A regional online bank leveraged the UiPath Robotic Process Automation (RPA) tool and ValueMomentum technology services to build software robots to automate lending operations, increase efficiency, expand business relationships, and future-proof its technology investments.
The bank wanted to streamline its inefficient farm equipment loan and Paycheck Protection Program (PPP) loan processes, which at the time required a team of 10 operations analysts and a Product Manager to manually process loans. As a result, loan processing, Master plan, and Associate plan creation was not only laborious, but also inconsistent with an error rate of almost 20%. Moreover, the loan process was often delayed due to the need for human intervention in the coordination and monitoring of bank processes.
Tools and Technology
The bank partnered with ValueMomentum to develop an RPA-based solution to replace the company’s manual and rule-based processes. The solution would allow the bank to automate the manual processing of loans, as well as the creation of master plan and associate plans for farm equipment loans. By leveraging a third-party API, the bank also gained the capability consolidate daily loans, fees and report generation related to the PPP loan process.
The company attributes the success of the project to the collaborative nature of the project. The bank also notes that ValueMomentum’s partnership with UiPath allowed for effective and efficient use of the UiPath tool and related technologies.
The project significantly increased enterprise-wide speed of execution, reducing manual effort by up to 90% and handling time by up to 95%. By automating and standardizing internal processes related to Farm Equipment and PPP loans, the bank was also able to improve compliance, speed up processing, and enhance accuracy. Moreover, the bots resulting from this project can be leveraged to automate and drive value to other processes at the organization.
By automating and standardizing internal processes related to Farm Equipment and PPP loans, the bank was also able to improve compliance, speed up processing, and enhance accuracy.