Automating Bank Loan Moratorium using RPA2020-11-06T06:17:45+00:00
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Automating Bank Loan Moratorium using RPA
Due to the COVID-19 outbreak and lockdown, businesses suffered from huge losses of revenue. That has led to a high risk of the inability to pay the loan installments to banks from the corporate and retail customers.
To avoid this, the government of India directed banks to provide moratorium to its customers on existing loans.
Bank receives huge number of loan Rephasement requests from more various branches. A moratorium is a fairly new process for a bank and this needed to be set up in a very short time. This voluminous process requires a lot of manpower and due to the COVID-19 lockdown, banks are falling short of staff to handle loan moratorium requests during this pandemic situation. This was leading to a high turnaround time to provide moratorium to the corporate and retail customers.
Read this case study to understand how one of the largest banks has leveraged automation to handle the high volume Bank Loan Moratorium process with minimum TAT and understand:
How the process is executed with zero errors?
What are the benefits you can expect from automation?
How customer experience has improved with reduced TAT?
How bank has avoided manual activities with automation?