Revolutionising bank loan processing and customer experience with Zoho RPA
Today, banks are dealing with a massive influx of loan applications. In these overwhelming times, Zoho RPA can assist banks in verifying and confirming client details across various systems. This seamless coordination ensures that payments are disbursed on time, relieving stress for both clients and banks alike.
The Unmatched Capabilities of Zoho RPA in Loan Processing
One of the unique advantages of leveraging Zoho RPA for bank loan processing is its ability to automate complex, rule-based tasks across multiple systems without the need for extensive custom coding.
Zoho RPA can mimic human actions within digital systems, navigating through various applications and interfaces just like a bank employee would. This capability allows RPA to handle tasks that involve interacting with legacy systems, web portals, and desktop applications simultaneously, orchestrating the loan processing workflow seamlessly.
How Zoho RPA can help automate the manual steps in Loan Processing
Let's dive into the end-to-end process of processing bank loans that involves several stages as below.
Stage
Without Zoho RPA
With Zoho RPA
Application Submission
Customers submit loan applications through online portals. The bank employee transfers it into the bank's system manually.
RPA bots can automatically extract information from online loan application forms and enter it into the bank's systems, eliminating the need for manual data entry.
Initial Assessment
The bank employee reviews the applications to ensure they are complete and meet basic eligibility criteria.
RPA bots can review incoming loan applications to ensure basic eligibility criteria, flagging any incomplete or ineligible applications for human review.
Credit Check
The bank employee conducts a credit check on the applicant based on the bank's database to assess their creditworthiness and risk profile.
RPA can retrieve and analyse applicant credit scores and history across multiple applications, automating the credit checking process.
Verification of Documents
Supporting documents such as income statements, identification proofs, and collateral details are verified for authenticity and accuracy.
RPA bots can verify supporting documents uploaded by applicants, cross-referencing them with internal databases, and flagging any discrepancies for further review.
Underwriting
Loan officers evaluate the applicant's financial situation, credit history, and collateral to determine the loan amount, interest rate, and terms.
RPA can calculate debt-to-income ratios, and determine loan eligibility based on predefined rules and criteria.
Approval or Rejection
Based on the underwriting assessment, the loan application is either approved or rejected.
RPA can automatically generate approval or rejection emails based on the assessment, with customizable email templates and dynamic content.
Monitoring and Service
The bank employee skims across multiple applications to monitor the loan repayment schedule and sends out communications as needed throughout the loan term.
RPA can continuously monitor loan accounts for anomalies, flagging such accounts for follow-up and triggering automated customer communications as needed.
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Learn moreFrequently asked questions
What is Zoho RPA?
Zoho RPA is a cutting-edge solution that automates manual, tedious, and repetitive tasks to streamline processes and operations. By connecting a vast array of modern and legacy applications, it's designed to redefine how you approach automation.
What are the benefits of Zoho RPA?
Strategic automation: Let bots handle manual, repetitive tasks, allowing your team to focus on other, more important initiatives.
Seamless integration: Connect with a vast array of 850+ modern and legacy applications.
Scalability: Grow your automation capabilities in line with your business needs.
What are the key features of Zoho RPA?
- Web automation
- Windows automation
- Excel automation
- Files & Folders automation
- API cloud services integration
- Deluge custom functions
- Powerful Windows and web-based recorder
What primary target processes are suitable for RPA automation?
Zoho RPA can automate four types of primary target processes:
- Manual
- Repetitive
- Rule-based
- Processes with low-exception-rate