A mid-sized lender realised it needed to speed up its loan process and give clear messaging on its loan offers to its customers to realise quicker revenue. Its customers were frustrated with irrele-vant product offers, excessive time taken on loan formalities and archaic paper driven process with no clear communication on loan approvals.
LB supported to automate loan account generation by leveraging robotics, channel targeted mar-keting through machine learning and cognitive AI tools. There was significant room to automate credit worthiness assessment process and credit decisioning process through AI. Our robotics pro-fessionals identified automation potential in loan booking and funds release processes.
The benefits of automation exceeded expectations and resulted in greater customer loyalty to the bank;