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Automating Loan Application Processing for an NBFC in Delhi, India

By deploying three specialized AI agents—an Intake Agent, an Extraction Agent, and a Creation Agent—we automated the loan application processing workow for a non-banking nancial company (NBFC) based in Delhi, India. This solution signicantly reduced processing time, improved accuracy, enhanced customer satisfaction, and delivered substantial cost savings.

Key Outcomes

End-to-End Loan Processing Automation: Drastically reduced manual intervention.
– Signicant Time Savings: Loan processing time reduced by 55%, from 15 days to 7 days.
– Error Reduction: Improved data extraction accuracy by 35%, ensuring consistent compliance.
– Customer Satisfaction Improvement: Increased customer satisfaction by 40% due to faster and more reliable processing times.
– Cost Savings: Saved an estimated $200,000 annually through reduced manpower and operational efciencies.

The Challenge: Streamlining Loan Application Processing

The NBFC faced challenges in efciently managing a high volume of loan applications. The manual workow involved several time-consuming steps:

1. Collecting and importing documents.
2. Extracting and assessing application data.

3. Transferring information to underwriters.

4. Creating and nalizing loan terms.

These steps required signicant human intervention, leading to delays, potential errors, and operational inefciencies. With the goal of improving turnaround time and scalability, the NBFC sought an AI-driven solution.

AI-Powered Loan Processing Solution

Our solution involved the deployment of three autonomous AI agents, each designed to optimize a specic phase of the loan application process:

1. Intake Agent: Automated the collection and importing of loan documents, integrating seamlessly with Salesforce and Google Drive. This agent streamlined the initial application submission, reducing document processing time by 40%.

2. Extraction Agent: Utilized advanced machine learning algorithms to extract critical data from loan documents, including nancial statements, identity proofs, and application forms. It ensured accuracy by cross-referencing extracted data with predened rules and regulatory requirements, integrating with Outlook and AWS for data management.

3. Creation Agent: Automated the creation of loan terms and transferred applications to underwriters. This agent worked closely with SAP systems to nalize and generate loan approval documentation, reducing errors and turnaround time by 50%.

Implementation Details

– Implementation Time: The solution was deployed in 10 weeks, with 3 weeks for system analysis, 5 weeks for development and testing, and 2 weeks for staff training.
Integration with Existing Systems: The AI agents were designed to integrate with the NBFC’s existing platforms, including Salesforce, SAP, and AWS, ensuring a seamless transition.
Training and Change Management: Comprehensive training was provided to operational teams, with a 90% adoption rate within the rst month of deployme

Transformative Results

• End-to-End Automation: The loan application process was fully automated, minimizing manual intervention across all steps.
• 55% Reduction in Processing Time: Loan processing time decreased from 15 days to 7 days, enabling faster service delivery.
• 35% Improvement in Data Accuracy: The Extraction Agent’s advanced algorithms ensured reliable and consistent data processing.
• 40% Increase in Customer Satisfaction: Faster loan approvals and accurate communication improved the customer experience.
• Substantial Cost Savings: Automation reduced the reliance on manual processing, saving an estimated $500,000 annually by cutting down on labor costs and operational inefciencies.
• Enhanced Scalability: The NBFC is now equipped to handle higher application volumes without additional resources

Conclusion

The implementation of AI-driven automation revolutionized loan processing for the NBFC. By addressing inefciencies and enhancing accuracy, the NBFC achieved faster loan approvals, improved compliance, and elevated customer satisfaction. This project not only streamlined operations but also delivered signicant cost savings, positioning the NBFC as a forward-thinking nancial services provider in a competitive market.

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