Automating Mortgage Applications

Digitization in the banking sector

The banking sector has seen tremendous changes in terms of digitization, this is also reflected in their internal processing of client data. Record Bank, a member of the ING Group, installed an IRISXtract™ Digital Mailroom solution to automate the processing of more than 100 mortgage applications every day.

Each application is a file containing various folders, which again contains various document types such as payslips, id card copies, warranty certificates, etc. (each file can contain up to 10 folders and 70 document types). The IRIS solutions ensures that these documents are classified, indexed and validated; can be retrieved easily; and that compliance rules are obeyed.

How does mortgage application automation work?

A client will come to Record Bank mortgage adviser or an independent banking agent to apply for a mortgage. These intermediaries have access to the Record Bank encoding system which works via the internet. In this system, the intermediary enters client details, such as: ID details, income, reason for application, guarantees … When all these variables have been entered, the file is sent to Record Bank’s head office. At that time a reference number is given to the file. Any additional documents can then be scanned in and sent in with that reference number in the subject to automatically get added to the file. This happens via IRISXtract™, which classifies the documents according to document type, indexes and validates them. The documents then get moved to an archiving system, where they are available for consultation.

Mortgage application automation has drastically increased the speed at which a case is processed. This is positive for both the bank itself and the client, who is served much faster. Next to that, the amount of files that get lost has been reduced to 0. And thirdly, the archiving system makes the consultation of a file much easier for Record Bank employees.

Thanks to the electronic processing we are able to process cases much faster. Secondly, the documents are immediately available for both the intermediary, who is able to access them, and internal staff. And thirdly, the documents or files no longer get lost.
Ivan Demuynck, Senior Manager F.O. Credits, Record Bank

Solution with:

  • Logo IRISXtract
  • Logo IRISNext

Key facts

  • More than 100 mortgage applications a day
  • Each file can contain up to 10 folders and 70 document types

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