Leading US Lender

US Mortgage Services
Top 20 Mortgage Provider

Industry: Banking / financial services

22%

Reduced errors rates

40%

Improvement in Card uptake

42%

Activation Rate achieved

98%

Data sources engaged for trigger management

The Client

Our client is one of the few leading full-service lenders specializing in providing Auto & Housing Loans to customers and corporations all across the country.

The Challenge

The client was stuck in a paper-based legacy loop. They collected customer source information in paper documents for KYC and credit scoring at an organization's office, retail showrooms, and at the customer's location. The client was facing issues handling the data in its current form and wanted us to digitize their documentation process to handle and analyze large amounts of data for -

Efficient processing of loans with faster turn around times.
Minimizing errors in the 300-item checklist used for quality control (QC) for their mortgage operations team.
Enabling their team to focus on more meaningful work by focusing on fewer tasks throughout the mortgage process.

Solutions Provided

We digitized the documentation process OCR (optical character recognition) and ICR (intelligent character recognition) technologies and implemented digital forms for future uses.
We identified 60 error-prone tasks within the 300-item QC checklist and automating them using SAP S/4HANA like technology system.
We used Hadoop to structure the unstructured data to bring it into a relevant format.
We identified 60 time-consuming tasks and implemented automation to handle them.

Brand Impact

The implementation of OCR and ICR technologies streamlined the documentation process and increased efficiency by 27%.
Our documentation solution helped increase activation rates by 42%.
Our technology system reduced errors by 22%.
Our Robotic Process Automation reduced manual work for the mortgage operations team by 20%.