Eximee Team
Bank service automation provides a very efficient way of streamlining data-based processes, reducing the time needed to perform manual tasks, mitigating the risk of errors, and, consequently, improving the bank employee and customer experience.
Automation brings visible results in the area of document generation, particularly in complex processes such as ones associated with loan agreements. This article demonstrates how automated document creation processes are built with the use of Eximee Low-Code, how those processes work, what challenges you may need to face, and what benefits you can draw from applying low-code technologies in this context.
Automated document generation is a process in which a computer system creates documents based on data collected from appropriate databases and information provided by the user. As manual work is eliminated from this process, automation in this field provides a number of benefits and is becoming more and more prevalent in banking and finance—both in digital as well as in-branch interactions.
While preparing documentation for a banking operation, one must often perform a large number of time-consuming tasks: during this process, data from a variety of systems and sources is combined, and the number and type of documents to be generated may differ depending on the customer’s circumstances, a given case, and the stage at which this case currently remains.
At the same time, manual document preparation is a major burden on bank employees and can be associated with a high risk of error. Here, automation can ensure the speed, accuracy, and security of document generation processes, supporting both the creation of simple bank statements and confirmations as well as more complex document collections, such as ones needed to open a new business account or sign a loan agreement.
This can be an end-to-end online process—in this case, the banking system generates a draft agreement based on data from the customer file and from the form completed by them. Once the application is authorized, it generates a set of documents, which, in addition to the final version of the agreement, includes attachments appropriate for the process. The documents are sent to the customer via e-mail—for example, through the dedicated Eximail platform—and then archived.
Another example is the mortgage application process, in which an algorithm determines the documents needed for preparing a contract. Based on this, a list of documents is generated that the customer and co-borrowers must provide to the bank. After an expert’s verification, the documents may need to be supplemented and resubmitted. All attached documents are versioned on a regular basis, and then archived at the end of the process.
The process of generating loan agreements includes a number of variables that affect its automation possibilities. The main difference between loan agreements and other banking documents is the complexity of the former; for instance, the number and type of documents created while applying for a mortgage will be different depending on such factors as the borrower’s employment stability, the interest rate, the repayment schedule, the collateral, or the property type. Throughout the process, several hundred types of documents may need to be included.
A well-automated mortgage application process might in very specific cases take only several minutes to complete; however, in general, those processes are quite long, and the multi-stage procedure involves the participation of a few different parties, from a loan advisor through a compliance specialist or an internal auditor to the borrower themselves. This complexity seeks to ensure compliance with legal regulations and consistency with the customer’s individual situation; however, at the same time, it requires that the automated process of document generation be designed with great attention to detail.
The challenges that we may encounter while automatically generating loan documentation include:
Therefore, in order to design a proper and efficient document generation process, including one dedicated to generating loan agreements, banks must pick a proven and flexible system that will offer maximum performance and ensure adherence to legal regulations.
In spite of the complex and highly conditional character of loan agreement generation, this task can be easily handled by bank teams with the use of Eximee for process modeling, rule creation, and testing.
Processes built with Eximee rely on rule-based algorithms defining the sequence of rules and actions that determine the process of creating bank documents.
Here, algorithms may take the form of decision tables—a set of interconnected rules that specify what operations should be performed depending on given conditions. In the example at hand, it is a visual representation of specific paths or situations and the documents that need to be generated along with the way those documents should be structured. The tables are prepared by business users knowledgeable about the process that is being automated.
The process logic additionally manages the document approval path, procedures for verifying, completing, and returning documents for reprocessing, as well as the assignment of individual steps to people responsible for completing sets of documents.
As a result, bank employees are able to independently create logical workflows that automate tasks and ensure the consistency and efficiency of operations.
The systems that store data needed to complete a specific process do not incorporate the logic that would allow them to decide how and when this data should be used. For those resources to be useful, the systems must be integrated with Eximee in order to allow it to collect and apply appropriate information.
Depending on the applicable law, records from multiple systems may need to be used for the purpose of generating loan documentation, such as:
This is not the only part of the process where seamless integration is key. The aforementioned decision tables are also prepared with the use of different tools, depending on the bank’s choice. In the process of building the logic of automated document generation, Eximee connects with them as well.
The data collected from the databases must be structured and applied to the correct sections of the document. With Eximee, the team mapping the automated agreement generation process defines when the system should hide or show conditional fields. The algorithms applied here provide for configuring both how the documents should be structured and how they should be filled out.
Personalized documents prepared in accordance with a specific customer case are then completed using the correct data. Additionally, Eximee offers the option of automated reminders when customer data needs updating (e.g. when the ID registered in the system has expired). In this way, the data can be successfully validated.
Although tools for creating and viewing documents are natively available in Eximee, many loan documents require physical copies to be signed or stamped.
Banks use a variety of printing software, but those differences are not an obstacle to Eximee. With this low-code platform, documents can be automatically and safely sent to external systems.
When a bank employee is attending to a customer at the bank branch and paper documents are used exclusively, an example of integration could be configuring a customized template to include a unique QR code or barcode. After signing a printed copy, the bank employee scans the document, which is then automatically attached to the correct process in the bank’s system and classified as an appropriate document type, identified through the code.
Automated document handling systems ensure the completeness of scanned files through intelligent verification mechanisms. After collecting documents from the customer, the employee sends them through a dedicated form, where the algorithm presents appropriate fields for uploading documents according to process requirements. The uploaded documentation is checked for completeness and file type correctness, which minimizes the risk of missing information.
If an employee has the option of selecting the type of document to be attached, the system displays a drop-down list to indicate the category, for example “employment certificate,” making it possible to accurately identify each file and assign it to the correct stage of the process.
Eximee enables the secure storage of all files and data related to a given case, ensuring their availability throughout processing. The system monitors the progress, determining the right moment to transfer documents to the bank archive, thus allowing quick access to case documents by employees and customers online.
On the topic of automatically generated banking documents, an important aspect is their compliance with WCAG 2.2 published by W3C. The standard determines guidelines for designing digital services in a way that allows people with cognitive difficulties to use those services successfully.
As part of the Documents module, Eximee Low-Code ensures the compliance of created documents with latest digital accessibility guidelines, allowing banks to design document templates in a way that makes them legible for users with disabilities.
It is an important characteristic of processes designed with Eximee, as it lets banks attend to their customers’ needs in an inclusive way, ensuring optimal customer experience.
Complex loan document generation is associated with a number of difficulties that technology attempts to address. A properly automated loan agreement creation process can bring a number of benefits, including:
In this way, the application of the Eximee Low-Code platform allows banks to design smooth and efficient loan document generation processes, streamlining their operations and increasing customer satisfaction.
Preparing a large number of complex documents for the purpose of entering a loan agreement is an area of banking where technological improvements and automation bring discernible effects. For an automated process to be streamlined, one must ensure its clear logic, which can be designed with efficient low-code platforms. Here, Eximee relies on the experience of the users that are close to business processes requiring improvements, providing them with a tool to implement scalable solutions that they will later use in their everyday work.
