Financial Services

Scenario: Loan Processing

Manual Process
When a loan application is made to a financial institution, the application is scrutinized and reviewed. The authority levels to which the loan is directed depends on the loan amount. Loans of different types require different sets of documents to be submitted for scrutiny.

Issuess
The financial industry is extremely competitive. If a loan process takes a longer time, the applicant would source the loan from other competitors. On the other hand, review of an application needs to be thorough.

Automation
With Skelta, loan processing can be automated to ensure that the entire cycle is completed in a specified time period. Loan requests can be initiated from the web, or email. Skelta workflow can be setup to check whether all necessary documents are attached to the loan application such as proof of identity, and income proof. The loan application is automatically directed to the appropriate person. It is also easy to build in a multi-level approval system.

Managing changes to the process is simple. For example, increases in the approval limits for a designation can be made by the process administrator through Skelta’s graphical process designer interface.