Predicting what’s next for digital lending is a challenge – and the best path for your bank on the road to digital might not be the same as that of your competition.
In the previous blog, we discovered there are two sides of the information capture coin: capture of documents/emails (Cognitive Document Automation) and capture of electronic data (Robotic Process Automation). But information capture doesn’t exist in a vacuum; it needs a broader business process that orchestrates the document and data capture tasks and ultimately fulfills the customer request.
Anyone who has navigated the loan application process, particularly for a major purchase such as a home, is well aware of the notorious mountain of paperwork required. But as technology and new regulations levy new expectations on lenders—not to mention the demands of speed and convenience by customers—paper-laden, traditional lending processes are becoming increasingly nonviable as a go-forward strategy.
In a recent video interview, Forrester’s Craig Le Clair, VP and Principal Analyst for Robotic Process Automation (RPA), noted that the majority of investment he sees going into robotic process automation is in the area of shared operations like finance and accounting.
Digital transformation. The vast majority of your customers probably don’t give much thought to the term. But they do expect to engage with your organization in a new, digitized way because of mobile technology, the Internet and, often, simply because they are comparing the experience you offer to that of popular social, commercial and entertainment platforms.
Is your organization haunted by manual processes, siloed departments and legacy systems?