Shastic, an Intelligent Process Automation platform for banking, recently launched DocPush, a new capability that cuts down up to 95% of the processing time needed to collect information and documents for loan approvals.
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Shastic’s DocPush is powered by intelligent process automation (IPA), which automates communications and pushes documents and information based on the loan’s current stage in the processing system. Automating the communication and document collection process allows financial institutions to free lending teams from manual repetitive work while also reducing fulfillment times and enabling them to fund more loans than before.
“We developed DocPush to enable banks and credit unions to eliminate the time-consuming manual process of collecting required documentation during processing and to increase the speed to closing,” said Joseariel Gomez, founder and CEO of Shastic. “Our IPA process can learn and adapt to existing workflows to find the most effective method of automating the friction points in the loan process.”
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Shastic provides a unique, easily accessible platform powered by artificial intelligence and a cloud-based infrastructure. This enables DocPush to automate document collection and communication between financial institutions and their borrowers throughout the loan process. DocPush also automatically updates the financial institution’s processing system, showing which documents still need to be collected and which have been pushed back – all in real time.
“Credit unions are always looking for ways to make their teams more productive, and Shastic provides a solution that helps drive strong efficiencies and maintain a strong member experience,” said Dave Buerger, co-founder and CEO of CuneXus. “Shastic’s DocPush is a great way for credit unions to reduce fulfillment time and resources while providing an outstanding lending experience.”
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