Case Study | Chailease Finance: RPA Improves Loan Processing

Overview

Chailease Finance Co., Ltd. provides financial solution services for clients around the world. The Company offers leasing, installment, factoring, direct corporate loans, and off-shore financing services. Cloud Interactive helped the company use Robotic Process Automation (RPA) to improve efficiency and accuracy, offer quick approvals, and earn customer loyalty.

Industry: Finance, Leasing Industry

Company Size: 5,623 Employees

Revenue: 1.43 billion USD

Technology: Robotic Process Automation

Optimizing Loan Origination Through Robotic Process Automation

In the past, traditional loan application processing could take weeks to complete. But through the application of RPA, financial institutions can now approve or disapprove loan applications in a matter of minutes. Manually verifying application information and analyzing the applicant’s identity, background, employment history, credit score, credit history, and financial status takes many days for a human agent to handle. RPA bots can be programmed to process this information more efficiently and accurately, boosting profitability.

Results

45%

45% reduction in manual effort

80%

80% reduction in case-handling time

95%

95% operational accuracy enhancement

Challenge

Chailease Finance Co. offers mortgage loan programs to their customers. As part of their loan application process, Chailease receives a daily average of 8,000 loan application requests, sometimes spiking as high as 40,000 in a single day.

The company’s operations team collects supporting documents and data in various formats and from several different platforms. In some cases, it can take about two weeks for a loan application to be approved for financing. The delayed process can reduce the number of applicants, causing the bank to miss out on potential profits.

Solutions

Cloud Interactive used RPA from the industry-leading vendor UiPath to help Chailease Finance make the validation and credit approval simpler than it has ever been. Chailease’s new automated document management system not only saves the company money by reducing overhead and human error and allows more loans to be processed and disbursed in less time.

Quicker loan processing benefits customers by giving them access to instant loans. Furthermore, the RPA processes’ analytics help Chailease Finance make better decisions and gain an edge over the competition.

Overall, RPA speeds up the loan application process while reducing the risk of potentially catastrophic data breaches.