone. Furthermore, there are large inefficiencies in transforming the data and in the correctness check by the second operator. This, combined with the standardized nature of the task, makes it an ideal process to automate with RPA.
Our solution: An automated solution for creating new loans
We created a digital workforce using RPA technology to automate the process of creating new loans. Our goal was to resolve inefficiencies in transforming the data and the redundant checks by the second operator. The robot is triggered each day at 00:00 and performs the following tasks:
- Retrieve attachments from emails in inbox
- Transform the data into the format that can be used by the loan servicing system
- Create the registration forms for the loans
- Create and post the loans in the loan servicing system
- Completed registration forms are sent to person responsible for releasing payments
Our robot is able automate the process and save over 600 hours on a yearly basis. Because the robot does not make mistakes, no checks are required to post the loans. This frees up time of the operators.
Our solution is effective, efficient and reliable. Workers can stop wasting time on manually creating and checking loans and refocus on work that matters.
