Automatically read out documents from mortgage applications with Intelligent Document Processing
According to an SNB report the banks surveyed believe that personal customer service will continue to play an important role in the future. In order to be able to focus on excellent customer service, processes must be automated. One of these is the mortgage processes. To gain a decisive competitive advantage, banks depend on efficient processing of mortgage applications.
To prevent efficiency gaps from widening, banks need intelligent automation for mortgage application processing.
Intelligent Document Processing (IDP) helps banks automate the mortgage process, reduce turnaround times and thus scale applications. At the same time, this also creates enormous value for the applicant, as automation with IDP means real-time processing and thus massively faster loan approvals.
Key insights at a glance
- Build on bank-specific and ready-to-use document types for automating your mortgage process
- Poor quality of submitted documents is not a problem
- Simply set up new document types with just a few clicks
- Redefine your service quality with IDP to further differentiate your bank from the competition
Numerous different document types in the mortgage dossier
The mortgage dossier contains a large number of different document types that need to be processed. Legacy OCR solutions simply cannot cope with this. Instead of automating, they create problems. As a result, employees cannot focus on value-added work and are overwhelmed with manual data entry.
The result with IDP: With IDP, the multitude of different and also complex document types in the mortgage dossier can be processed automatically. Pre-trained and ready-to-use document types make this possible without further ado.
Clear procedure in the mortgage process
For applicants, a mortgage is a major financial transaction. Especially for first-time homebuyers, a clear and transparent procedure is key in the mortgage process. In addition to a process that is as streamlined as possible, individual support and a clear procedure in real time are important.
The result with IDP: IDP allows banks to be able to provide the applicant with a real-time overview of the process. This creates a certain comfort and the so essential trust in your bank.
Scale mortgage applications with IDP
Manual processes are always slow. The large mortgage application dossiers prevent the scaling of applications without the need to deploy hundreds of employees.
The result with IDP: With IDP, scaling mortgage applications is possible for the first time. Instead of mourning slow application processing and missed opportunities, your bank is finally scaling mortgage applications the right way.
Customer loyalty through outstanding service quality
According to McKinsey, the main focus for first-time homebuyers when choosing a bank is an exceptional customer experience. If the mortgage process drags on for several weeks due to manual processing, it is not only annoying for customers, but also anything but a special customer experience.
The result with IDP: Banks can reinvest the resources freed up with IDP directly into service quality. This is likely to be remembered best by the customer. When it comes to a new mortgage or a referral, your bank will most likely be at the forefront as a consequence.