KPMG in the US helped one of the world’s largest financial institutions reduce its loan processing time from days to hours.
The challenge
The bank’s manual loan processing procedures were time consuming, complex and required the integration of data from multiple sources. Incomplete or incorrect information provided by the bank’s customers resulted in further delays in assessing their credit worthiness and approval of their loans.
At the same time, it was necessary for the bank to adhere to a countless number of regulatory requirements. Being vigilant about fraud detection and prevention, while also maintaining strict safeguards on sensitive customer data, was a critical part of the bank’s loan processing capabilities and process. Given this complexity, it had become clear that a robust solution was needed in order to improve the efficiency of the bank’s loan review and approval processes and reduce the number of potential errors.
The opportunity
KPMG in the US developed and deployed a customized Gen AI solution, using language models (LLMs) trained within the bank's secure environment to ensure the highest standards of confidentiality of sensitive customer information.
KPMG Ignite, a cloud-based machine learning and data science platform, was used to develop the model and scale the classification of various types of data. The model was reinforced with input from KPMG banking sector professionals and fine-tuned to the bank's operating environment.
The outcome
By automating and accelerating the extraction of key information from customers’ loan application documents, loan officers are now able to make faster, more accurate and informed decisions in approving loans.
The bank’s customers are benefitting as well from a substantial reduction in the time required to process their loan applications, from days to under one hour. This improvement is not only enhancing customer satisfaction by speeding up loan approvals, but also reducing the bank’s operational costs and increasing its capacity to handle a larger volume of loan applications.
It has also paved the way for further applications of Gen AI throughout the bank’s operations, and the potential for even greater gains in productivity and operational excellence.
Meet the person behind the story
"It is essential to align technology deployment with security frameworks to protect sensitive data. This highlights the importance of a framework for Gen AI model training to enhance efficiency and accuracy. KPMG Ignite has successfully provided comprehensive orchestration, scalable and efficient model training and deployment. With numerous technologies and models, orchestrating the end-to-end workflow becomes crucial. As a result of our joint collaboration with the bank, they were able to reduce their loan processing time from days to just a few hours."
Kevin Martelli
Principal
KPMG in the US
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