At one time, automation was the wave of the future. Luckily for us, the future is here! However, we think you want to know the answer to this question: why should my company automate processes? Today’s lenders can optimize their business by automating many of the processes that created bottlenecks and obstacles to productivity. Here are just a few reasons why automation is the only way to go when processing documents for today’s lenders.
Faster Sign-off on Documents Throughout the Process
Today a document is sent to a client and the client pulls it up and signs it on their phone. Then immediately, often with the click of a button, it’s sent back for the next step in the process to begin. Faster sign off means the whole process is completed quicker. This means people get their money faster and lenders can move on to the next customer with ease.
Better Process Visibility
Visible processes keep everyone in check. When you fail to see steps, they can be easily missed. When you have a checklist, you can see that everything is happening not only in the right order but that it’s happening in the first place. This makes it easier for managers to know what’s holding up documents.
Reduce Errors While Increasing Overall Accuracy
Errors can be costly. Automating systems can help not only keep things moving but ensure that they are accurately being completed. If a signature was missed in the past, it would mean more man-hours or a journey back to the office for the client. With automation, the process prevents the next step from occurring unless the previous one is complete.
Create a Better User Experience
Today, people want things to be easy and low stress. Working with a lender by nature can be highly stressful. Not having to go back in fourth breeds confidence and security. This means happy clients that will hopefully refer business to you. Remember clients that have a poor experience are more likely to complain.
Keeping Data Safe and Compliant
Cybersecurity is a real concern for all businesses. No one wants to see data loss or worse a compliance breach. This means safe data is the only data you should be holding. Keep things not only updated when it comes to software but also when it comes to new threats on the digital front.
Compliancy is a scary thing when you are not prepared. It’s even more difficult for clients to understand should something go wrong. If you are not sure if your system is completely complaint then you should research expectations for your industry before it’s too late.
If you’re looking for a simple way to avoid the common hassles and costs, not to mention the risk that manual document processing and email systems present, then you will want to consider an automated document collection system like Cirrus. We work hard to help you have the confidence in daily task completion and more!