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Smart packaged solutions to help banks transform for the digital age.
Legacy systems keep mortgage costs high and produce unsatisfying experiences for retail customers. Our solution’s proprietary model enables your lending organization to create efficient, end-to-end mortgage processes.
Cognizant Digital Back Office offerings include:
Enhance customer experience and reduce process friction. Our Customer 360 solution leverages data—internal and external as well as structured and unstructured—to generate insights that refine processes and transition customers to preferred channels.
Cognizant Customer 360 offerings include:
We leverage our product evaluation and selection approach to evaluate best-of-breed technologies for your organization. Then we define a roadmap to implement and integrate the selected platforms.
Cognizant Technology Transformation Roadmap offerings include:
Cognizant Vendor Consolidation helps bring order to the complex processes and functions that span the mortgage value chain. Our service includes a robust transition framework to ensure due diligence and standardized governance for all transitions.
Key offerings include:
Produce a clean audit trail and history with Cognizant’s Regulatory Compliance Reporting solution. In addition to enhanced reporting processes and infrastructure, our key offerings include:
Accelerate mortgage processes that rely on labor-intensive data entry from image files. Our Digital Automation Fabric is a highly accurate optical character recognition (OCR) platform that automates data entry and improves productivity.
Cognizant Digital Automation Fabric offerings include:
A leading regional U.S.-based mortgage lending company wanted to augment its mortgage origination business during times of favorable consumer interest rates—by increasing loan origination volume by three times or more—without affecting its operating costs. Mortgage operations processes involve highly manual, often repetitive tasks. To automate these manual processes in-house would require a significant investment and great technical expertise, so the mortgage company approached Cognizant for banking digital solutions that would intelligently automate its processes and build a workforce for the future while minimizing its capital investment and lead time.
To minimize lead time, Cognizant introduced the company to robots as a service (RaaS), our digital labor augmentation solution. We identified and then automated repeatable, continuous, rules-based processes that deliver optimal value to the client. These processes included ordering services from third parties, requesting property appraisals, conducting fraud and “aka” verifications, determining flood zones, and identifying fee and point disclosures. We developed one bot per workflow, with our analysts thoroughly documenting every keystroke, screen and handoff involved in each process. Cognizant deployed the first RaaS function within 12 weeks.
RaaS now executes the client’s loan set-up processes 24/7, enabling standardized operating procedures and eliminating bottlenecks, rework and errors, with 100% validated first-pass accuracy. Our client can quickly adapt to changing interest rates and deliver a better customer experience by reducing turnaround times and improving process quality and accuracy. Its loan origination volume has increased by a factor of three without incurring any additional staffing costs.
in loans originated with no added cost
validated first-pass accuracy
of loan setup tasks automated