The global banking industry is taking a keen interest in document preparation software as one of the strategies to implement a new wave of productivity. Although there have been mixed results for different industry players, a majority seem to have successfully automated their document preparation and are now seeing the benefits of this investment in IT transformation.
A survey by PwC indicates 81% of CEOs are anxious about the rate at which banking technology is transforming. Challenges arise with this transformation for banks that fail to embrace the disruption. Those however that do, tend to see minimized costs and increased efficiency not just with documents, but the entire process. Let us examine the importance of document automation for the banks.
Banks that depend on a manual loan approval process, usually seem out of step with the demands of the modern client. The wave of paperwork involved in a manual process can tire the employees but also frustrate the customer. With document generation software, however, the approval time is accelerated. This means more mortgage loans can be approved in a shorter time and that implies more money can be expected.
But that’s not all. For a bank, the greatest importance of mortgage loan document preparation is probably the consistency and accuracy that come with using technology for such repetitive tasks. By subtracting human involvement from the process, there are fewer or no errors in the documents, so no worries about costly mistakes. The right figures are entered into the document along with important dates.
There is a clear digital trail when you use IT solutions for the loan process. All the figures that need to be recorded are efficiently recorded without any being left out. This means the bank can easily forecast its earnings based on the records it has of loans given out and when they will be paid. With such records, accountability is improved since nothing is missed and only authorized individuals have access to files. The auditing process too is made easier since the “paper trail” so to speak is clearer and easier to follow. For a bank, this is a vital positive element that enhances not just accountability but transparency as well.
The best document automation software makes what was once a laborious task much easier even without having to do double checks.
Automating the document process in a bank has a huge impact on the experience the customer has. First of all, it would be awesome to find customers who enjoy filling forms. It is even harder to find those who enjoy waiting in line. These are just a few of the challenges manual processes present and they can be solved by automating the document preparation process. Customer information can be captured quickly and passed on to the necessary departments for processing. This means less waiting for the customer and no one has to return to the bank to the annoying news that their file cannot be found or that the wrong data was entered.
So for the customer, whatever interaction they have with the bank involving documents will be greatly improved as the bank is using document template software that automates this loan approval preparation process.
Several costs go into the processing of a loan. This process can demand a lot of paper as well as time to go through the paperwork. Think of some of the documents that would be required for a bank to approve a loan. Using a manual process will require that all these documents are copied and filed. This requires spending on paper and paying someone to do the copying and filing. With the right document generator, however, papers needed can be drastically reduced or even eliminated. All the required documents can be scanned and sent to the bank. The automation software will capture the information and store it digitally eliminating spending on paper.
Document production software comes with analytic tools that can help you evaluate your processes. For example, if you want to improve your lending process, you can study the data from the tools that will show you which processes are fine and which ones need to be improved. It makes it possible to work faster and more efficiently.
The banking industry is a heavily regulated industry that requires adherence to certain standards and procedures. It is usually hard to follow some procedures when you depend on manual document management. With automation, however, every document will be guided by set rules that the software adheres to. A user just needs to make a few choices and the right document will be produced with updated and standard data. Most of the software is designed to use familiar programs. For instance, you can make use of document automation Word integration so that everyone who knows how to use MS Word can generate documents with minimal training.
Banking depends on various documents of varying importance. It is necessary to identify which documents would present the best value to the bank If they were automated. Finding out how do you automate a document is just as important as determining which documents need to be automated. Some key guiding principles for this would be: how much money you will be saving by automating the document? How much time you will save, both for the employees and the customer as well as how frequently the document is needed.