Challenges

Automation of letter issuance : Manual processing of bank letters for customer request of account details resulted in High TAT & was prone to errors.
Bank Statement Analysis : The bank statement review was a manual process, which resulted in higher TAT for loan applications.

Primary target

Which group does your product/service primarily target?

Description of Innovation

Automation of letter issuance : The entire letter issuance process is automated via BOTs which reduced TAT to minutes from days. Besides that it avoided human errors.
Bank Statement Analysis : completely automated the Bank statement analysis which is then fed into the scorecard model for quick decisioning of SME Loans. Automation of letter issuance and Bank Statement extraction and ratio analysis

Results

Automation of letter issuance : Reduced TAT & instant letter issuance.
Bank Statement Analysis : Reduced TAT & potential to build completely automated lending process for SMEs.

Lessons Learnt

The process flow to be precise & clear. Strategy and involvement from all stakeholders to be coherent with the objective to ensure the benefit to end user & organization.