On a scale of 1 to this kid and her camel, how much fun do you rate processing a loan? How do you think your customers rate applying for one? My guess for either option is probably closer to 1 than camel, but that number might increase (maybe from a 2 to a 4, but still better) depending on the speed and ease of the process. No matter which direction you’re coming from, a messy, lengthy, or confusing loan process is really no one’s idea of a good time, and from a banking standpoint, these kinds of processes won’t keep your customers coming back. On the flip side, if you leverage your core banking solution with an enterprise content management (ECM) integration, you can streamline paper-intensive processes to improve speed and accuracy as well as customer service.
ECM is a powerful tool that can integrate with your banking software solution and automate redundant tasks while increasing transparency into your processes. ECM enables users to automatically route files to the appropriate recipient to move them quickly through the loan processes, alerting individuals who need to take action when a package needs to be reviewed or if more information is required. Other parts of your process that ECM can automate include the eDelivery of loans to customer, which reduces shipping costs, and document retention, which improves compliance and keeps you audit ready. In addition to automating business processes, ECM also provides a central repository for files that need to be accessed by more than one person. This allows employees to immediately locate documents, know that they have the most recently updated versions, and know where in the loan process these documents are.
While the reduced costs, increase in productivity, and simplified tasks are all good reasons for ECM implementation, the impact of business process improvements doesn’t stop there. In this age of social media rule, your customers’ opinions are more important than ever. Exceptionally good and bad experiences are plastered on sites like Facebook, Twitter, and Instagram for the world to see, and calls for recommendations for various services appear just as often. If that’s not enough incentive to provide good customer service, consider the growing importance of testimonials and reviews. It takes approximately three seconds for prospect customers to find them on Google, and more and more people are searching for these online opinions before committing to any service or product. If your loan process takes ages to complete, people will write about it, and it could dissuade other potential customers. On the other hand, great customer experiences will be spread as well. Make sure your business has more of the latter.
Enterprise content management is flexible enough to solve a variety of problems for a slew of business process improvements, from reduced costs and higher productivity to speedier loan processing resulting in better customer service. If you’re interested in taking advantage of the business opportunities ECM can help provide, check out our Ultimate Guide to ECM below!