Reduced costs by $2 million annually for a top US mortgage provider through RPA

250%
improvement in agent productivity
$2 million
cost savings per year
200%
ROI achieved on Firstsource's solution
Reduced costs by $2 million annually for a top US mortgage provider through RPA

 
 
Reduced costs by $2 million annually for a top US mortgage provider through RPA
Case study

Background

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

Business challenge

  • 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

Firstsource solution

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.

Business impact

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
250%
improvement in agent productivity
$2 million
cost savings per year
200%
ROI achieved on Firstsource's solution

Ready to grow your business?

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Firstsource is a leading provider of customised Business Process Management (BPM) services. We specialise in helping clients stay ahead of the curve through transformational solutions in order to reimagine business processes and deliver increased efficiency, deeper insights and superior outcomes.

We are trusted brand custodians and long-term partners to 100+ leading brands with presence in the US, UK, Philippines and India. Our ‘rightshore’ delivery model offers solutions covering complete customer lifecycle across Healthcare, Telecommunications & Media and Banking, Financial Services & Insurance verticals.

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