HYPER EFFICIENCY IN CREDIT ASSESSMENT
Team Navrik developed BOTs that significantly reduced manual intervention in the Credit Assessment Process for a Non-Banking Finance Company
Credit approval process requires the credit officer to gather several parameters from Credit Bureau Reports, Personal Discussion and Bank Account Statements. Timely and accurate collection of these data points is vital to maintain a high degree of operational efficiency.
In case of this Non-Banking financial company, due to high volumes of the loan applications, the assessment process for each customer had a high TAT with low accuracy.
Management opined that to increase operational efficiency it was imperative to deploy a technology solution. That's when the decision to develop BOTs was taken.
After getting the mandate to deliver the BOTs, the Navrik team first developed a BOT strategy to ensure the delivered solution was optimized in terms of cost as well as performance . Thereafter, the delivery team set about the task of developing the solution.
UiPath's functional capabilties were used to extract relevant data from the statements in the physical and soft copy format. The extracted data was analzed to provide tangible insights for the operating teams.
The BOTs ensure the accuracy of the data extraction was approximately 95%.
The Project will be delivered in phases. The first phase has been delivered wherein the validation of the solution using organization's data was done. On the successful completion of the 1st phase we have now moved to the 2nd phase in which the BOTs are being in the organization's business processes.
In the 2nd phase, an extensive study of the organization's business processes was done. Thereafter, the 'To-Be Process' map was prepared identifying the exact stages where the BOTs will be triggered and handshake with the manual processes.
The BOTs are on their way to deliver immense to the customer by reducing the TAT on the assessment from 4 hours to 20 minutes, allowing the operations to scale-up the business.