MortgageMaximize the ROI of your IDP investments in mortgage document processing

June 30, 2021

Automated document processing for mortgage applications bring a lot of benefits to you such as

  1. reducing costs
  2. improving turn-around-time
  3. higher accuracy
  4. offering better products and solutions – bringing new or better solutions to market faster
  5. improving customer experience – increase retention and satisfaction

These are clear & tangible benefits and can be measured by operational metrics, customer satisfaction metrics like net promoter scores (NPS) and increase in revenue due to better product or solution.

How does IDPs deliver business value

Image cleanup – Ensure that the image is as clean and noise free as possible. This will lead to a better data extraction. Also ensure that the right image preprocessing is implemented. There are a lot of options for pre-processing so please try out options to what works best

OCRs – Today IDP engines use multiple OCRs for data extraction. Based on confidence and accuracy the OCRs switched. This leads to maximizing your IDP coverage and accuracy in the documents processed.

Artificial Intelligence – AI is finding its way into IDPs there is still a lot of mystique around that. AI can be used to improve pattern matching and noise elimination however they have to be tuned correctly for optimum results.

Machine learning – Machine learning can play a very key role in improving the quality of document processing and data extraction. It is a process where the human in the loop corrects or approves the data extracted and the ML leans from it by either tweaking the OCR or selecting the OCR that is closest to the Human review.

Natural Language processing – Natural language processing is important in processes that require data analysis of long text paragraphs such as feedback. NLP comes into play after the document is classified and the data is extracted. NLP will help analyze the data extracted. The use cases could vary from analyze the review of a property to criminal/civil records.

Integration with the application ecosystem – Integration of IDP with the application ecosystem will ensure smooth data flow, lower resources required, better usage of all IDP features and better collaboration between teams.

RPA works best with a good IDP – The effectiveness of RPA works best when the data is clean. That is where IDPs get in. Investing in a good IDP will deliver value at the IDP level and will also ensure that the investments in RPA are maximized

Maximizing your RoI in IDP depends on: –

  1. how well you have implemented the IDP – IDPs need to be fine tuned which depends on the industry, process and scope. Generic IDPs generally struggle to meet the need specific to the process, industry and scope. Specialized IDPs will have faster implementation and better deliver better quality consistently as they are fine tuned to specific use case.
  2. how have you built your processes to leverage the IDP – IDPs should map processes and Processes should be tweaked to match the IDP. Its a two way street. Having a human in the loop for review makes a lot of sense, identifying the right  business rules and setting up workflow engines in the IDP based on the processes go a long way to improve the ROI of IDPs
  3. how well do you plan to support the IDP initiative with technology and human resources – Dont look at IDPs just as a cost saver but explore how you can create new opportunities to improve customer experience and bring a premium feature to the market to increase the top line
  4. maximize the use of the IDP in other processes- Once you have used an IDP in one process, explore multiple processes that can benefit from IDPs. the cost of implementation and the learning period will be significantly lower which will lead to a higher ROI in the new initiative.
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