Commercial bank reduces loan application effort by 60% for faster service

Industry : Banking & Finance Function : Accounting and Finance

Company Profile

Super-regional financial services company serving individuals, small businesses, commercial, and wealth management clients, operating in midwest and western United States.

Scope Highlights

  • Working capital/commercial loan applications
  • IBM DataCap
  • DocuSign
  • MS SharePoint
  • Capitalstream CS10 lending management platform
  • Robotic process automation (RPA)

Challenge

Our client provides lending solutions to small and medium-sized US enterprises. A bank relationship manager would meet with a customer to gather data, determine the loan type and outline the necessary documentation. Once all documentation was gathered, the relationship manager scanned documents into the loan underwriting system. This approach was tedious and error-prone for the customer and the loan officer. Leadership sought a streamlined solution to reduce manual work and improve customer experience.

Solution

By reimagining the loan application process with WonderBotz robot-way approach, the client transformed its lending business. Once the relationship manager determines the type of loan, the solution creates and prepopulates a DocuSign envelope for all required documentation. After the customer completes and signs this envelope, the solution uses RPA and IBM DataCap to extract and/or confirm electronic data in Docusign and customer’s documents. All information is entered into the loan underwriting platform.

Results

60% reduction in manual data entry

Improved data quality

Improved customer experience and faster service