Automation and digitisation are helping increase customer satisfaction, while also reducing costs in all areas of business and administration. This is particularly important for banks when transforming their loan application processing systems.
We spoke to Computershare Communication Services' National IT Manager, Vi Hong about loan automation systems and the benefits for Australia's banking and finance sector – and for their customers.
HOW CAN A LOAN AUTOMATION SYSTEM HELP?
While mortgage loans are the largest sources of revenue in banking, they often have the highest overhead costs and can be cumbersome for both the banks and their customers. Automated processing of mortgage applications, using software to auto-classify and auto-capture data, can increase speed and accuracy, enabling easy document visibility and retrieval, leading to an improved customer experience.
ARE THERE ANY FACTORS TO CONSIDER WHEN ASSESSING AUTOMATED LOAN PROCESSING SOFTWARE?
During the loan application and approval process, documentation including contracts of sale and application forms, often become reshuffled. Digitising documents using solutions such as optical character recognition software (OCR) can cause confusing outputs. The need for manual identification and sorting of documents prior to data extraction also extends the processing time.
WHAT IS DIFFERENT ABOUT THE COMPUTERSHARE SOLUTION?
Computershare's proprietary auto-classification software eliminates the need for manual identification of documents prior to scanning and OCR data capture. We also manage the receipt of paper and electronic incoming information through a digital mailroom that auto-classifies, captures and provides data and image output to any workflow or business system. Furthermore, our system also applies relevant business validation rules to achieve up to 99% accuracy of captured data.
Our technology reduces processing time by automating business processes, reducing costs, increasing data accuracy and getting back to the customer with a response as soon as possible. We have proven experience in processing up to 300,000 loan application document images per day, helping a leading Australian bank to process nearly 1,000 loan applications every day.