Numantra's Loan Application Processing Automation Solution

1. Numantra's Loan Application Processing Automation Solution

2. Introduction: Numantra, a pioneer in hyperautomation solutions, presents an innovative approach to the challenges banks and financial institutions face in loan application processing. With the current manual methods often leading to errors, inefficiencies, and delays, Numantra's solution leverages the power of hyperautomation, anchored by Optical Character Recognition (OCR) technology, to automate data extraction and valida- tion from loan applications.

3. The Problem Area and Functional Issues:

4. Client Overview: Our client, a privately held leading mortgage residential home lender, has successfully helped many borrowers purchase and refinance their homes in the south west region of the United States for the last 20 years. On average, they receive 300-350 loan applications per month, some of which have urgent closing requirements within a couple of weeks. The client grappled with the pitfalls of their manual system: The client grappled with the pitfalls of their manual system: delayed loan approvals and resultant customer dissatisfaction. They sought a forward-thinking solution to streamline loan pro- cessing, aligning with future needs while adhering to industry standards and best practices. The ultimate aim? Enhancing customer experience by reducing wait times and amplifying satisfaction levels. Additionally, it was imperative that the new solutions adhere to industry standards and best practices, ensuring compliance and enhancing efficiency.

5. Pain Points with Manual Processing Manual Challenges: Manual extraction elongated the application processing cycle. data verification and Inefficiencies: Delays: Volume Overwhelm: Handling the sheer volume of daily loan requests manually was an arduous task. Error Susceptibility: Reliance on human input magnified error probabilities, accuracy and compliance. jeopardizing Resource Drain: Committing a significant workforce to manual tasks inflated operational costs and dented profitability. Customer Dissatisfaction: Prolonged processing times and potential inconsistencies customer experiences. soured

6. NuMantra's Solution: NuMantra's state-of-the-art hyperautomation SaaS har- nesses OCR technology to revolutionize loan application processing:

7. 01 Automated Data Extraction: OCR capably extracts data from varied loan application documents, including applicant details, income data, credit histories, and more. 02 Seamless Verification: Automated algorithms cross-check extracted data against established databases to guarantee accuracy. 03 Elevated Efficiency: The automation process slashes data extraction and veri- fication times, ensuring rapid application processing. 04 Cost Efficiency: Citing McKinsey, automating document processing can curtail costs by 60-70%, mainly by reducing manual labor. 05 Enhanced Customer Engagement: By delivering faster, error-free results, the revamped process significantly elevates customer trust and satis- faction.

8. Anticipatory Process Mining: In addition, NuMantra's cutting-edge anticipatory process mining was introduced, empowering the institution to pinpoint and address potential bottlenecks in their loan workflow.

9. Key Takeaway and Future Benefits: Numantra’s automation solution ushers in transformative advantages: