RPA or digital automation, as it is commonly called, can not only fulfill the customers’ needs but also helps lenders improve the loan origination process in order to offer them new opportunities for growth. The technology uses software robots to automate business tasks involved in loan origination processes like document filing and routing, email reminders, notifications, data synchronization, etc.


Integrating RPA tech with Enterprise Automation platforms allows lenders to build workflows and automate processes from start to the very end. Commercial lending businesses can not only streamline disparate systems but provides consistent and reliable data flow for all stages of the loan origination processes too. RPA accelerates loan origination at the lender’s side as well as delivers robust audit and control benefits.Here is an insight into ways how Robotic Process Automation can help lenders gain a competitive advantage through streamlining loan origination processes:


Streamlined Workflow of Origination Processes: Using robotic process automation ensures faster, better defined, more reliable workflows. Thanks to RPA, lenders can automate tasks like data entry, document routing, task assignments, or email notifications and speed them up for their own benefit and that of their customers.


Right from origination to the loan underwriting and post-closing processes, a digitized processing system can capture data electronically, index it, and route them to desired channels for the benefit of the business. The business can also automate the workflows for specific repeatable procedures to ensure consistent processing and for faster turn-around times in origination.


Quicker Loan Processing: Using automation not only saves money for a lending business by cutting back-office overheads and reducing human errors but also enables more loans to be processed and disbursed in a shorter time duration. With quicker loan processing, customers get the privilege of access to instant loans.


RPA in loan process

Transparency in Loan Origination and Processing: Robotic Process Automation of the lending process makes the task of data collection simpler than it ever has been. Lenders often counted on manually looking for documents to find out its process status used to be a taxing task for employees. At the same time, the borrowers remained clueless about the progress of their loan application. An automated document management system caters to the vows of both the lenders and the borrowers by bringing in transparency to the system. Furthermore, the analytics gathered from processes help lending firms make better decisions and gain an edge over the competition. RPA ensures the diminished risk of data compromise, which could happen, with manual manipulation of customer information too.


Quality Customer Service: With RPA, businesses enjoy a steep upsurge in their customer management and customer satisfaction, as they deliver convenient, personalized customer experience in a very timely fashion. Various enterprise automation tools make it possible for lenders to provide their customers with portals. These portals can be easily configured and customized in the most efficient way to suit the needs of the customers.


The use of an electronic signature that RPA brings along allows users to sign electronic forms online and bring massive convinces. Not only do electronic signatures reduce paper and mailing costs for businesses, but they also save time by giving a distinct time-to-close advantage. RPA tools ensure that inconsistencies and delays that come with manually collecting financial data and other mandatory customer information can be mitigated for the benefit of the business.


Automated Regulatory Compliance: Commercial lending businesses are facing a daunting challenge of complying with increasingly stringent regulatory compliance standards. Various regulatory agencies and legislative bodies have issued guidelines that need to be adhered to while offering loans to the needy. Lending businesses need to focus on specific areas like enhancing contract discipline and defining better processes around compliance in order to sustain in the highly regulated markets today.


Robotic Process Automation helps businesses employ more effective and robust compliance strategies. RPA software platforms use “virtual robots” to manipulate existing application software in the same way that it is done manually. In addition to performing a particular function, in the same way, every time, using RPA provides a well-documented and sustainable audit log of activity at the lender’s edge.