Case Study

Automation of Loan Origination and Associated Processes

Business situation

The bank saw an increase of commercial loans applications and needed to quickly adapt to a digital model before the competition. This one is a Community bank with more than 49.000 members.

Solution

The bank decided to test the water with Virtus Flow and streamline the first two steps of the Commercial LO process.
The result was so good that we moved to production and delivered in a few weeks.

Benefits

Online application and electronic document capture in one-step with hundreds of applications onboarded in a few weeks.

Industry

Financial Services

Organization

Community Bank

Country

Italy

Successful Execution

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The Community Bank, with more than 49.000 members, increased its revenues from commercial loans up to 50% in the last two years thanks to an acquisition of another local community bank.

Despite the increase of requests, they saw a delay in many loan applications. The board decided it was time to set up new goals to provide a better service focusing on the customer experience.

The bank decided that a standard commercial loan origination application process wasn’t enough to compete with the new digital platforms. They needed something tailored to their needs, something they could control and adapt during the time.

Virtus Flow was one of the three choices the bank tested before moving to production. The POC showed the potential of the platform and moved forward to complete projects in a few weeks.

We provided seamless integration with the other banking tool and built custom API and Connectors that the bank wanted to use.

An automatic robot was designed to upload the requests to the government agency, and all the internal steps were streamlined. The Virtus Flow solution was now ready for production testing.

Tagline

How the platform improved customer satisfaction

3X

Production output without added staff

72%

Time saved during the first two steps of the process

20%

Reduction in turn times

Customer experience is a must today. But consumer-facing functionality is just one piece of a perfect solution. Virtus Flow delivered better than expected.

The customers were able to submit online requests without going to the branch and were also receiving real-time notifications for every step of the process.

Instead of dedicating more resources to manage the applications, the bank could focus on the verification process leaving Virtus Flow the dirty job of dispatching requests, categorizing, generating contracts, and reconciliation data.

Unleashing the power of no code Digital Process Automation the bank reached a new level of streamlined workflows without the burden of mundane activities.

Figure 1 – Publish interactive forms to streamline your LO process

Virtus Flow Dynamic Forms Demo

Figure 2 - Automate LOs approval processes and steps with an intuitive interface

Workflow Management

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About Virtus Flow

Virtus Flow is a No Code Digital Process Automation platform designed to streamline end-to-end processes. With customers across the globe, Virtus Flow is a fast-growing company focused on Financial Industry digitization. The platform helps banks and businesses to accelerate their digital transformation journey by quickly and easily managing, automating and optimizing business processes.

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