80% Reduced Processing Time in Mortgage Lending Quality Assurance
Reduce overhead costs, mitigate risks, and improve employee satisfaction.
Reduction in processing time
A large global bank's UK sales quality (SQ) team had responsibility for reviewing the sale of financial products to ensure regulatory compliance. These checks were only being conducted on a sample of 10-15% completed sales, and the team of 120 reviewers needed to look at more than 10 different data sources to find and extract the necessary information to complete their audit. Each review took approximately 90 minutes to conduct.
Due to the limited capacity of the bank's workforce and the burden of tedious repetitive, mundane tasks, the entire process was slow, costly, and error-prone. The bank's sales quality team faced many challenges:
1. Accuracy risk
Various forms of data such as PDFs, images, etc. cannot be processed by traditional Automation software. Only 20% of the SQ data is in a structured format, while the rest is unstructured and manual processing. This can lead to inconsistencies and potential oversights from human error.
2. Operational inefficiency
Process is slow, labour-intensive and costly. Feedback loops are long and delayed.
3. Compliance risk
Only a small portion of reports are checked because of limited human resources, resulting in uncorrected faults and errors in unchecked cases.
4. Complex regulatory environment
Regulation change frequently and it is hard for manual processes to adjust and keep up to date. Cost of non-compliance is becoming untenable due to heavy financial fines, reputational damage, and long-term client-avoidance. "
Our solutions handle document-based business processes by automating repetitive manual tasks, allowing employees to gain precious time, mitigate business risks, and reduce overhead costs.
To streamline mortgage processing and propel efficiency, our Intelligent Document Processing solution was able to extract and processes 100% of payslips and bank statements instead of just a sample set to complete the audit.
This resulted in 100% of the cases being checked at an accuracy level of up to 95%. We also decreased processing time by 80%, allowing post-sales checks that once took 2 to 3 weeks to be done in 1 hour at the Point of Sale.