The lending industry has predominantly been a paper-intensive business. Automated document processing brings transformational change to archaic paper processing techniques and helps lenders streamline their operations. The implementation of the software enhances the overall customer experience by accelerating the loan approval process. From the company’s perspective, it increases accuracy in highly critical tasks and processes that are especially sensitive to human errors, such as data verification, aggregation, and further processing.
While accuracy, optimization, and increased ROI are the focus points of using automated document processing, the technology’s impact is much more far-reaching for lending businesses.
In this article, we take an in-depth look at the various nuances of implementing automated document processing software in the lending sector.
Lenders and underwriters are constantly chasing higher loan approval rates, a lower cost of acquisition, and a shorter average sales cycle. In the pursuit of achieving these metrics, making better decisions, and offering personalized customer service, they have adopted technologies such as AI, data analytics, and automated document processing.