Automation is a common buzzword these days in the financial services industry. What does it really mean for your business, and how far can you take automation through your credit origination process?
We have compiled the top five benefits of applying automation throughout your credit process.
- Reduce back and forth client interactions
Instead of scanning, emailing, and faxing financial information and supporting documentation, customer-facing interactive portals and APIs can facilitate digital capture of required information.
- Eliminate unnecessary manual work
By leveraging a portal that connects to the borrower’s financial accounting package, and has the technology to read tax forms digitally, you can reduce the amount of unnecessary manual data entry.
- Make quicker and smarter decisions
Through the application of innovative machine-learning technology, the time required to generate financial spreads can be significantly reduced.
- Maintain high-quality data accuracy and governance
Data integrity can potentially be compromised when several systems are used to store the same information. Turn-key integration between your customer engagement portal and loan origination system helps to keep all your data within one system.
- Gain a complete view of your portfolio
With improved accuracy and quick access to available data comes better and faster insights into your portfolio. By reducing the need to consolidate and reconcile data from multiple sources, problems within your portfolio can be addressed in real time.
In a recent whitepaper, Maximize Efficiency: How Automation Can Improve Your Loan Origination Process, Moody’s Analytics explores these benefits and specific use cases for automation throughout key stages of the credit process.
Moody’s Analytics has also produced a video from a recent webinar related to this topic, which you can review here.