Financial institutions play a crucial role in providing working capital to businesses. However, vulnerabilities become more evident as they become increasingly important in different industries. One significant weakness is traditional manual procedures used to evaluate loan applications, which can cause delays and errors during the assessment process and result in unjustified refusals. Loan providers must develop automated loan processing systems to address procedural vulnerabilities, improve their digital customer experience, and establish themselves as reliable partners for business clients.
Our Client, a specialist in providing capital loans to small and medium-sized businesses, struggled with a cumbersome manual loan application process. The process evaluates customers’ bank statements to determine eligibility, but doing it manually reduces productivity and increases human errors. Our Client needed a strategic partner that could deliver financial data entry services and automated solutions to streamline their loan approval processes.
The Client partnered with Us to optimize their operations for faster, more reliable, and efficient data entry services. Leveraging our expertise in outsourced data entry services, we developed a data entry macro tool that automatically calculates bank statement balances. This tool has various capabilities for computing balances, decrypting bank account names, cleaning up information, and performing other functions.
The automated loan processing system removed labor-intensive data entry tasks. With this tool, we delivered the following remarkable results: