The financial services industry generates millions of application forms, contracts, client correspondence, customer documentation and other types of business content daily. As paper documents accumulate, manually maneuvering through the process becomes labor and time-intensive. Long term, this practice is unsustainable. An automated loan processing system can lighten the load for financial services professionals who also struggle with:
- Adhering to a multitude of ever-changing regulations
- Juggling multiple processes involved while using different business information systems
- Maintaining compliance to reduce risk exposure
- Ensuring accountability within the processes and sub-processes
- Operating within organizational silos that make finding needed information a frustrating, time-consuming task
A typical employee spends 40% of their time hunting down files they need. A misfiled document costs the average company $125. – The Paperless Project
Automating loan processing within the origination, underwriting and post-closing processes means data from paper documents can be electronically captured, then indexed and routed to the appropriate system. Workflows can be set up for certain procedures to enable repeatable, consistent processing for faster turn-around times. These actions provide continuous advantages such as:
- Reduced costs that would accrue due to the cost of paper, extra labor, storage, mailing and any necessary physical transportation.
- Condensed processing time, reducing the approval process so closing rates are quicker, giving the organization an advantage over the competition.
- Enhanced search and retrieval of important documents to increase productivity and allow employees to focus on more important tasks — like strengthening client relationships. This translates to repeat business.
- Assured governance and compliance. Confidential information is safe and an established records management policy ensures regulatory and industry compliance.
KnowledgeLake’s loan process automation solution efficiently handles paper and electronic financial documents so your organization can deliver exceptional customer service from account openings to loan processing. We can also help you set up a retention/destruction plan for records to achieve regulatory compliance and enhance the auditing process.
To learn more about automating the manual loan process, download the whitepaper, Document Management Solutions for Loan Processing:The Impact of Automating. Or, contact us to get started.