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Case Study

Transforming Loan Approvals: Automating Document Verification With AI-Powered RPA

Chetu worked with a lending company to develop a transformative AI-powered RPA solution to automate document verification and streamline workflows.

  • Industry
  • Technology Leveraged

    The technology leveraged on this project included:

  • UiPath Orchestrator
  • OpenAI’s GPT-3.5
  • Python
  • Natural Language Processing

Project Solution:

We created a Robotic Process Automation (RPA) solution that could be interlinked with our client’s employee emails and CRM to automate their document verification and information entry processes. Consequently, this led to dramatic decreases in manual labor and helped optimize their workflows and output. Processing time was reduced by 95%.

Within the realm of loans and lenders, the biggest issue they face when it comes to the approval process is how cumbersome the document verification can be. Generally, most lenders take a traditional, manual approach to practically all of their workflows. This approach leads to lengthy, time-consuming, and error-prone experiences for lenders – consequently affecting the borrower as well as the process, as slowdowns and improper or inconsistent decision-making become more of an inevitability. As a result, various lenders invest in cutting-edge technologies to ensure that the customer experience is as smooth and convenient as possible.

As a lending company specializing in the expedition of funding for businesses via streamlined processes, our client hatched the objective to automate the processing and validation of documents to get their potential borrowers the money they're asking for faster than ever before. To achieve this, they contacted and – after understanding the full extent of their manual processes – tasked us with developing an Artificial Intelligence solution that could be seamlessly implemented into their established methods and Customer Relationship Management (CRM) system. Intending to deliver such a project and aid in the drastic reduction of time spent doing the tedious yet important aspects of the job, we began this endeavor by solidifying our approach.

Building a Powerful System

With our teams settling on a generative AI approach, we selected our set of tools and technologies to begin development. Our starting point lies with UiPath Orchestrator. As a Robotic Process Automation (RPA) solution, we leveraged these bots to systemize the tedious process of checking email-attached files and whether they're relevant to loans. Compared to the manual process of reading incoming emails and combing through each attachment for validity and utility, our solution can scan for keywords and phrases that would indicate as such. Furthermore, as we leverage UiPath as our API, we can connect it to our client's CRM of choice and ensure that the information can be automatically filled in for review by a real-life individual. Now, the building blocks to this intricate but conceptually simple project are within the Retrieval-Augmented Generation (RAG) technique for our NLP functionality and the coding language, Python, for foundational compatibility. These pieces were utilized by our team alongside the implementation of OpenAI's GPT-3.5 to enable custom prompt inputs for unique CRM entries – ultimately creating an easy-to-use experience for the employees.

The Results of Innovation

On a macro level, our technological solution was a process automation system powered by Artificial Intelligence and other key technologies. However, when we look at the consequences of implementing this tool on a micro level, it was a tremendous success. The initial goal of creating a software solution that could effortlessly perform the repetitive and tedious tasks of document analysis and information entry was achieved incredibly well. However, the benefits and consequences of such have proven to be better than we expected; key points can be found below.

Technologies will continue to prove themselves as integral to streamlining fundamental but repetitive processes, leading to significant improvements in workflows and customer satisfaction. We pride ourselves in the innovative solutions and the desire of people like our clients to commit to these bleeding-turned-cutting-edge technologies for their betterment. With this project completed and fully released, we eagerly await where progress takes us.


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