Case Study: Conduent Financial Achieves 67% Cost Reduction in Mortgage Operations with Conduent Automation and Right-Shoring

Conduent Financial cuts mortgage audit costs by 67% with Conduent

Conduent Financial, a leading U.S. financial institution, faced a significant challenge in its mortgage services operations. It was manually extracting millions of data characters from documents, a process that required over 50 U.S.-based data entry operators and carried a high risk of human error. Partnering with vendor Conduent, the client sought to improve efficiency, quality, and customer satisfaction in this new loan audit process.

Conduent deployed its optical character recognition (OCR) technology and implemented a "right shoring" strategy by moving operations to its facility in Vizag, India. The solution automated 70% of the process, which resulted in a 67% reduction in annual costs and an increase in quality to over 99%. Due to this success, Conduent expanded its support to dozens of other mortgage processes, including eliminating a 12,000-invoice backlog and saving the client over $300,000.

Conduent Financial