Automation slashes the time required to process an application and makes decisions more objective, traceable, and transparent. It also removes human error. As a result, financial institutions can introduce almost 100 percent automation of complex lending and decision-making processes, including bank statement assessment and risk assessment while meeting regulatory obligations and increasing customer application speed, and improving the overall customer journey.
Automation is important and necessary for organisations and companies as it improves productivity by reducing time and increasing efficiency. Repetitive tasks are automated and all the tasks are done the same way. This allows quality to remain consistent all the time.