Expedite mortgage and refinance processing

Improve your customer experience with Applica RTA

While mortgages remain the primary way consumers finance a home, most applicants find the process drawn-out and incredibly stressful. According to the American Bankers Association, less than 10% of banks can currently handle loan products digitally end to end. And this slowness is one of the main factors behind non-banks and fintechs rapidly gaining market share in the lending space.

Cognitive automation can help bridge the technology gap at banks that need to expedite internal processes and improve customer service for mortgage lending and refinancing. In particular, Applica Robotic Text Automation (RTA) leverages sophisticated AI to accelerate internal processes by contextually interpreting documents faster and with more accuracy than a staff member reviewing the documents manually.

Mortgage processing case study

Situation:

A local US bank runs a manual mortgage lending process that requires scrutiny and extraction of information from property sales contracts.

Problem:

Manual extraction of information is slow, fallible, and requires significant human effort. As a result, the entire process has a negative impact on the customer experience. Additionally, existing automation options require too much engineering effort to deploy and maintain in a smaller organization.

Solution:

Applica RTA was deployed in a secure cloud and trained to extract the required information from property sales contracts, regardless of the layout or wording.

Results:

Deployment of Applica RTA saved 80% of the human effort in this process and reduced the time required for mortgage decisions by 30%.

Learn more from an Applica expert

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