Join our FSI AI Event on March 19th, 2024 at Google Zürich

Mortgage process: the biggest problem of a bank and how they can solve it

For a bank, customer centricity is essential. The danger, however, is that too many resources are used for this purpose and the condition of back-office systems is pushed into the background. Outdated systems quickly lead to manual interventions and block relevant business processes. One of these is the mortgage process.

To prevent this from happening, automating the mortgage process is critical. This requires a powerful automation solution. Intelligent Document Processing (IDP) offers significant advantages to free banks from their biggest problem.

TL;DR

Banks are integrating powerful Intelligent Document Processing for efficient automation of their mortgage process and to engage their employees in value-added, customer-centric work.

The biggest problem of a bank: legacy solutions

A bank’s biggest problem is using legacy systems and solutions to automate its business processes. The mortgage process is no different. Several factors of a legacy OCR solution lead to problems:

  • Manual processes instead of automated ones: Legacy solutions cannot handle the wide variation of document types in mortgage applications. The same is true for potentially poor quality scans or uploaded photos: Traditional OCR solutions are too weak to read the data from them. The result: manual data entry by bank staff instead of automated processes.
  • Expensive setup for new document types: Legacy solutions are hugely inflexible. This is poison for any automation process, including the mortgage process. The mortgage application includes a large amount of document types that a bank must process. With a legacy solution, this means extensive and expensive setup and training time – and that’s for every single new document type.

Powerful IDP: The biggest benefits for a bank

Accordingly, banks need more powerful solutions to automate the mortgage process. By combining various AI technologies, IDP is an extremely robust solution. And thanks to its easy integration into existing application environments, even this is not a problem. IDP brings clear benefits to a bank for automating its mortgage process:

  • Bank-specific document types, out-of-the-box: More than 75 bank-specific document types are pre-trained and ready to use.
  • 3.5x lower costs: Thanks to the large number of standard document types, costs for use cases are up to 3.5x lower than with legacy solutions.
  • 1.5h less effort: With IDP, the effort for bank employees is minimized by about 1.5h per mortgage application. This makes a huge difference across multiple customers, providing the best scaling opportunities.
  • More time for customer-centric work: With the efficient automation of the mortgage process, resources are created that banks can invest in customer-centric work instead of manual data entry.

Follow us on Linkedin to get the latest IDP News.

Related Posts