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.
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