BFSI: Loan Application Form Process Using DocPro Workflow

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

You can configure various buckets in the workflow and define rules for movement of the forms between the buckets. Some of the buckets that you can configure are as follows:

  • Scanning: Scan the forms at the source. The account opening forms with the account holder forms are typically generated at your branches. Scan the account opening form, account holder form, and attachments like the POI/POA etc at the source.
  • Re-Scanning: In case it is noticed in the later staged of the process that the forms are not scanned properly they can be routed to the Re-scanning bucket.
  • Scrutiny/Inspection: The forms are scrutinized/inspected in this bucket to ensure that the form is complete in all respects and all attachments are as required. If the forms and/or attachments are not as per specifications then the forms are sent for Re-scanning with remarks.
  • Data Entry: In this stage data entry users enter the data in the forms. The data entry forms can be configured with various validations as per your requirement. Each field in the data entry form can be mapped to a zone on the image of the account opening form which makes it easier for the data entry user to identify the correct data to enter without spending time in searching the information on the image.
  • Approval: The forms approved by authorized users for further process.
  • Branch-Customer point verification: Customer point verification may be required for some cases. The reports for such cases are uploaded in the system.
  • Auditing/Verification: Audit of the process is a statutory requirement in many banks. You can define your audit parameters and DocPro will assign such cases to the audit bucket.
  • Activation: Finally, all the forms that fulfill all the process parameters will be assigned to the activation bucket. DocPro workflow can be integrated with CKYC and Aadhar. DocPro can be easily integrated with your Core Banking System. The access to roles and rights can be configured through a web application.

Flow Diagram for NBFC

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About Chrome

Chrome Infosoft Solutions

Chrome Infosoft Solutions Pvt. Ltd. is a leading solutions provider of Business Process Management Solutions (BPM), Document Management System (DMS), Workflow System, Records Management System and Accounts Payable Automation software.



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