IDP in the Credit Office for more efficient processing of credit applications
More than ever, banks and financial service providers need to question the status quo in their credit office. The detailed review of credit applications is one of these processes that is still based on paper-heavy and manual workflows. The goal is to minimize manual work and make the processing of financing and mortgage applications more efficient according to compliance regulations.
50+ document types in the credit process for private customers that banks and financial service providers in the credit office have to process in a timely manner – a powerful automation solution makes perfect sense here.
The high volume of document types to be processed in the financing and mortgage process as well as the complex and unstructured formats require an intelligent automation solution. Intelligent Document Processing (IDP) comes into play in the credit office.
Facts: IDP in the Credit Office
- 5x faster turnaround times thanks to automated processes = significantly improved customer experience for the financing and mortgage process
- Minimum 80% straight-through processing = significantly less manual intervention in the Credit Office, data available faster for review
- Standard document types for the Credit Office = 3.5x less cost for implementing use case requirements
Experience values as reference
When it comes to investing in a new capture solution such as IDP as a bank or financial services provider, several issues play an important role. You are looking for IDP solutions that can demonstrate industry-specific experience values. The following points, among others, are of key importance:
Compliance: In the credit office, it is essential that all processes are checked in detail and documented properly. Data security and compliance are mandatory.
Realized automation projects:** Similar projects in the banking and financial sector, where the IDP solution has already been successfully implemented in the Credit Office, serve as an important reference.
USP: What differentiates the IDP solution from competitive offerings? What are specific strengths of the IDP solution? What are other qualitative facts? What makes this IDP solution so reliable for the Credit Office?
Automation in the Credit Office with IDP
For a detailed review of the loan application in compliance with regulations, a large volume of document types with an even larger volume of data must be processed in the Credit Office. IDP helps to recognize, classify, extract and store all significant data from the various documents in the mortgage dossier in a structured form for further use.
Banks and financial service providers can thus use IDP to automate important process steps in the credit office and accelerate the entire financing and mortgage process. Among other things, IDP helps to:
- Evaluation of the property: All key data of the property are read out automatically. Checking the standard value of the property.
- Internal matching: In an internal matching with the system, the value of the property is estimated.
- Credit application check: All relevant data from the documents in the mortgage application of the private individual are read out automatically.
- Viability: Is the property viable for the individual, can the loan be approved?
- Evaluation: Is the loan worthwhile from the perspective of the bank or financial services provider?