Eliminating Risk & Streamlining your Lending Operations

Document Automation

Data is a huge opportunity for banking firms to leverage, but it also requires robust control to mitigate potential risks. For this reason, many firms have opted for document automation to ensure that all documentation is faultless. Not just a cost-effective tool, document automation meets ever-changing market regulations, improves scalability, reduces operational risks, and enhances your business transformation. 

Meeting Market Regulations

Banking regulations are constantly changing and it’s important that your organization stays ahead while remaining in compliance. Managing user access, implementing document templates, and automation can help ensure that banking organizations remain in compliance with current market regulations. 

Traditionally, creating banking documents is a manual process but as rules change, automation can alleviate the inevitable human error. HSBC is one of the world’s largest banking and financial service organizations. Serving more than 60 million customers through four global businesses, adhering to market regulations is a key factor in their success. HSBC Singapore leveraged HotDocs to streamline the generation of facility letters for its corporate customers. This maximized their efficiency while minimizing the risk for manual documentation errors. 

HotDocs can give assigned users the ability to access, modify, and store company-wide documents while remaining in compliance. Your document automation tool can also include creating templates to ensure that all users or systems that use the template, are using the most compliant and updated version of a document. Banks like Western AgCredit integrated HotDocs into their loan origination process. Relying on both user access and document templates, Western AgCredit was able to add changes in regulations or procedures into HotDocs. This allowed for another layer of security, and their loan officers no longer had to worry about new updates. 

Remaining in compliance is an integral part of your lending operations and automation can help you fall in line.

Improve Scalability 

Accuracy may be an easily achievable goal in small corporations, but for large-scale organizations like banks, the risk of error is higher. The general language of your documents may need to follow industry standards, but personal financial data will differ amongst your customers. Automation tools like HotDocs can handle the increase in document production levels of large-scale banks while minimizing error. 

The Royal Bank of Scotland‘s Corporate Credit Department handles more than 35,000 security and loan documents a year. HotDocs provided a powerful tool to help generate documents based on question-and-answer dialogues. Not only did this dramatically reduce the time required to produce complex credit documentation, but it also transformed an outdated process into a fast, flexible, and efficient system. 

Eliminate the risks and time of creating, reviewing, and distributing financial documents with automation software. Integrating automation into your systems can help streamline processes across your entire organization while improving commercial bank scalability.

Digitizing Your Lending Operations

In terms of scale, commercial banks operate on a global scale and across multiple brands. In a highly regulated industry, document accuracy is integral to business processes, risk reduction, and customer retention. Though much of the banking process is automated or handled internally, document automation can also allow customers to handle much of their own banking processes. 

Digitizing onboarding, lending, and other various banking processes allow customers the ability to generate their own documents. Rather than relying on manual approval or document generation, customers can go online and get results and approval. The power of APIs offers many opportunities to integrate your banking processes with complementary products, like digital signatures.

Digitally transforming your document management with HotDocs can offer limitless opportunities to increase your firm’s value, build trust with your customers, and reduce costs. 

To learn more about the benefits of document automation for banks and how it improves document compliance, contact us today to see a demo of HotDocs