Our client is one of the biggest mortgage providers in the US.
Firstsource partnered with them in order to:
- Create a strategy for automation of high volume, low complexity processes
- Increase productivity by reducing training time, improving agent utilisation and reducing cost-to-serve
- De-risk operations by structuring a results-based contract
- Siloed and dated legacy processes and applications
- Manual errors and adhoc agent processing
- High training lead time
- Received case loan documents required segregation and indexing into electronic data management system
- Multiple, unstructured formats and diverse document standards
- Solution deployment restricted to on premise due to data protection rules
Conducted business process re-engineering
to structure the process flow and achieve standardisation for automation.
Implemented best-in-class OCR capability
backed by machine learning. This enabled the handling of structured, as well as unstructured, data extraction with 100% accuracy.
Established universal automation control room
for on-demand RPA deployment for any stage of loan processing. Attended automation was used for exception management of extremely poor quality documents beyond AI’s capability.
Fully automated 77% of in-scope process steps
More than 15% of the entire process was automated, using assisted automation. The end result is capable of supporting high volume fluctuations in its current deployed capacity, and a recent 30% spike was supported without any issues.
The client achieved significant business benefits:
- 17 FTEs saved, saving approximately $500k
- Training cost/recruitment cost savings for the client, approx. $20k per year at (10% per annum attrition rate)
- Experienced 30% additional volume so far and managed without any additional deployment, leading to an approximate $1m savings
- Data accuracy improved to nearly 100% across in-scope processes
improvement in agent productivity
cost savings per year
ROI achieved on Firstsource's solution