Leveraging Technology to Achieve a Better Commercial Lending Workflow

Leveraging Technology to Achieve a Better Commercial Lending Workflow

Commercial lending can be incredibly complex and involve multiple stakeholders, guarantors, documents, and processes. Efficient and effective collaboration is key, but outdated systems and assumptions inhibit financial institutions from scaling their commercial lending operations.

Selecting the right technology can streamline collaboration for commercial lenders, especially when it automates time-consuming administrative tasks.

Common Challenges Facing Commercial Lenders

A commercial loan has many potential points of failure—especially when a financial institution relies on paper documents, manual tracking systems, and interoffice mail. Here are just a few examples:

Lender oversights: How does anyone (other than the lender) know when a customer submits an application? Without the proper levels of visibility, it’s possible that an application could get misplaced or forgotten if the lender goes on an extended vacation. That’s bad for the customer, and it could open the door to compliance issues.

Varying levels of complexity: Commercial real estate loans are considerably different from agricultural equipment loans. Process and documentation requirements vary, too. Knowing what to collect and which actions to take (by when) requires rock-solid processes that are both repeatable and scalable. But, that’s hard to guarantee when relying on spreadsheets and one-off checklists.

Manual notifications and routing: A single email can easily get deleted or sink to the bottom of a user’s inbox. Likewise, an interoffice mail folder can get misplaced or become part of a larger stack of documents. Overlooked emails and misplaced documents create bottlenecks in the commercial lending process.

Risk of information loss: Routing documents via interoffice mail isn’t just slow—it’s also risky. What if the courier loses the file or routes it to the wrong team member? Similarly, attaching documents to emails could lead to sensitive customer information falling into the wrong hands.

Aligning Effective Document Management with Automation

Implementing an electronic document management system like AccuAccount creates new opportunities for efficient commercial lending. When paired with AccuApproval, our loan approval workflow solution, your bank or credit union could enjoy the following:

Early capture: Scan your commercial loan applications and related documentation into an intuitive storage environment to reduce oversights and enable access across multiple branches. Drag and drop electronic files from your desktop or network drive. Store everything in a secure electronic environment rather than emailing sensitive documents back and forth.

Pre-defined document structures: Document placeholders help staff know what has already been collected. Know when a customer financial statement, credit report, or appraisal is missing—instead of cross-checking multiple spreadsheets or tickler files.

Automated workflows and notifications: Build rule-based workflows for each step in your commercial lending process. Commercial real estate workflows, for example, could automatically assign tasks to staff who are responsible for pulling credit reports, coordinating title work, and ordering appraisals. Automated email notifications keep users informed about new tasks and create multiple layers of accountability. 

Transparent reporting and timers: Instantly gain an accurate view into your commercial lending pipeline. Identify loans that are stuck or almost ready to close. Use timers to ensure accountability for time-sensitive situations, such as adverse actions.

Post-close productivity: Documents and application histories in AccuApproval automatically become part of the electronic loan file upon close. No need to manually move files or re-scan into the customer’s record in AccuAccount.

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