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Customers can use e-signatures, digitally complete online forms, upload actual documents using their smartphone camera, and allow third-party data sources, such as bank account feeds, to make document management easier.
FREMONT, CA: The necessity for innovation was highlighted by the abrupt shift in business settings and customer behavior because of the pandemic, as banks throughout the country assess investment opportunities in their digital capabilities to remain competitive in an increasingly digital world.
When the surge in Paycheck Protection Program loan applications threatened to overwhelm lenders, some banks hired more employees to help handle the influx of applications, incurring higher costs in the process. Others, on the other hand, faced capacity constraints.
Many banks responded by investing in automation technologies to improve operational efficiency, thereby addressing a prevalent yet underappreciated barrier in the loan process: document gathering. Their efforts yielded significant increases in productivity, loan processing capacity, and, most significantly, happier clients.
Improving the process through automation
All papers are shared, processed, tracked, and collected through an intuitive customer portal created by automated document collecting platforms. Customers and loan officers may simply view the application's status and approve or revise document requests. Customers are guided through the process via automated workflows and reminders. In addition, customers can use e-signatures, digitally complete online forms, upload actual documents using their smartphone camera, and allow third-party data sources, such as bank account feeds, to make document management easier.
Lenders may easily approve documents or make requests from consumers by automating document collecting and follow-up, and they can have increased insight into loan status with a streamlined dashboard. Business leaders now have more insight into the loan pipeline, which can be broken down by area, branch, or loan officer, allowing them to make better business decisions.
Standardized communication templates, automated file management, and eliminating the need for confidential customer data to transit through staff email inboxes are all benefits of an automated document collection platform. It also keeps track of all communications and documents, storing them securely and making them available for review and auditability at any time. Eliminating the time-consuming, manual nature of managing the document collection process through email allows banks to increase their capacity to process loans quickly and efficiently, allowing customers to receive their loan funds faster and with greater ease while also increasing revenue for the bank.