Key results

• Returned 38 working hours per day back to the business
• Reduction in elapsed processing time from two weeks to same day
• Eliminated 95% of data validation errors

Background

A leading loan provider based in the UK was looking for a way to improve its application process to better serve its customers. Previously, the process for reviewing and approving loan applications was conducted manually – thus making it time-consuming and error-prone. Case handlers were spending an average of 38 hours per day reviewing new applications due to the incredible complexity involved with manually examining large bank statements and other financial documents.

To address this challenge, the lender enlisted the help of Davies to find a solution. We worked closely with the company to understand their needs and identify areas that could benefit from our intelligent automation solutions.

How we helped

We kicked off by developing a proof of concept (POC) over a four-week period demonstrating that a bespoke solution could provide the required outputs for all UK bank statements (both scanned and digital copies). This successful POC allowed Davies to develop a plan to split the main process deliverable into an iterative/agile delivery over four months.

Davies leveraged a digital worker to automate and optimise the lender’s loan application process. When a new loan application was received, the digital worker extracted all relevant information from the organisation’s system and retrieved additional reports and details from external sources such as HM Land Registry, Zoopla, and Equifax. The digital worker also analysed the applicant’s bank statements for any relevant information pertaining to the application.

This data was then fed into an AI model, which generated a dashboard summarising key insights for the case handler by highlighting points of interest that required further examination. This streamlined the review process and helped case handlers to identify potential issues within the application more quickly and accurately.

Results

By implementing the digital worker, the lending company was able to significantly reduce the time it takes to process loan applications. The digital worker handled a large volume of applications (600 bank statements and 225 Equifax reports per month) and returned an average of 38 working hours (per day) back to the business. In addition, the use of AI improved the accuracy and thoroughness of the loan application review process by eliminating 95% of human-derived data validation errors.

As a result, the digital worker reduced the elapsed processing time from two weeks to one day, drastically improving efficiency and accuracy. In turn, this enabled the business to provide better customer service and make more informed decisions when processing loan applications.