Transform your business operations with OpenBots Business Centre and Studio.
June 11, 2024 | 2 min read
OpenBots Business Center and Studio Automation Optimize ‘New Loan Edit’ Workflow, Reduce Processing Time by 70%
- Industry: Banking
Region: Americas - Department: Mortgage
Products: OpenBots Business Centre and Studio Platform
- 70%Loan handling speed
- 60%Efficiency improved
- 50%Reduce Time
- 90%Human Errors
Overview
The process begins with the bot retrieving the “New Loan Edit”
and “Loan application” reports from the Shared Drive. It then
compares the corresponding field values in these reports and
populates a tracker with the results. If discrepancies are
found, those are marked as business exceptions and sent to
the correction queue in OpenBots Business Center, with the
booker being notified of these exceptions. Once the
corrections are made, the bot validates the changes and logs
the transaction as complete. The bot then updates the
tracking file, generates a final report, and saves it to the
Shared Drive for audit and future reference.
Challenges
- Manual reconciliation between reports prone to human errors and time consuming.
- Inconsistency in approach to handle exceptions and corrections.
- Maintaining and updating the trackers manually can be challenging.
- Tracking and logging each step can be difficult to provide an audit trail.
- High operational costs due to redundant processes.
- Scaling the manual process is difficult with increasing transaction volumes
Solution
- Deployed OpenBots Business Centre and Studio Platform to optimize the New Loan Edit process workflow.
- Utilized OB Studio to access and retrieve New Loan Edit and Loan application reports from the Shared Drive.
- Automated the process to compare required fields from both reports and update the tracker with results.
- Trained the bot to highlight business exceptions and update the correction queue in OB Business centre.
- Leveraged OB Business Centre for bookers to access, review and facilitate smooth correction workflow.
- Integrated OpenBots with current systems for seamless interoperability, facilitating smooth data exchange and communication.
- Utilized OpenBots RPA to automate repetitive tasks such as data entry and report generation.
Results
Loan handling speed
70%
Increased loan handling
speed by 70%, reducing
average processing time.
Efficiency improved
60%
Efficiency improved with
a 60% increase in overall
productivity.
Reduce Time
50%
Reduced time spent on
data transfer, tracking,
and communication in
teams by 50%, enhancing
overall efficiency
Human Errors
90%
Automation reduced
human errors by 90%,
improving data accuracy
and consistency.
Bot process
Resulted in cost savings
within 2 quarters of
automation
implementation.
Automation repetitive tasks
65%
Automation of repetitive
tasks allowed better resource
utilization, leading to a 65%
productivity gain.
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