Using Automated Alerts in Loan Processing to Improve Customer Service

11-20-2018

Whether you are the client who has submitted a loan application or one of the many people who handles that application as it gets processed, it can be a little uncomfortable to watch it disappear into the abyss as it leaves your hands.

Who has the paperwork now? Is it moving along as expected or has it hit a roadblock? When can I anticipate an update? In the past, these kinds of questions tended to go unanswered. The best a customer might hope for is getting a “best guess” from someone after repeated phone calls or emails.

A New Emphasis on Transparency

Today, however, companies are recognizing that keeping all stakeholders apprised of the progress of an application or any other process is good for business. And, the technology now exists to handle this in an automated fashion.

Business process automation systems can be used to scan incoming documents and digitize their data, eliminating the time-consuming and error-prone sharing of physical forms. Instead, an electronic version is reviewed, commented on, and passed to the next person in the approval chain — with every mark-up and movement of the application recorded and tracked. Forms “slipping through the cracks”? Not anymore.

As part of the new online process, parameters are developed for the sending of automatically generated emails at critical milestones. These alerts can be provided to anyone identified as having a role in the process, from the person who submitted the application to any approval authority in the hierarchy.

The Many Benefits of Automated Alerts

How does automating loan processing and defining automated alerts benefit a company and its customers? In many ways, including:

  • Increased client confidence
  • Faster approvals
  • Greater staff productivity through the minimizing of progress inquiries
  • Enhanced process tracking and reporting capability
  • Powerful word-of-mouth advertising from satisfied customers

In short, automation can take what was a bit of a “black hole” process and provide refreshing visibility that ensures everyone involved stays well-informed from start to finish.

Read a case study on how Buddha Logic implemented automated update emails for one large financial institution.

Do you have questions about automating your business processes? We’re happy to answer them! Contact us today. One of the ways we help companies increase efficiency, improve accuracy, and work more cost-effectively is through the development of “software robots.” Learn about robotic process automation (RPA) and our Buddha Botz.

About the Author

Charles Weidman Charles Weidman is the President and CTO of Buddha Logic. Charlie has over two decades of experience in the design, development and implementation of content services and business process management solutions. He is also an expert in robotic process automation. Charlie founded Buddha Logic with the idea that well-architected digital document capture and management processes are both beautifully simple and powerfully logical. Find and connect with Charlie on LinkedIn.