3 Real-World Use Cases of FASTdocs for Consumer Lending Teams
One lender might interact with hundreds of borrowers over the course of a single year. Each relationship involves a variety of conversations, emails, and documents, which speaks to the importance of proactive information management.
FASTdocs, Alogent’s enterprise content management system for financial institutions, can help consumer lending teams increase efficiency and streamline operations. Here are three real-world use cases for using FASTdocs to support lending.
1. Researching Borrower Information
Borrowers do not spend much time thinking about the inner workings of a financial institution. Instead, they’re focused on achieving their own financial goals, which sometimes involves taking out a loan. Responding promptly to borrowers’ evolving needs is essential, and doing so requires having the right information at the right time.
Organizing customer and member information in FASTdocs puts lenders in a better position to support borrowers. Instead of filtering through files in a records room or network drive, the lender simply launches FASTdocs and keys in the borrower’s name. Within seconds, the lender gains access to prior tax documents, credit reports, and other records for substantiating a loan. That means faster service for the borrower and a smoother experience for the lender.
2. Supporting Indirect Lending
Indirect lending through car dealerships is an important source of business for many banks and credit unions. Thorough processing of incoming documentation is key for maintaining healthy relationships and avoiding recordkeeping oversights.
FASTdocs makes it easy to manage documentation from indirect loans. Staff can use batch or direct scanning to quickly get information into a borrower’s digital file. OCR (optical character recognition) enables team members to extract in-document text, such as VIN numbers. With the FASTdocs API, electronically signed documents can automatically appear in the correct location, saving time and reducing data entry errors. Retention rules support compliance.
3. Achieving a Better Document Collection Workflow
When paired with Alogent Document Portal, consumer lenders can achieve a more intuitive document collection workflow. Initiating a document request is fast and easy for lenders. Borrowers are prompted to create a secure account prior to uploading records. Uploaded documents appear in FASTdocs, allowing the lender to stay focused on relationships without jumping through multiple systems. Automated email notifications keep lenders and borrowers informed throughout the process.
Financial institutions can also use WebShare to connect FASTdocs to their digital banking platforms, thereby enabling a two-way exchange of information.
Empower Consumer Lending Teams with FASTdocs
Looking for a better way to organize and share information with lenders? Explore FASTdocs, a powerful ECM system that’s built for financial institutions.
Contact Alogent to request pricing for FASTdocs.
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