In order to reach growth goals, financial institutions and credit unions are turning to automated workflow technology. One example of these type of innovation is loan process automation, an option that provides improvements on efficiency and gives customers a transparent follow-up of their application.
As loan origination gives high profit to the organizations, there is an urge to find a solution to the challenges this process faces in a traditional financial environment.
Common problems a loan origination system can fix
- Long waiting manual process
Usually, loan origination is a long waiting process that involves a lot of paper work. Studies show that it takes 40% of an employee’s time to find all the files needed for this process.
While loan automation allows repetitive workflows to be programmed, it processes and organises documents electronically; also helps reduce time in loan approval and reduces costs of labour and transportation.
Integrating new technology with core banking systems can be challenging because they are not compatible with other applications and are unable to share customer’s data, which increases the probability of an error when entering the information manually.
To avoid this, we developed a customisable tool called BeBOP, capable of integrating seamlessly with banking infrastructure so it can automate processes in order of the organisation's needs.
When processing loan applications manually, there can be gaps between the data in the paperwork and the data entry in the system. The data may be entered multiple times before someone realises the duplicate.
Automated workflow technology
The implementation of loan automation is an efficient solution to improve customer satisfaction, since it reduces the time of the process, in addition it becomes a transparent process as the client has visibility of the status query.
By digitizing documents, companies manage to reduce costs and can focus human work on other activities, while data search time is reduced and the system avoids entering customer data multiple times.