How one bank reduces the processing time of new loan applications with ProcessMaker IDP
Company Size
200-1,000
Region
- Europe
Product
- ProcessMaker IDP
Tech Stack
- Optical Character Recognition
- Machine Learning
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Process Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Process Control & Optimization
- Regulatory Compliance Monitoring
Services
- System Integration
About The Customer
The customer is a medium-sized Dutch bank that regularly carries out successful online marketing campaigns. One recent initiative was a massive success—new online applications for mortgages and personal loans were pouring in. However, it quickly became clear to the bank that automation of its back-end processes was lagging behind. The bank was losing customers to competitors due to the slow speed of loan approval processes. The bank's employees were overwhelmed with requests, leading to marketing campaigns being paused or pulled back.
The Challenge
In a highly competitive market, the speed of the loan approval process can make or break your success. For this bank, many tasks were still heavily manual: banking staff verified passports, employment records, bank statements, and payslips by hand. The bank regularly lost customers who switched to a competitor with quicker decisioning. Because of the backlog, marketing often had to pause or pull back on campaigns—simply because employees couldn’t take on any more requests.
The Solution
After partnering with ProcessMaker IDP, the bank significantly increased the processing speed of personal loans and mortgage applications. With ProcessMaker IDP’s built-in OCR functionality, the bank automatically converted scanned documents into digital versions. The software classifies the documents by type and autonomously verifies if they are complete and if they came from the same person. Data from identity documents such as passports are automatically extracted and validated. Relevant data for the application, such as gross income or the number of hours a person works, is also automatically extracted by ProcessMaker IDP. All data is imported into the bank’s CRM and core banking system without manual input. All sensitive personal data is detected and anonymized before it is shared in the organization. Because the IDP solution automatically checks if all files are complete and sensitive data is anonymized, the bank continues to comply with applicable laws and regulations.
Operational Impact
Quantitative Benefit
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