BFSI:
Workflow for Loan
Processing for an NBFC.

Financial Institutions (FIs) need to be efficient and fast in providing customer service. Customers expect excellent service from industry leaders.

Banks and FIs face numerous challenges in the loan processing process:

  • Storage of applications
  • Loss of application forms and documents and time spent in searching for them
  • Movement of the applications through various departments and/or users
  • Monitoring the entire process
  • Ensuring that the process is followed and there is minimum non-compliance
  • Giving quick and correct feedback to any enquiries from customers and/or internal users

The best solution for all the challenges is implementing a workflow tool and digitisation of the forms.

DocPro has been implemented for a large NBFC in western India for loan processing. The loan processing is done at a processing unit where all the physical forms are scanned, and the processing is done n the digitized documents. The physical forms are handed over to a records management company for storage.

DocPro ensures that managing day-to-day operations is the least of the challenges. DocPro allows you to set business rules and decisions can be made by DocPro based on these business rules eliminating human errors.

Benefits of DocPro Workflow System:

  • Improve process turnaround times
  • Monitor end-to-end process
  • Identify and remove bottle-necks in real time
  • Reduce errors and hence cost of reworking
  • Reduce labor because of automation

Process Buckets

Each step or operation in the process is identified as Process Bucket in DocPro. DocPro allows you to configure process buckets as per the process requirements. You can define various rules for each process bucket and define the subsequent buckets based on the rules. This eliminates errors as human intervention is kept at a minimum.

Following process buckets were implemented:

Soft Data Upload: The soft data of loan disbursements is uploaded in the DocPro software.

Inward: All application forms along-with the documents are brought to the processing center. The forms are marked as inwarded by scanning the barcode on the forms. Discrepancy report can be generated from DocPro which will identify any forms that are pending receipt at the processing center.

Scan: The user will place the Loan application pages one by one in sequence in the scanner and will scan the form along with any supporting documents.

QC: DocPro has all the tools required for clean-up, image quality and enhancements to the images.

Data Entry: The data is populated in the fields configured. Corrections if any can be done by the data entry operators by viewing the images alongside the data.

Tagging: The pages in the scanned images can be tagged to identify each page in the document. The tag information is available in a drop down. The user will have to tag each page in the image. The tag information is master driven and can be configured as per the process requirement.

Audit: As per the process requirement of the FI, 5 percent of the forms have to audited. DocPro randomly assigned certain forms for audit. Users in the Audit bucket get these forms in round robin fashion. Any audit findings are recorded by the users. The audit pints can be configured in DocPro as per your requirement.

Extraction: After successful tagging, the document images along-with the data is extracted and uploaded to the FTP server of the FI. The FI systems push the images and the data into their Document Management System

Types:

  • Single Extraction- Extract file using Deal Id/Barcode
  • Auto Extraction- Extracts all the tagged files automatically.

Outward: The physical documents for which the entire process had been completed are marked as outwarded. The handover of outward forms is recorded in DocPro. The data is pushed into the Records Management System and the physical files are handed over to the Records Management company for archival.

Flow Diagram for NBFC

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