Case Study
Navigating the Digital Future Together: Coforge and Pega’s Paperless Revolution in Government Operations.
Business Challenge
- Monumental Loan Volumes- Loan Origination volumes for such special loans are unprecedented.
- Need for rapid Rollout- Lender banks/credit unions don’t have the necessary IT teams to spin up new processes quickly.
- Remote Access to Loans - Given the prevailing pandemic situation, remote access to loans is mandatory.
- Compliance Obligations - Regulations to minimize fraud and ensure visibility into the risk being underwritten.
- Need to Build for Change With the Government policies changing almost on a daily basis, ability to adapt to change is a must.
- Future Proofing - Systems limitations to cater to similar situations in the future.
Solution Benefits
- Fast Track Loan Originations by 40-50% Gain immediate capacity via straight through processing.
- 100% Transparency Ensure accuracy and transparency to regulators.
- 25-30% Reduction of Errors Leverage automation through OCR, e-signatures, and sanction checks.
- Mitigate Credit Risk by >30% using AI/ML via data-driven and predictive models.
