Our client is a private lender offering financial services in form of sanctioned loans to small and medium enterprises and for other business initiatives. It believes small businesses are the driving force for today’s economy and providing them with relevant and tailored financial help would allow these small enterprises to thrive more in their business. The organization is registered with Small Business Administration (SBA) which runs the Paycheck Protection Program to allow small businesses to operate without affecting the workforce. The goal is to streamline the entire loan disbursal process so that the once traditional manual system will be replaced by an automated system augmenting human operations.
As a part of its initiative to serve small businesses with financial assistance through an accelerated and automated loan processing system, the company was quick to develop an online credit platform providing customers with easy access to loan products of their choice. However, easy accessibility to credit platform meant a lot of loan applications which kept on proliferating day by day, resulting in unwanted backlogs. Also, the company’s goal of automation was getting difficult to achieve, with most of the loan workflow ranging from underwriting to validation being done manually. This made the entire process tedious, error-prone, and time-sensitive.
The company was keen to work with an automation partner which would bring their innovative lending strategy to life using cutting edge technologies. AQL Technologies was the first consultant approached and very soon AQL’s RPA technology became a critical component of the company’s credit system.
In a short span of time, AQL monitored the entire loan system and identified key areas for automation. An end-to-end automation process was articulated to enable business owners get relevant funding based on their eligibility and requirement.
Robotic Process Automation services based on Microsoft Power Automate included the following:
- Extract data from customer portals and update the client’s database and assessment calculators.
- Automatically flag application files for missing fields and send back to borrowers for updating while notifying credit department for rework.
- Extract customer’s credit data from various sources like company registers, credit databases, accounting software, etc. and transform it into insights used by a predictive model built using Azure ML studio and Power BI.
- The predictive model provides a 360–degree view of customer’s performance and creditworthiness by evaluating real time business and cash flow data along with historical financial and credit data.
Apart from automating key processes like pre-approval, underwriting, credit decision making, etc., AQL’s Robotic Process Automation strategy also helped the company develop accelerators to automate risk and fraud assessment, validation, email notifications, and other repetitive tasks.
AQL’s Robotic Process Automation services was efficient and agile enough to provide a complete return on investment within one year. With a unique and fully automated loan management system, the company has now become the game changer in lending industry. Business owners can now apply for desired line of credit by just providing personal and business details, instead of wasting time discussing with credit advisors.
RPA has helped the company gain 100–fold improvement in loan processing time, thus meeting customer expectations in getting tailor made loan products offered with a hassle-free process.
“Partnership with AQL has helped us scale our business and we are now growing by almost 200 percent every year. While our aim of empowering small businesses is now being achieved at a faster rate, we are looking forward to more ventures with AQL on RPA services.”
MD, Loan Management Department