How We Automated Cut Processing Time For a Loan-Providing Institution
Client Overview
A loan-providing institution is required to digitally transform the loan approval process for a lending company that was previously dependent on manual workflows and Excel-based data management.
The Challenge
The lending institution was handling its entire loan approval workflow through manual processes and Excel spreadsheets. This approach not only took more time but also created operational bottlenecks and posed growing risks to the accuracy and reliability of financial decisions.
- Lack of validity and reliability due to human error
- Time-intensive process due to lack of automation
- No visual analytics and real-time tracking system
- to view accepted or declined loan requests
The Solution
The IBV Automation platform was engineered as an end-to-end intelligent lending solution. The development approach followed a structured methodology, from requirement gathering and API integration to automated decision-making and visual reporting.
- Data gathering
- Implement a rule-based decision engine that covers following factors :
- Amount Requested
- Check total income for financial stability
- Loan-to-Income and Payment-to-Income ratios for determining affordability.
- Check credit amount for liquidity assessments to meet short-term obligations
- Conforming loan limit (loan ceiling)
The Result
The successful implementation of IBV automation delivered revolutionary results for the lending company.
- Processing time dropped drastically
- The deployment of an IBV automation replaced 90% of human involvement
- Error-free calculations based on predefined standards
- 100% reliable decision for loan qualification
Technologies
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