Benefits of Leveraging Technology for Document Preparation
Banks and credit unions closed their lobbies and branches amid shelter-in-place orders in response to the coronavirus pandemic. Financial institutions that had already made the shift towards digital offerings found themselves with a distinct advantage to serve their customers and members. Technology has enabled financial institutions to operate more quickly and efficiently, creating a better experience for customers. Furthermore, adopting technology has allowed banks to grow safely and soundly, with innovations that make the loan portfolio more defensible.
Financial institutions should look to technologies that allow for the automation of manual data entry to mitigate risk and allow the institution to grow safely. Manual data entry poses several problems, though one of the most significant issues is its susceptibility to error. Eliminating manual data entry, and, thus, data entry errors, is key to efficient and compliant lending.
Compliance is at the center of the lending process at financial institutions. Its strength and efficiency are vital to nearly every department within the institution, from the CEO to loan officers. Without the right tools and processes in place, however, compliance can be monotonous and inefficient. Financial institutions are looking for a solution to increase efficiency, decrease risk, and provide complete, defensible documentation for loan types.
Benefits of document preparation
Document preparation solutions, like Fusion LaserPro, help financial institutions to automate data entry, save time, and reduce errors. Rather than spending time tracking down the latest state or federal regulations, a loan documentation solution stays up-to-date on all regulatory deadlines. Automation is just a piece of the efficiency puzzle. Customers of the Sageworks Lending Solution can access Fusion LaserPro to work seamlessly with other solutions via API integration, allowing credit analysts and loan servicing staff to easily select information within Sageworks and generate documents, which will then be available directly in Fusion LaserPro. Customers can skip the manual work of specifying data mapping rules or manually exporting files to reupload into LaserPro. The partnership between the Sageworks Loan Origination System (LOS) and Fusion LaserPro is the first in the market.
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The efficiency gains of automating compliance-ready document preparation would be moot if it sacrificed sound lending practices. The integration of Fusion LaserPro with the Sageworks LOS equips financial institutions with greater insight into their loan portfolio. The integration with LaserPro connects directly to the institution’s core, allowing users to report on more than 260 fields.
For years, financial institutions have faced a digital transformation that has dramatically reshaped how customers and lenders interact with traditional banking practices. The coronavirus highlighted the importance of technology and digitization within banking, and financial institutions must continue adapting and innovating to remain competitive. As financial institutions seek out technologies to streamline processes and reduce inefficiencies, banks and credit unions should also consider how such technologies affect risk. Solutions such as the Fusion LaserPro integration, for example, aim not only to reduce manual processes and automate data entry, but also to detect, manage, and prevent risk more effectively.
