How automation can reduce loan origination cycle time by 50%
A few months ago, lenders could remain functional in the market despite asking their customers to file loan applications on paper. When the pandemic struck, this became an impossibility, and digital lending became a survival tactic. As a result, lenders were forced to adopt digital lending. However, many mistook digital lending for eliminating the paper-based application forms - and they can be identified in today’s fast-moving credit economy through their multi-week loan origination periods.
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However, today’s customer doesn’t want to wait for a week – much less weeks. And as fintechs and established lenders offer same-day loan disbursal, cutting down the weeks has become the real key to survival. To get there, lenders need to do more than just digitize their front offices. In other words, one-day loan origination is not just about digitizing – in fact, it calls for a makeover of the origination process with new-age digital technologies like RPA, AI, OCR, and NLP, in addition to a synchronous process redesign.
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