Most banking institutions are going paperless as the corporate world embraces the responsibility of protecting the environment. But they must find a way to do that and increase profits at the same time, a task that can seem daunting without the right tools.
PDF format can help a bank digitize all the documents it needs to operate, therefore effectively going paperless without reducing the volume of business conducted daily. A PDF management solution like UPDF can help a company increase the volume of loan contracts digitally. Before we see how to do this, let's look at some of the challenges a bank can face when dealing with a large volume of loan contracts.
Challenges of Long Workflow of Loans
The loan application to approval process can be lengthy, made even more complicated by the paperwork needed to complete the process. The following are just some of the challenges a bank may face when dealing with the long workflow of loans;
- The efficiency of the process is significantly affected when there are thousands of documents to be processed. Digitizing the loan document workflow can therefore have the effect of saving a lot of time and can significantly increase the volume of loans the institution can process.
- The loan application and approval process can also be significantly slowed down when the document workflow is handled manually. It may take days for the customer to manually provide all the documents needed for the loan to be approved and even longer for the bank to process the documents.
- Dealing with paper in document format can increase the workload needed to process and approve a loan, which can increase costs when additional staff is required to handle the extra work. There is also the cost of storing all the paperwork.
- A lengthy and slow process can make it very difficult for the bank to create and manage a relationship with its customers, hindering the potential for repeat clients.
How UPDF Helps to Simplify the Workflow
The automation of the loan document workflow process has numerous advantages, chief among them, the reduced time and cost of processing and approving a loan. UPDF in banking is therefore an integral solution that can help facilitate the automation of this process in numerous ways, including:
- UPDF can help users create PDF contracts and easily edit them to provide all the information needed to complete the contract, without ever printing a physical copy of the document. Its PDF editing features and automated PDF forms can be especially useful in this regard.
- The loan contracts can then also be easily reviewed without a physical paper copy by simply using the numerous annotation features that UPDF has. For example, if there is a section of the contract that has improper information, a comment might help the customer enter the correct information.
- Loan contracts are not legally binding unless they are authorized by the relevant parties. The e-signature feature in UPDF makes it easy to add a legally valid signature to the document without having to print the document.
Advantages of Using UPDF in Bank and Finance Industries
There are a lot of benefits that a bank or financial institution can reap from using UPDF. The following are just some of them;
Reduced Cost of Doing Business
This one may sound like a no-brainer, but it is important for an institution that is looking to generate increased revenues by increasing the number of loan contracts. By choosing to use UPDF, you can generate and use PDF contracts thereby saving on the cost of paper and storage. The simplified process of generating and editing loan contracts also means that you can significantly reduce hiring costs as you will not need too many people to complete the documentation workflow.
While PDFs can simplify the process of loan application and approval, using a PDF tool like UPDF to automate the process can mean that the institution can manage and process a larger volume of loan contracts in a significantly reduced time.
When the workflows are connected, each employee can complete their section of the process more efficiently. This efficiency will not just increase the number of loans that can be processed every year but will also create room for the easier and faster onboarding of new clients, helping the bank expand much faster.
Remote Access Made Easier
When all documents are digitized in PDF format, they can be shared and accessed on numerous platforms and in numerous ways. This will make it easier for the customer to provide the details needed to apply for the loan. UPDF's OCR feature can help you scan old documents to add them to the workflow.
And when the workflow is automated, a process that can be made practical using cloud integration, employees of the bank can access the document wherever they are and on any device. This will make remote working a reality for any institution and may help reduce staffing costs.
The bank's customers will be more incentivized to work with the bank if the loan application process is simplified and easy to access. They are even more likely to develop and nurture a close relationship with the bank if the loan approval process is also much faster. Therefore, the crucial advantage of a faster more efficient document workflow that you can get with UPDF will serve to increase the bank's customer base and improve customer relations.
Most companies fail to digitize document workflows because most of the tools required to do so can be quite complicated. UPDF eliminates this problem by providing all the tools you need to create, edit and manage PDF documents in a neatly arranged package that is easy to use and easy to access. We are committed to helping you with a smooth transition to digitized document workflows and are always available if you need any help with any part of the process.