Automating financial data validation to streamline lending approvals.
How Altilia can help significantly reduce approval times by automating the time-consuming process of document analysis.
The background
The client bank faces challenges in manually validating the financial data within its internal systems against the official financial statements submitted by corporate clients, which slows down the lending approval process.
Pain points
Inefficiencies in data processing led to longer loan approval times, impacting customer satisfaction.
The high volume of applications with the manual processes overwhelmed Credit Analysts, undermining their work effectiveness.
All manual data entry increased the likelihood of errors, with potential negative effects on the overall quality of loan assessments.
The decision to innovate
The objective is to automate the comparison between internal data and official financial statements to streamline the approval process, reduce processing times, and enhance operational efficiency.
Results & Benefit
- ~80% reduction in manual processing costs
- 80%~ reduction in remediation error rates
- 60~70% time reduction on managing data discrepancies
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A major European banking conglomerate with a significant presence in Italy, serving 13.6 million customers through over 3,300 branches, alongside an international footprint with over 900 branches and 7.3 million customers.
