To simplify document management, customers can utilize e-signatures, digitally complete online forms, upload actual documents through their smartphone camera, and permit third-party data sources, such as bank account feeds.
The sudden shift in business settings and customer behavior because of the pandemic. Banks across the country assess investment chances in their digital capabilities to remain competitive in a progressively digital world.
When the stream in Paycheck Protection Program loan applications was at risk of overwhelming lenders, some banks hired more employees to help manage the influx of applications, incurring greater costs. Others, on the other hand, encountered capacity constraints.
Many banks replied by investing in automation technologies to improve operational efficiency, thus addressing a prevalent yet disparaged barrier in the loan process: document assembly. Their efforts yielded considerable increases in productivity, loan processing capacity, and, most importantly, happier clients.
Improving the process through automation
All papers are shared, processed, tracked, and gathered through an intuitive customer portal developed by automated document collecting platforms. Customers and loan officers may view the application's status and approve or revise document requests. In addition, customers are guided through automated workflows and reminders. Moreover, customers can use e-signatures, digitally complete online forms, upload actual documents, and allow third-party data sources, such as bank feeds.
Lenders may quickly approve documents or produce requests from consumers by automating document gathering and follow-up, and they can have raised insight into loan status with a streamlined dashboard. Business leaders now have the best idea for the loan pipeline, which can be broken down by area, branch, or loan officer, to make better business decisions.
Standardized communication templates, automated file management, and removing the need for private customer data to transit through staff email inboxes are all advantages of an automated document collection platform. It also follows the trail of all communications and documents, storing them securely and making them available for review and suitability. In addition, eradicating the time-consuming, manual nature of managing the document collection process using email enables banks to grow their capacity to process loans rapidly and efficiently, allowing customers to receive their loan funds faster and with greater relief while also increasing revenue for the bank.
