Businesses in all industries are constantly looking to reduce operating costs. One way to do this is through a type of business process automation known as intelligent automation. What intelligent automation does is take repetitive, routine tasks that humans would typically do and apply machine learning technology to the process automation. This allows the intelligent automation solution to learn how to do these tasks even better.
Automation results in less error and in workers having more time to focus on projects and tasks that help grow the business. In the lending industry, intelligent automation shows a great deal of promise of removing constraints, lowering operating costs, and refocusing employees on less repetitive tasks.
A study from the McKinsey Institute found that companies experimenting with intelligent automation often found that they were able to not only automate up to 70 percent of the repetitive tasks their employees were handling but also able to see run rate cost efficiencies of 20-35 percent.
Benefits specific to the lending industry are also well documented. In a case study from Decisions, a large banking institution saw a reduced risk when it came to highly regulated processes. Less risk and less error are major milestones when it comes to auditing. Additionally, the bank was able to lower development costs by 50 percent and reassign six people to new projects aimed at growth rather than having them focus on basic, routine tasks.
The two areas of the lending industry that see the most benefits from intelligent automation are loan origination and loan management. The reason is simple: These are two areas that are driven by paperwork and process flows.
Intelligent automation allows you to provide a more customized experience for each customer by learning how to be flexible when it comes to the different rules and calculations needed to:
Using a business process management solution that integrates with your existing loan origination software and loan management solution, you can automate all of these workflows and processes. On top of that, you can build rules and workflows to handle just about any process, starting with the loan application all the way through required post-loan tasks—that is, if you have the right business process solution in place.
In order to benefit from any business process management solution, you have to choose one that will integrate with your loan origination and management solutions. Because the goal is to enhance the automation capabilities of your existing solutions—or even handle their tasks altogether—you need an API-driven application that will work with your legacy systems.
The other feature you need to look for is a no-code interface for building automation rules for your workflows and processes. The goal is to increase efficiency. You shouldn’t need to pull development team members off of business-critical projects to write code to automate simple tasks. The right intelligent automation solution will provide you with an easy-to-use interface that doesn’t require any coding knowledge to build forms, workflows, or rules to help you start seeing the benefits of business process automation.
If you would like to read more about the benefits of intelligent automation or would like to keep up to date on the latest information around business process automation and how it helps the lending industry, sign up for our blog. You will be informed of news, case studies, white papers, and other critical information to help you make the most of business process automation in your office.
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