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

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.

• The effort it took to perform document verification and CRM info entry was reduced by 90%.

• The average processing time for a single contact was reduced by 95%.

• Achieved a significant reduction in the time required, now taking approximately 1 minute to create contacts and bank statements in the CRM application.

• Mitigated data errors associated with repetitive tasks, leading to higher-quality data.

• Transformed a previously 30-minute contact creation process and over 1-hour bank statement calculation into automated tasks, requiring no human interaction.

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.