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Home » 4 Reasons Why Loan Document Management Software Should Be Implemented

4 Reasons Why Loan Document Management Software Should Be Implemented

Loans ask for numerous documents. Banks and brokers are often seen drowning in papers. After sorting the documents, one needs to see that the documents have been received on time following the right format. Software has revolutionized many industries and thanks to BankPoint it has had an impact on banking too. It’d become much easier if more independent brokers and conventional banks start getting on the bandwagon. Therefore, getting a reputed loan document management system is a smart move which will save you a lot of time. 

How can loan document management software help you?

The available software in the market will let you request documents from your clients, lets you see if they have checked up on it or not. It will also make sure that everything uploaded is in the right format or not. With advanced tracking, you can see the movement and judge the mindset of your client. 

Make more time for other tasks

Expanding a business can get tough if the major chunk of time is being spent on shuffling, scanning, and arranging documents. You’ll also have major pen and ink woes; you’ll keep running out of files/folders. All this can be avoided with a loan document management system. 

Loan document management system improves customer satisfaction

As you save your time by eliminating tedious tasks, a loan document management system will also save time for your clients. They’ll appreciate that they don’t have to send mail after mail. Streamlined communication and faster document verification will result in faster turnarounds which is a win-win for both the parties involved. The whole activity is worked out upon a single portal, the experience is convenient and consistent. 

Be more focussed on growth

The employees who were busy photocopying the documents, getting signatures and countersignatures, get freed up for other tasks. You can put these employees on more important tasks like business development. Much of the process is automated when you are using loan document management software. You can very well leverage this to your advantage. 

A very frugal approach to loan documentation will be to invest in a great loan document management software and get rid of most of the hassles mentioned above immediately. It’s plain and simple. The only ones not catching up are the ones who are not being proactive but instead are being lazy.

While looking for similar software, always read the features from the website’s landing page, check if it aligns with your requirements. Some of the software companies provide a free demo. It is recommended to schedule a time with that company and analyze everything on the demo.

The software will reduce a fraction of the cost of lending but you’d have to make sure to smartly use the tools to have the maximum impact. 

One of the most reliable companies is Decipher. Decipher was founded in 2016. The best thing about Decipher is that it is made by lenders for lenders. So, they understand the specific pain points and have come up with software on that very basis. The team behind Decipher has been in factoring and asset-based industry for over 20 years.

At Decipher, you can request for a free demo and see how the whole thing works for you. The team will get back to you as soon as possible.