Revolutionize your business operations with OpenBots Business Centre and Studio.
June 11, 2024 | 2 min read
Leading Mortage Firm Achieves 80% Increase in Loans Handling Speed with OpenBots RPA Solution
- Industry: Banking
Region: Americas - Department: Mortgage
Products: OpenBots Business Centre and Studio Platform
- 80%Increased loans handling
- 70%Improved efficiency
- 60%Reduced time spent
- 70%Reduced human errors
Overview
The Mortgage New Loan Edit process, an important
component of the mortgage industry, was affected by
manual reconciliation, which was prone to human errors
and time-consuming. To address these challenges, a
leading mortgage company leveraged OpenBots Business
Centre and Studio Platform to reform their Mortgage New
Loan Edit process workflow. This innovative solution
automated the retrieval of Cognos reports from a Shared
Drive and generated the Mortgage New Loan Edit report
using Encompass APIs. The bot compared field values
from both reports and updated a tracking file to identify
business exceptions. Discrepancies were then sent to the
Correction Queue in OpenBots Business Centre, notifying
the booker for corrections. Once corrections were
completed, the bot validated the changes, logged the
transaction as complete, and updated the tracking file.
Challenges
- Manual reconciliation prone to human errors and time-consuming.
- Inconsistent approach for handling exceptions and corrections.
- Maintaining and updating trackers manually was challenging.
- Difficult to track and log each step for an audit trail.
- High operational costs due to redundant processes.
- Difficult to scale as transaction volumes increases.
Solution
- Deployed OpenBots Business Centre and Studio Platform to reform Mortgage New Loan Edit process workflow.
- Utilized OB Studio (Encompass API Commands) to access and retrieve Mortgage New Loan Edit and Cognos reports from Share Drive.
- Automated the comparison of required fields from both the reports and update the tracker with results.
- Trained the bot to identify and highlight business exceptions.
- Use OpenBots Business Centre to enable bookers to access, review, and manage corrections.
- Integrated OpenBots with existing systems to ensure seamless interoperability and efficient data exchange.
- Leveraged OpenBots to automate repetitive tasks like data entry, reconciliation, and report generation.
Results
Increased loans handling
80%
Increased loans handling speed
by 80%, reducing the average
processing time.
Improved efficiency by
70%
resulting in increased
overall productivity
Reduced time spent
60%
spent on data transfer, and
communication by 60%,
enhancing overall efficiency.
Reduced human errors
70%
resulting in increased
overall productivity
Automation repetitive tasks
70%
allowed better resource utilization,
leading to a 70% productivity gain.
Maintained a detailed audit
trail, ensuring compliance.
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