OnDeck - Revolutionizing Small Business Lending
OnDeck, a financial services SME in the United States, struggled with the manual processing of thousands of small business loan applications. This labor-intensive approach created operational inefficiencies, increased costs, and resulted in slower service for customers seeking timely financial assistance.
To address these challenges, OnDeck implemented RPA to automate the entire loan application process, from document verification to credit checks and final approval. They enhanced this automation by integrating AI to analyze borrower risk profiles and suggest optimal loan terms based on historical data and market conditions.
The implementation produced remarkable results: application processing time decreased by 70%, significantly improving customer satisfaction. Additionally, OnDeck saw a 20% increase in loan approvals without requiring additional staff, demonstrating how AI can simultaneously improve service quality and operational efficiency.
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