Robotic process automation (RPA) is driving a digital transformation of the mortgage sector.
With the industry under increasing pressure to reduce turnaround times and deliver wholly digital experiences, the technology offers many advantages, including speedier decision-making and better customer satisfaction. The industry should not be afraid to embrace it.
A slicker process
Optimal character recognition (OCR) was the ground-breaking advancement that paved the way for RPA. OCR converts images of typed, handwritten or printed text into machine-encoded text. This text includes scanned documents and photos of documents. Developments in OCR and natural language processing have enabled the creation of intelligent robots that can validate and extract information from a range of documents.
At Target, we’ve trialled robots using OCR on our Mortgage Hub system. Robots first observed what a team member did and what keystrokes they used. We then set up robots as users, programming them with keystrokes to simulate the actions of team members.
