Loans are a bank’s most important asset. But their inefficient, slow, and error-prone paper-based loan origination processes leaves many banks at a competitive disadvantage. Loans taking too much time to process and requiring too much paper are among the leading reasons that customers give up on a bank and take their business elsewhere. Transforming a critical process, such as customer onboarding or loan origination, can eliminate the delays, errors, costs, and risks of paper and manual processes.
Our Nuance offering helps financial services organisations gain control over these gaps and inefficiencies, ensuring information is used to speed business processes and boost productivity, while always remaining in the right hands to ensure compliance and customer satisfaction. There is a significant business impact of manual and inefficient workflows.
A Forrester Research survey found various forms of inefficiency to be the leading reasons that prospective customers drop out of a banks’ onboarding process. These included:
- Having too many divisions or people to coordinate with (21%);
- Taking too much time to decide on a loan (16%);
- Repeatedly asking for the same information (16%);
- Poor communication (16%); and
- Frustration with paper forms, faxes, and signatures (11%).
While paper was singled out as a direct source of customer dissatisfaction, it’s actually a root cause of financial service process inefficiencies. Adding a layer of security and control to electronic information and the output of required paper documents increases visibility into processes for customers and employees alike.
Replacing manual processes with secure and automated workflows enables organisations to:
- Capture documents at the point of service
- Connect branch activity with centralised operations
- Minimise the chance of human error
- Reduce the risk of compliance violations
- Promote customer cross-selling and retention