Now’s the time to double down on Intelligent Automation
Even prior to the pandemic, there was a compelling case to deploy automation. Pre-dominantly paperbased, manual processes, changing customer expectations, relentless regulatory norms and growing competition, were squeezing margins and impacting profitability. Continued reliance on legacy systems and multiple databases impacts productivity, taking the focus away from customer-centric activities.
Intelligent Automation offers a platform to drive value and efficiency in the new normal, future-proofing operations and safeguarding against potential disruptions. Robotic Process Automation (RPA) combined with Artificial Intelligence (AI), Machine Learning (ML) can help synthesize not only structured data but also unstructured information, automating end-to-end processes and driving significant benefits. Major components of an Intelligent Automation solution include:
Optical Character Recognition (OCR) for accurate data extraction and reduced human intervention.
Intelligent document classification to eliminate manual data sorting.
Analytics engine and dashboards for deep operational and borrower insights.
Driving intelligent and agile operations
Focus on high value tasks:
Mortgage companies are on a hiring spree to tackle the twin challenges of increasing loan and delinquency volumes. Industry payroll in June was by 9% from a year ago. Automating routine, rules-based tasks, such as manual data entry into loan origination systems, allows employees to focus on high value customer-centric activities at a time when borrowers are seeking increased support in a post-pandemic environment
Augment workflow management, decision making and judgment across mortgage lifecycle:
Scale capabilities, improve accuracy and accelerate turnaround:
Automating even 50% to 60% of high impact processes, such as Loss Mitigation, enhances operational ability and enables dynamic resource management to address peak volumes. A powerful combination of process reengineering, RPA, AI, Natural Language Processing and Optical Character Recognition helps automate data capture, collection, interpretation, classification, extraction, validation and execution. The result: increased straight-through processing, improved integration of front-and back office activities for better visibility, higher accuracy, and cost savings of 20% to 40%.
Elevate borrower experience
Automating customer service capabilities using RPA, AI and ML empowers agents to deliver a superior omnichannel borrower experience. ‘Agent assist’ solutions recommend the next-best action, reducing agent response times and improving accuracy. With modern borrowers navigating multiple channels such as email, chat, voice, and social media, Intelligent Automation solutions enable holistic insights into the borrower’s previous interactions for a seamless transition between channels.
The path to value in the next normal
To learn more about how Sourcepoint can help you make the most of your Intelligent Automation investments -