Bank Loan Processing Automation

Category

AI, RPA, Process Automation

Timeline

2 Months

Industry

Banking & Finance

Technology

RPA, Python, Web, Desktop

We successfully implemented loan processing automation using QuickRPA for five major commercial banks in Nepal, including Prime Commercial Bank, Everest Bank, and others. Loan processing is one of the most critical activities for banks, as it directly influences revenue generation, customer satisfaction, and operational efficiency. The ability to process loans quickly and accurately is key to maintaining competitive advantage and meeting customer expectations in today’s fast-paced financial environment.

Our QuickRPA solution has enabled these banks to automate their loan processes, reducing manual efforts and errors while significantly improving the speed and accuracy of loan approvals. This has led to better resource allocation, allowing the banks to focus more on strategic operations, rather than spending time on repetitive tasks.

Challenge

Loan processing at commercial banks involves comprehensive background verification of the customer and their guarantor, a manual and time-consuming task requiring high precision. This process typically involves 3-7 employees per bank, leading to delays in loan approvals, customer dissatisfaction, and operational inefficiencies.

The verification includes retrieving a “Hit” or “No-Hit” report from the Credit Information Bureau of Nepal (CIB). This involves multiple steps: submitting applicant data, logging into the CIB portal, manually entering customer details, generating the report (either a “Hit” if the applicant has credit history or “No-Hit” if not), downloading the report, debiting the applicant’s account for the charges, and distributing the report back to the respective branch. This entire process ensures responsible lending but adds significant delays due to its manual nature.

frustrated customer
happy customer

Solution

The QuickRPA solution automates the entire process of retrieving “Hit” and “No-Hit” reports from the Credit Information Bureau of Nepal (CIB). The QuickRPA-bot streamlines each step by:

  • Automatically collecting and verifying customer and guarantor details from the bank’s systems.
  • Securely logging into the CIB portal without human intervention.
  • Instantly entering the required information into the CIB system.
  • Retrieving the credit report (Hit or No-Hit) in real-time.
  • Automatically debiting the customer’s account for charges.
  • Seamlessly distributing the report to the respective bank branch.

This automation significantly improves efficiency, eliminates manual errors, and reduces delays in loan processing.

Customer Feedback

“We have started using QuickRPA for automating two of our operations processes and have experienced satisfactory results.  With the help of QuickRPA, we are able to complete operations tasks more efficiently and can allocate time for extra work. Since everything is done using QuickRPA, there is minimal human intervention, which results in more accuracy. We are now exploring other areas where we can use QuickRPA to improve overall operational efficiency.”

Sunil Maharjan, Head of IT Department
Prime Commercial Bank Limited