Client Overview & Impact
ABSA Bank is a leading South African financial institution with a notable presence in Mauritius, providing an array of services that include personal and business banking, credit cards, investment banking, wealth, and investment management. Operating in a primarily physical mode, ABSA seeks to digitally transform the lending process with a zero-contact product called Digiloans.
Business Challenges
Mauritius, a small island nation with a growing demand for efficient banking services, presented unique operational challenges for ABSA, primarily due to its reliance on traditional, manual workflows. These inefficiencies impacted ABSA’s ability to provide swift, reliable services, affecting customer experience and operational costs.
Key Challenges Included:
Manual Loan Application and Document Submission
- Clients had to visit branches, submit physical documents, and endure lengthy waiting times for loan approvals.
Lengthy Turnaround Time (TAT)
- Each loan application involved detailed assessments, including collateral review and credit scoring, often taking hours or even days.
Labor-Intensive Document Management
- Processing documents like KYC forms, bank statements, NICs, passports, pay slips, and MCIB reports was time-consuming and required dedicated staff.
Compliance and Data Security Risks
- Ensuring data accuracy and compliance with banking regulations added complexity, increasing the risk of errors and non-compliance.
Glib.ai’s Solution: A Comprehensive Approach to Intelligent Document Processing
Glib.ai tailor-made a comprehensive solution based on ABSA’s needs, utilizing Intelligent Document Processing (IDP), Robotic Process Automation (RPA), and API integration to automate, streamline, and secure the lending workflow. The primary goals were to:
- Enhance customer experience
- Minimize manual intervention
- Ensure compliance with Mauritius’ regulatory framework
Solution Components
1. Automated Lending Assessment and Digital Document Submission
- Developed a user-friendly digital interface allowing customers to upload loan documents from any location, reducing the need for in-branch visits.
2. Advanced Robotic Process Automation (RPA)
- Deployed AutomationWhiz bots to fetch MCIB data using customers’ unique identity numbers, eliminating manual data entry.
- Automated customer credit history extraction, essential for lending risk assessment.
3. Intelligent Document Processing (IDP)
- Parsed and extracted data from complex, unstructured documents such as bank statements, pay slips, and MCIB reports.
- Validated extracted data for accuracy, minimizing human error and accelerating processing speeds.
4. Redesigned APIs for Real-Time Data Capture and Analysis
- Developed custom APIs to capture real-time data at multiple stages of loan applications.
- Integrated MCIB reports with bank statements, using proprietary algorithms to generate a preliminary credit score for faster loan approvals.
5. On-Premise Deployment for Enhanced Security and Compliance
- Ensured data security and regulatory compliance through a fully secure, on-premise deployment, meeting Mauritius’ banking regulations.
Solution Workflow Diagram
Diagram Description:
Illustrating Glib.ai’s solution for ABSA Bank’s lending process transformation:
- Customer Interface – Allows customers to submit documents digitally via a secure web portal.
- Automated Document Submission – IDP categorizes and validates submitted documents.
- Data Extraction & Validation – RPA extracts MCIB data, and IDP verifies document accuracy.
- Real-Time API Data Analysis – APIs collect and analyze data dynamically.
- Lending Decision Engine – AI algorithms compute credit scores and offer soft approvals.
- Quick Loan Approval – The system issues loan offers based on creditworthiness.
Results and Impact
80% Reduction in Manual Efforts
- Automated document handling reduced operational costs and allowed staff to focus on high-value tasks.
Turnaround Time (TAT) Reduced by Over 90%
- Loan processing time reduced from several hours/days to just over 2 minutes.
Enhanced Customer Experience and Convenience
- Digital document submission eliminated long branch visits, ensuring a seamless lending process.
Improved Data Accuracy and Security Compliance
- Automated extraction reduced human error, achieving over 99% accuracy while ensuring compliance with Mauritius’ banking regulations.
Quantitative Impact Summary
| Metric | Pre-Glib.ai Implementation | Post-Glib.ai Implementation |
|---|---|---|
| Turnaround Time (TAT) | Several hours/days | 2 minutes |
| Manual Effort Reduction | N/A | 80% |
| Data Accuracy | High risk of human error | Over 99% accuracy |
| Loan Processing Efficiency | Time-intensive, labor-driven | End-to-end automated workflow |
| Customer Convenience | Branch visits, paperwork | Digital submission, quick approval |
Conclusion
Glib.ai’s IDP and automation technologies have provided ABSA Bank (Mauritius) with an agile, secure, and efficient solution for loan processing and customer onboarding. By reducing manual tasks, expediting approvals, and enhancing regulatory compliance, ABSA has set a new standard in Mauritius’ banking sector.
This transformation showcases Glib.ai’s expertise in delivering scalable, compliant, and innovative document processing solutions tailored to the BFSI sector.
