THE WHOLE STORY
Using a blend of RPA and IQ Bot, one of the manual processes automated was for mortgage quality checks. Before a customer gets funded, underwriters must first approve a loan. Data on appraisal documents and flood certifications produced by a third-party had to be completely accurate. The mortgage team was responsible for 100% of the time-consuming, manual reviews every day. The volume quality checks required fluctuated from a few dozen to more than 100 loans during the peak seasons of spring and summer.
Partnering with Automation Anywhere, KeyBank came up with an automated workflow for end-to-end processing. Documents are downloaded and turned into PDFs. Those with more than 30 pages are split up. Then, the PDFs are uploaded to IQ Bot which is tailored to recognize the difference between the appraisal and flood certification forms. After this step, a response file in the form of a CSV is sent back for an RPA task bot to do lookups and comparisons. Lastly, an output report of anything that needs to be manually checked is sent to the team. With automation, employees no longer must process these documents and the exception rate has only been 15%. To date, 40,000 documents have been processed through IQ Bot.
When the COVID-19 pandemic created challenges for teams to work on site, KeyBank needed a way to respond to increasing call volumes and amounts of work with no time to add to staff, the company turned to RPA.
One of the biggest success stories was in loan origination where nine bots were created to manage the bank’s loan origination process. The bank did not have the ability to recruit to ideal staffing levels in such a short time, though with automation, it was able to complete nine years’ worth of work in just two weeks.
"With all the different methods of extracting information from documents we find IQ Bot as one of the best values for the buck in the semi-structured document space. The validation portal is easy to configure and allows the business user to provide ongoing document learning and manage exceptions.”
Michael Reynolds, Business Technology
Senior Manager of Service Digitization