Cognitive Automation
for Loan Approval
Reduces running costs and errors simultaneously.
Description of Problem
The Client has grown rapidly and the demand for their loans has been increasing. The time for borrowers to get loans approved has been growing longer, given the larger numbers of applications, legacy systems, and limited manual processing capacities.
The primary reasons for the delay are usually application errors, manual time-consuming processes, and the involvement of various stakeholders in the approval process.
Client Overview:
The client is a large regional bank, located in Singapore. They specialize in customer-focused personal banking, credit cards, personal and home loans, and more.
Industry:
Banking
Processes Type:
Loan Approval
How Gleematic Helps
Gleematic will download hundreds of prospective borrowers’ applications from the website. The bots then pull out needed information into spreadsheets. This task usually takes days to be done by humans, but Gleematic is able to do it in just 1 – 2 hours.
With Machine Learning, Gleematic can do the underwriting process to predict whether the borrower is eligible to get loans. The bot then decides the loan approval. This process usually takes weeks by manual process, but Gleematic is able to do it in just 4 – 5 hours.
When the result is final, Gleematic will send an email to the prospective borrower regarding approval or rejection.
Results
Degree of Robotization: 75% Effort Automated
ROI: 3 Months
Human Error Rate Reduced
Manual Effort Reduction to 75%
Faster Processing Time: Reduction of 65%
More Standardization
High-Quality Improvement
No More Repetitive Administration

