Loan Processing for a Major Bank

Client

• One of the leading banks in a specific geographical location.
• The client was interested in establishing a system for data extraction from loan application forms, which were in scanned PDF format.

Business Situation

• The bank wanted to digitize its loan processing system end-to-end. It had systems to perform a client background check, credit history check, and loan processing, but processing of loan application forms were done manually. This manual workflow was required to be automated.

Benefits and Outcomes of Our Engagement

• Faster loan processing helped in processing more loan applications and disbursing more loans.
• Accurate customer information fetched from loan application forms.
• Savings in operation cost by removing manual efforts.
• No dependence on bank staff for manual data entry.

Solution

• SGA created a data extraction solution that extracted customer data from loan application forms, which were in the form of scanned PDFs.

SGA Approach

• SGA’s team of technology experts developed an effective solution based on PDF Data Extraction using Robotics Process Automation, Python, and Textract.

Cost Benefits

• It took an average of 30 minutes for an employee to retrieve data from one loan application form and enter it into the bank’s back office systems - background check and loan processing.
• For 100 loan applications, it took 50 person hours per day.
• Our solution did the same thing in 8 hours.