Traditional lenders often sort through dozens of documents before finalizing a loan. With workflow automation software, the process becomes far more efficient.
Investing in automation makes everything from verifying financial data to organizing crucial information much more accessible. When freed from managing small details, you’ll have more time to devote to work that matters.
These advances were born from an explosion in the broader field of business process automation. What started as analysis has evolved into a sophisticated system using artificial intelligence (AI) and machine learning (ML).
The improved efficiency has led to faster loan cycles, allowing lenders to approve more loans in a comparable time frame. Automation streamlines communication between lenders, borrowers, and other stakeholders.
What is workflow automation?
Workflow automation is a business approach that relies on software tools and processes to automate manual tasks and facilitate the flow of information. The workflow gets organized according to the business’s needs.
Every organization can benefit from workplace automation. Studies show that most small business employees spend time on repetitive, simple tasks they can easily automate.
How is workflow automation used in the lending industry?
Workflow automation in lending helps organize documents and data. The tools have grown so advanced that businesses can file different document types in seconds. Pre-sorting is no longer necessary.
However, indexing documents isn’t the only use for automation. Implementing AI software also improves accuracy. Tasks that should get automated in lending include document management, data entry, risk assessment, and fraud detection.
How is automation improving workflow efficiency?
Automation lets lenders process loans with fewer resources. A single lender armed with workflow automation software can work faster than a small team relying solely on manual efforts.
Automation leads to scalability. Kapitus, a prominent fintech lender, turned to Ocrolus’ AI-based system when their application volume grew. Ocrolus took over all manual data entry tasks, allowing employees to focus their time on more complex and rewarding work.
Workflow automation vs. robotic process automation
Robotic process automation (RPA) is designed for repetitive, rule-based tasks. You might use an RPA bot to automate a specific job.
Workflow automation, however, encompasses every automated task. The software orchestrates each loan process step, even integrating and managing your RPA bots.
How does Ocrolus help to expedite lending workflows?
Ocrolus is a workflow automation platform that parses and extracts data from loan documents. Our human-in-the-loop verification process helps ensure that decisions are as accurate as possible with fewer errors and faster turnaround times.
The end result is a superior lending workflow.
As a modern lender, you can’t afford to ignore automation. If you do everything manually and AI aids your competitors, you’ll find it extremely difficult to keep up. Workflow automation lets you work faster, smarter, and more accurately.
Expedite your lending processes with workflow automation solutions. Book your demo of Ocrolus today.