How to Drive Digital Lending Transformation Through RPA

digital lending journeys, retail lending, corporate lending, credit assessment, credit analysis, E-KYC,  robotic underwriting, digital LOS, loan origination system, risk modelling system, risk rating platform

The laws of physics state that if you move fast, you tend to break things.

In an age where digital is becoming eponymous with speed, financial services are relying on Robotic Process Automation (RPA) to make processes stronger and faster for seamless digital lending journeys for loan origination system.

RPA helps relieve repetitive human efforts related to back end operations and simplify complex calculations with machine learning and AI driven risk modelling system & risk rating platform.

The 5 ways RPAs help drive digital transformation in digital lending journeys in credit assessment for both retail lending & corporate lending are listed below:

1. Seamless Integrations-

Integrations between multiple systems are crucial for smooth business operations. Robotic Process Automation (RPA) & robotic underwriting can be used in integration engines to identify patterns in integration jobs for faster execution. Visual integration designers to simply drag, drop and execute the intended lending processes related to loan origination system without hardcore coding, thus saving almost 70% efforts and resources. RPAs can easily automate complex integration jobs for retail lending & corporate lending.

2. Robotic Underwriting-

Lending thrives on accurate underwriting. RPAs can enable lenders to embrace tighter risk management without affecting higher disbursals through effective risk modelling system & risk rating platform. Automatically underwriting applications based on predefined parameters along with integration with rating agencies gives an accurate portrait of a borrower’s credibility. RPAs peppered with AI analytics can identify borrower data patterns from multiple sources for automated credit assessment.

3. AI powered automated approvals-

RPAs can automate approvals according to pre-defined business rule engines. This is particularly useful in an age where instant gratification is a habit for customers. AI driven insights can quicken decision making. Conforming applications in case of loan origination system can be automatically approved while the deviant ones can be fast tracked through relevant authority.

4. Handle Deviations-

Deviations are part and parcel of any process. Handle them right and your processes became stabilized. Handle them wrong and the impact can be substantial. RPAs can set up real time alerts and status as part of robust deviation management. RPAs thus helps significantly reduce manual interventions for retail lending & corporate lending.

5. Simplifying compliance-

RPAs can automate access to confidential customer information uploaded through e-KYC and provide role based access to crucial insights. It can be employed to quickly improvise and peruse information for proactive prevention of fraud.

Configuration of smart analyzers for risk identification both internally & externally through widgets helps lenders to be well informed about emerging risk in the credit assessment process for retail lending & corporate lending for seamless digital lending journeys. Effective stress testing by conducting intelligent sensitivity analysis through data analytics has helped with early warning triggers on specific criteria.

Automation advances and traditional lending are diverging. Robotic process automation & robotic underwriting helps them to converge on a unified digital lending platform.

ORIGINATIONNEXT, a digital lending platform with digital LOS capability & E-KYC feature, uses an object oriented approach through smart visual process designers by understand underlying data models and patterns. It brings together the process flows, intelligence and automation through AI and robotics through effective risk modelling system & risk rating platform, to deliver real and smart automation.



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