ProcessMaker Case Studies How one bank reduces the processing time of new loan applications with ProcessMaker IDP

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	How one bank reduces the processing time of new loan applications with ProcessMaker IDP ProcessMaker

How one bank reduces the processing time of new loan applications with ProcessMaker IDP

ProcessMaker

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
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

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.

About 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.

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.

Impact #1	70% reduction in loan application processing time
Impact #2	80% time savings on manual data analysis
Impact #3	Significant cost reduction in onboarding processes

Impact #1

70% reduction in loan application processing time

Impact #2

80% time savings on manual data analysis

Impact #3

Significant cost reduction in onboarding processes

Benefit #1	70% reduction in loan application processing time
Benefit #2	80% time savings on manual data analysis

Benefit #1

70% reduction in loan application processing time

Benefit #2

80% time savings on manual data analysis

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Overview

How one bank reduces the processing time of new loan applications with ProcessMaker IDP

Operational Impact

Quantitative Benefit