Client Overview & Impact
Bank of Baroda, one of India’s leading public sector banks, manages a strong MSME lending division and an extensive branch network. Following a competitive RFP process, the bank partnered with Glib.ai, in collaboration with Cygnet, to deploy an advanced Intelligent Document Processing (IDP) solution. This initiative aims to automate document-intensive workflows and enhance operational efficiency across MSME lending and branch operations.
Business Challenges
Bank of Baroda faced several operational challenges in managing its document processing needs:
High Volume of Financial Documents
- Processing approximately 1 lakh documents annually for MSME lending and branch operations required significant manual input, resulting in slow processing times.
Manual-Driven Processes
- Manual extraction of data from complex documents, including bank statements, tax returns, and GST returns, was labor-intensive and increased the likelihood of errors, impacting data accuracy and compliance.
Delayed Loan Processing
- Extended processing times created delays in the MSME lending journey, resulting in reduced customer satisfaction and lost business opportunities.
Need for Straight-Through Processing (STP)
- Achieving end-to-end automation to eliminate manual intervention was essential to support faster processing and improve loan disbursement timelines.
Glib.ai’s Solution: A Scalable and Secure IDP Implementation
Glib.ai deployed a tailored IDP solution to streamline Bank of Baroda’s MSME lending and branch operations. The key components of the solution included:
Comprehensive Document Automation
- Automated data extraction and validation for documents including bank statements, tax returns, and GST returns, using OCR and AI-powered NLP.
- Enabled accurate extraction and categorization of data points required for MSME credit analysis and regulatory compliance.
End-to-End Straight-Through Processing (STP)
- Implemented full STP to eliminate manual intervention, enabling faster processing and reducing TAT by 50-70%.
- This automation extended across MSME lending workflows, accelerating loan approvals and enhancing the overall lending experience.
Exception Handling with Human-in-the-Loop (HILT)
- Integrated a HILT component to handle exceptions, allowing branch personnel to review flagged documents for quality control, ensuring accuracy and compliance in critical cases.
Scalable and Secure Design
- The IDP solution was designed to handle Bank of Baroda’s document volume seamlessly, processing 1 lakh documents annually without requiring additional workforce resources.
- Ensured data security through on-premises deployment, meeting regulatory requirements for data privacy and security.
Results and Impact
50-70% Improvement in Operational Efficiency
- Complete automation of MSME lending and branch operations workflows has reduced TAT, enhancing customer satisfaction and supporting business growth.
Increased Data Accuracy and Compliance
- The automated extraction and validation processes reduced human error, improving data quality and ensuring compliance with regulatory standards.
Scalability and Long-Term Sustainability
- The scalable solution has enabled Bank of Baroda to handle increasing document volumes efficiently, supporting future growth without additional operational costs.
Conclusion
Through its partnership with Glib.ai, Bank of Baroda has implemented a scalable, high-performing IDP solution that reduces costs, enhances processing speed, and meets rigorous data security standards.
This case study highlights Glib.ai’s expertise in delivering customizable and secure automation solutions tailored to the BFSI sector.
