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What is Robotic Process Automation (RPA)?

May 11, 2022

By Jessica Gonzalez | May 11th, 2022

The term robotic process automation has been so overused that it’s become a buzzword! Have you wondered what it could do for you? Robotic Process Automation (RPA) can be defined as simplifying a repetitive manual process through automation. Here’s an example: if you pay someone $45,000 a year to look at an ID, check an excel spreadsheet, and verify if you accept that ID based on your credit policies, Informed.IQ can automate that process for you. That’s RPA! (and we do it faster, more accurately, and with more insights)

How much faster? Informed.IQ eliminates repetitive tasks and provides a strong return on investment by eliminating manual verifications by 220%. How confident are we in the value we add? You could ask one of the Top 6 consumer lenders we service or we can provide benchmarking analysis demonstrating improved efficiency.

Depending on the type of documents you are trying to automate and where in the process Informed.IQ sits it may seem difficult to measure for each specific use case, but it’s not! We’ve created the ability for our lenders to do a real-time champion challenger test to determine how effective we are at robotic process automation.

Not only do we replace manual efforts but we provide better accuracy and high-value insights on top of verifications.

What are higher-value functions? It is the ability to not only answer “Do we have proof of income?” but also “Is the applicant’s income in-line with what was stated on the application?”. We can calculate the proof of income within seconds vs ~8 minutes based on Informed.IQ’s internal champion challenger test.
Sound too good to be true? We’d be happy to show you, just request a demo.

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About the Author: With more than 15 years’ experience in the financial services industry, including tenures at Santander Consumer USA and Visa, Jessica Gonzalez is now the Director of Auto at Informed.IQ.

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