How a Lending Company Issues Loans 90% Faster With Our AI Agents

3

Configured AI Agents

45 seconds

Average processing time

87%+

Accuracy across a wide variety of transcript formats

Challenge

Manual transcript processing is tedious and slow, requiring detailed examination to extract data from complex, diverse documents;
The lack of standardized transcript formats complicates automation;
Student loan underwriting demands high precision, as the extracted data influences loan decision-making; conventional automation solutions fail to deliver it.

Solution

Training on 250+ diverse student transcripts to develop a tailored extraction process;

Annotating these 250+ documents (e.g., extracting the info manually);

Calculating and storing embeddings of these example documents;

Creating a pipeline to select the most similar examples for a new document;

Presenting these similar documents as in-context examples to an LLM;

Creating instructions for the LLM on how to perform the extraction based on guidelines from the client;

Generating extraction results from the LLM;

Post-processing these results to ensure that the client's needs are met as best as possible.

Results

Over 90% accuracy in transcript data extraction across diverse formats;

Reduced average processing time from 5-10 minutes manually to just 45 seconds with automation;

90% faster decision-making in loan underwriting.

THE PROBLEM

Complex Transcripts, Manual Processing, and Operational Inefficiencies Delay Loan Decisions

For students across the United States, rising tuition costs have made education less accessible than ever before.

Outdated and inefficient loan application processing only worsens these challenges, leaving borrowers, loan officers, and lenders frustrated.

Borrowers face delays, loan officers grapple with time-consuming manual tasks, and lenders struggle to capitalize on the best opportunities quickly.

A loan company dedicated to helping students fund their education wanted to fix these issues. Their main problems included:

Complex Transcripts - Academic transcripts are variable and unstructured, with different institutions presenting critical data in different formats. Extracting information like GPA, credits earned, or years of education required painstaking manual review.
Manual Processing - Each transcript took, on average, 7.5 minutes to process, delaying decisions and frustrating borrowers eager for quick answers.
Operational Inefficiencies - Loan officers were burdened with time-intensive tasks, which diverted their attention from high-value opportunities.

The company recognized that transforming their loan underwriting process wasn’t just a technology challenge. It was also a business imperative to improve the borrower and employee experience while staying competitive in the education lending market.

THE SOLUTION

Automating Transcript Processing With 87%+ Accuracy

This loan company partnered with us to reimagine how they processed student loan applications.

We addressed their key pain points by leveraging our expertise in unstructured data, financial services, and automation, as well as a combination of our AI Agents: Document AI, Unstructured AI, and Decision AI.

Automated Transcript Analysis - Instead of requiring manual review, transcripts can now be processed instantly. The system extracts crucial data points, such as cumulative GPA, total credits, and years of education regardless of the format or quality of the document.
Streamlined Workflows - Delivering instant quotes based on submitted transcripts reduced the operational burden on loan officers. Borrowers receive indicative quotes in real time, significantly improving their experience and increasing the likelihood of loan application completion.
End-to-End Efficiency - By automating data extraction and integrating it into their underwriting process, the company accelerated their decision-making capabilities. This ensured faster approvals and a smoother experience for all stakeholders.

THE RESULTS

Accelerating Loan Processing From 7.5 Minutes to 45 Seconds

The impact of our AI Agents was immediate and transformative:

Data collection period: May 2024 to July 2024
18% increase in document processing accuracy (from manual document processing accuracy of 69% to automated document processing accuracy of 87%)
3x decrease in time to review, 67% time savings per month
+25% transcript processing capacity per month (+1 week of time savings per month)
Processed around 400 transcripts per month
+5M in additional loans processed per month

As a result, the company benefited from:

Reduced Processing Time - Transcript processing time decreased from 5-10 minutes to just 45 seconds, allowing for quicker response to borrower needs.
Zero Backlogs - Loan processing queues, which previously stretched for days, are cleared within 24 hours, ensuring prompt service.
Improved Borrower Experience - Students can now access loan quotes almost instantly, reducing uncertainty and stress during the application process.
Improved Operational Efficiency - Loan officers are freed from time-consuming tasks, enabling them to focus on strategic decisions and high-value opportunities.
Competitive Advantage - By dramatically improving speed and accuracy, the loan company positioned itself as a leader in student lending, better equipped to attract and retain borrowers in a competitive market.

About the Customer

This student loan underwriting company specializes in processing and approving educational loans based on comprehensive transcript analysis.

They are passionate about helping students fund their education and future.

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