Automated Loan Processing Systems: What Are the Advantages?
By Tori Cameron on December 2, 2019
Did you know that a typical financial services employee spends 40% of their time hunting down files they need? Or that a misfiled document costs the average organization $125? 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 employees who also struggle with things like regulation adherence, juggling different line of business systems, and maintaining compliance.
Using an automated loan processing system starting from the origination to the 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:
1. Increased employee productivity. There’s no more wasting time with double and triple entries, allowing your employees to focus on more critical, high-value tasks. The system can recognize and classify invoices and supporting documents as they are imported from email or scanned from paper and pull out the important data.
2. Reduced connectivity complexity. An automated loan processing system increases efficiency by automating data entry to your accounting system, ERP, or workflow.
3. Boosted service levels. The KnowledgeLake platform can boost vendor and internal service levels via a simple, one-click action to immediately pull back relevant documents from within any accounting system or ERP.
KnowledgeLake specializes in leveraging Microsoft for accounts payable processing and archiving. We’ve been doing it for clients for 20 years, and it’s the largest part of our business. The KnowledgeLake platform enables users to efficiently handle paper and electronic financial documents so your organization can deliver exceptional customer service from account openings to loan processing. Reach out to our experts today and take the first step towards intelligently automated loan processing.
KnowledgeLake provides content management solutions that help busy organizations intelligently automate their most important document processes. Since 1999, we've created award-winning, Microsoft-centric solutions that have helped thousands of companies around the world focus on their mission rather than their mission-critical documents.
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