RPA in mortgage lending involves automating repetitive tasks within the mortgage process using software robots. These robots can handle tasks like data entry, document verification, and compliance checks, streamlining operations and reducing errors. RPA enhances efficiency by completing tasks faster than humans and enables mortgage lenders to allocate resources more strategically, ultimately improving customer service and reducing processing times.
While ‘RPA’ might sound a little fancy and intimidating at times, its merely substitution of manual labor with intelligent, computer programs. Humanoids as one extreme manifestation of the concept, there are more subtle forms. Most tasks such as loan origination, processing, closures, payment processing, collections etc. are performed by agents using computers. The actions they take (clicks & keystrokes) to initiate or complete these tasks can be performed by programming the same decision making constructs into these computers. Irrespective of the nature of the systems you use (LOS, CRM, custom portals etc.) RPA can operate on top of these to orchestrate the process flows, 24X7 at superhuman speed.
Received from outside or within the organization, in the form of
Triggered based on pre-defined criteria applied to the incoming data
Execution of tasks that need to be performed as part of the business workflow, such as
No change to underlying systems
End-to-end automation implies speed
Improved consistency at reduced cost
Controlled degree of manual intervention
Digital footprint for feedbacks
Blue-printing and candidate process identification
Assessment
Automation of process execution
Implementation
Derive intelligence for decision making
BI & Analytics
Tie learnings back into systems’ decision-making
AI & ML
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