Processing mortgage agreements and complaints from clients. What can be automated today?

[.infobox]Digital automation can also assist in banking processes like consolidation, where it's necessary to process a client's existing loan agreements.[.infobox]

When the major players in the banking market decide to automate their processes, primarily to save work for their teams, they also reap many other benefits. One of the most important is increased satisfaction - be it for clients or employees. Streamlining client processes is closely tied to the bank's internal functioning.

The field of banking automation is fundamental. We see that many of our clients have strategic programs and do not want to waste unnecessary effort. It's not so much about saving money, but about time efficiency.
Jakub Hytka, Head of Banking Business Consulting, Trask

Text processing emerges as a game changer.

Process automation offers banks a range of advantages and opportunities, but the main one currently relates to artificial intelligence, which provides practical uses even at the enterprise level. A significant factor is, for example, the processing of unstructured texts found in many areas:

1. Mortgage processes

Imagine if automation made it easier to work with documents that someone at the bank has to read, verify, and confirm. Artificial intelligence would automatically recognize if the required document from a mortgage applicant has arrived, whether it contains all the (correct) information, and if anything is missing, the client receives immediate feedback and doesn't have to wait several days for someone to review their documents. And if they made an error? They are informed and can correct it immediately. If they are in a hurry for disbursement or property registration, they will surely appreciate it.

2. Notary processes

Automation can also assist the bank with notary requests. The Trask Semantic Tool can handle dozens of them daily. Everything starts with the arrival of a request in ordinary language, its processing by artificial intelligence, and an evaluation to determine if human oversight is needed. If not, software robots search for answers within the bank's systems without human intervention.

[.infobox][.infobox-heading]How does automation help companies?[.infobox-heading]For instance, at ČSOB, we helped employees save more than half the time spent on processing complaints.[.infobox]

3. Information from the Commercial Register

Acceleration can also occur in the processing of information from the commercial register. For instance, identifying who is the authorized person for negotiations, in what form they can act, and other essential, necessary details. If you are dealing with an SME, you need to know that Mr. Jiří suffices to open an account. However, if he wants to arrange a loan, he needs his brother's permission, and if the amount exceeds 500,000 CZK, even that is not enough, and the three company representatives must meet. The intricacies of these negotiation methods are contained in our commercial register. Still, due to the infinite number of possibilities, it is presented in free text form, which cannot be directly categorized. Until now, human intervention was necessary to understand and assess the text. With the use of AI, a machine can now handle it for you.

4. Handling Client Requests and Complaints

Client requests and complaints are also a crucial issue for banks. Automating repetitive tasks reduces the workload and the cost of the complaint process, allowing employees to focus on higher value-added activities. The resulting faster response to complaints increases customer satisfaction and trust in service quality, bolstering the bank's competitive position. Such a process can achieve up to 80% accuracy with a complaint processing time of just 10 seconds.

Hub as an Effective Link Between Front Office and Back Office

Automation can provide significant assistance in connecting the front office and back office. Here, for instance, it offers the possibility of creating a sort of hub - a unified place where modern NLP and AI technologies operate in conjunction with process orchestrators and RPA. This serves to automatically trigger the necessary business processes. Front office workers, or even clients, can utilize a "chatbot", provide it with information, attach the required documents, and virtually in real time, receive an immediate assessment of whether everything is in order and the necessary back office process can be initiated. Alternatively, thanks to instant feedback, they can determine what needs to be corrected or added to meet the process conditions without waiting for someone from the back office to attend to the task. This also reduces demands on employees who don't need to undergo complex training or be familiar with the many different forms and points of contact through which various processes are initiated.

[.infobox]The HUB, utilizing technologies like NLP, Generative AI, BPM, RPA, and triggers, significantly streamlines the entire process of handling requests.[.infobox]

Opportunity Identification as Key

Automation should be approached considering both current trends and future perspectives. This is why, beyond just the initial setup, we at Trask also strive to identify potential use-cases and opportunities that can offer significant benefits to companies, even if they might not seem apparent at first glance. The goal is to craft comprehensive end-to-end solutions that yield long-term results.

Interested in what we could automate for your company? Reach out directly to the head of our specialist team, Jan Kosina. We're eager to help steer your business in the right direction.

Author

Jan Kosina
Head of Intelligent Automation
jkosina@thetrask.com

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Jakub Hytka
Head of Banking Business Consulting at Trask
jhytka@thetrask.com