Скачать или смотреть Loan Application Automated Applicant Verification/OFAC Check Using AI & RPA for Banks/Credit Unions

Enhanced compliance… process resiliency… these are just a few of the challenges facing bank and credit union executives, technology leads, and internal improvement teams. Strategic transformation requires them, and you know that technologies like AI and robotic process automation (RPA) in banking can help you achieve them.

But where are the proven use-cases with the biggest benefits?

Watch this video from The Lab for some quick answers. That’s because here you’ll see an actual AI-powered robotic process automation in banking “bot” handline one of the most detailed, urgent, and compliance-sensitive activities in your financial institution today: Verifying new residential-loan customers or members across multiple external reporting systems.

Depending on the size of your organization, this one AI automation could recoup anywhere from hundreds to thousands of hours of manual labor, every single year.

The peer shown in this video is using Verafin for this activity, but banking and credit union automation “bots” from The Lab are technology-agnostic, and can use whichever financial crime reporting system you use, including:

• Verafin
• NICE Actimize
• FICO TONBELLER
• ACI Worldwide
• Others

It checks each applicant for OFAC status. It checks to see if they’re already a customer or member. It also logs into any credit-reporting agency you use:

• TransUnion
• Equifax
• Experian
• Others

Then it truly gets to work. Searching by Social Security number for each borrower and co-borrower, the bot performs a multi-step verification process, including:

• Names
• Dates of birth
• Social Security numbers
• Phone numbers
• Addresses
• Email addresses
• Employers
• Drivers' licenses

It even uses “fuzzy logic” to show the degree of confidence for near-matches of things like names, addresses, and improperly-formatted phone numbers. And when it’s done, it emails a report of its work to the branch and fraud teams.

This AI automation, just like all from The Lab, was implemented entirely by our U.S.-based team in Houston; we’ve delivered more than 2k bank/credit union automations across North America in the last eight years alone. It just adds to our 30-plus years of experience, helping executive sponsors and their teams at financial institutions just like yours.

And we can automate using any popular platform. We especially like Power Automate for banks and credit unions that have yet to decide. That’s because you already use its vendor—Microsoft—plus it’s hyper cost-effective, too.

Learn more about The Lab’s industry-leading IP Knowledge Base, which uses real client-engagement best practices, benchmarks, and more:

https://thelabconsulting.com/knowledg...

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