WhatsApp and RPA Automated Loan Application Processing

We leverage WhatsApp to help the applicant apply for a loan and then all the different verifications are handled by the BOT which then updates the applicant via WhatsApp and email

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Inspiration - The time taken to process loan application when I applied for a loan and the current COVID-19 scenario where people have lost their job and would like to apply for a loan

What it does - It automated the application process and helps the user to apply for a loan, get details on FAQ for loan document, etc. right from his mobile using bank authorized WhatsApp channel then all the documents are collected via the bank website and verified against 6 parameters by RPA Bot and then it forms the user with the application status in less than 5 min. Alos the bak gets the data to perform analytics on it which will help the bak to take key business decisions based on the data collected.

How I built it - Level -1 WhatsApp bot integrated with NLP, Level-2 Website to collect user data, Level-3 RPA bot with Work Load management to do the heavy lifting of multiple verifications for the data and match them against submitted documents.

Challenges I ran into - WhatsApp free trial with limited functionality, barcode reading with python as free libraries have limited options.No access to user information from Cibil and Experian website which is publicly available hence had to use dummy values

Accomplishments that I'm proud of - Created this whole project in less than 24 hours and the learning of coalescing 3 different technologies to create a unified solution.

What I learned - When we try to solve a real-life problem the ideas and bring this into action drive us and also RPA when combined with next-gen technologies, can be if used to cater multiple un-explored solutions.

What's next for WhatsApp and RPA Automated Loan Application Processing - Creating an ML library to do predective Analysis and create another way of automating this where the user can directly fill the details and uploads documents from WhatsApp along with multi-lingual support..

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The automated loan application process does different validations as part of e-verification and also removes the need to have a laptop because the documents can be uploaded right from the mobile with the help of either file upload or pic captured in real-time using a mobile camera and also provides the user the update in less than 5 min. Used multiple technologies to create a robust solution that can be further enhanced with ML.

  1. Verify UID using OTP
  2. Verify Mobile number
  3. Extract and validate data from FORM-16
  4. Reade barcode from UID and validate it against the entered UID
  5. Extract PAN card number form PAN Card and validate it against the PAN number mentioned in FORM-16
  6. Fetch Experian score through API
  7. Fetch CIBIL score through API
  8. Validate and cross-reference all the data entered into the website with the data extracted from documents.
  9. Once all the data is verified then the business rule is applied to complete the e-verification process.
  10. An email is sent to the applicant and bank towards the end with the relevant details.
  11. The complete data can be viewed by the BANK on the dashboard which will help them to take key business decisions.
  12. After a successful e-verification applicant is notified via WhatsApp message and registered Email

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