How to achieve automation in the entire underwriting lifecycle

20th April 2023

Two friends Mr. Aditya and Ms. Sheela had always dreamt of starting their own businesses and when the right opportunity knocked both started working towards it.

Mr. Aditya started with his consultancy firm, and after spending several months preparing a detailed business plan and researching the market, he decided to apply for a loan to start his venture at TACE Bank. However, the loan application process proved to be a significant obstacle. With a laundry list of required documents, including identity proof, address proof, income proof, bank statements, and business plans, Mr. Aditya found himself overwhelmed and frustrated by the complexity of the process.

To make matters worse, despite the online application process, document collection and processing were entirely manual, dragging out the timeline for loan approvals even further. Mr. Aditya dedicated several days to gathering all the necessary documents and submitted his application, only to be met with silence from the bank.

Frustrated and unsure of the status of his application, Mr. Aditya visited the bank in person to inquire about its progress. The bank informed him that they needed time to assess his creditworthiness, which involved a comprehensive credit check and analysis of his credit history, employment status, and income. Despite waiting patiently for weeks, Mr. Aditya still received no response from the bank.

After 15 days, he finally received a call from the bank, only to be informed of discrepancies in his documents and that he needed to resubmit them. It was another 10 days before he received news of his application's approval, and another week before the loan was disbursed. Mr. Aditya had been waiting for almost a month since he had submitted his application.

On the other hand, Ms. Sheela had amazing experience because she approached ACME Bank for the loan which has Perfios CPA (Credit Processing Automation). This revolutionary product has transformed the entire loan application process, from document collection to underwriting, making it faster, more efficient, and more convenient for its customers.

With Perfios CPA, Ms. Sheela did not worry about submitting numerous individual documents. Instead, she simply scanned and uploaded a single PDF file containing all the required documents, and the system automatically identified, sorted, indexed, categorized, digitized, and analysed the contents of the file. This allowed the system to quickly determine the completeness of Ms. Sheela's document checklist, providing her with an immediate response.

Due to amazing ability of the system, it digitized and analysed each individual document, so the ACME bank was able to process the application in just a few hours. The Perfios CPA product also helped the underwriter make faster decisions by preparing a CAM (Credit Appraisal Memo) report based on the documents' analysis which consist multiple layers of document verification, cross analysis of multiple documents and deep insights from loan documents and other pen or alternate sources about the loan applicants.

Gone were the days of tedious document collection, long wait times, and manual document processing. Perfios CPA had streamlined the entire process, making it more user-friendly and efficient for customers. Ms. Sheela was thrilled with the new loan application and approval process. Thanks to Perfios CPA, she was able to obtain her loan quickly (almost real-time) and efficiently, without the long waits and frustrating manual processes that Mr. Aditya had experienced.

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