5 Big reasons to go digital with SMB & commercial lending

The customer portal for requesting financials and tax returns.

This has several bonuses. First, a secure portal between the bank and the customer. No more Dropbox-type solutions involving IT. Your Information Security department will love you for this alone. Second, as documents arrive from the customer, the system has the capability to file these documents within the system in the proper place, automatically. No more file/share renaming the documents to the appropriate customer, etc. Again, your data folks will enjoy this security feature as well. Documents on a digital loan origination platform are in one place, with one copy. Loan Review and regulators love this as well. All lending documents are in one place with the correct document name and customer.

Automated workflows.

Once the documents are in the right place, a lending assistant may send a workflow request to the Appraisal Department, Underwriting, Loan Committee, or Doc Prep, etc. With an automated loan management system, there’s no more emailing with document attachments. The huge benefit here is that workflow can clock in and clock out of each process and send alerts once the loan request meets the approved threshold. This alone speeds up loan origination. You also know when a function is habitually late and whether you might need to hire or shift more resources. You can weigh the efforts.