hours hunting for missing, poorly labeled, or misfiled documents is also a thing of the past. 3. Fewer Errors and Improved Compliance The less financial services organizations rely on manual entry, the lower the potential for costly human errors. Thanks to automation, there is no need for employees to manually enter and verify important data. Because of the above-human accuracy of automation solutions, teams also do not have to go back and forth correcting errors, mistakes, and omissions across multiple spreadsheets. Most automation solutions were also specially developed for the needs of the financial services industry. This means they are fully compliant with all relevant SOC2-Type 2 and other regulations, ensure secure document collection, and integrate seamlessly with the most commonly used internal software and CRM systems. 4. Better Customer Service Quicker processing times and remote document collection directly translate into better customer service, higher client satisfaction, and lower dropout rates. In addition to servicing clients faster, employees have more time to answer queries, solve customer problems, and promote financial products. 5. Improved Bottom Line Perhaps the biggest benefit of automated document collecting is its impact on ROI. It helps save time and money on repetitive mundane tasks, makes it possible to approve more applications in less time, and spares lending institutions from having to increase their headcount just so that they can scale. As a result, most lenders see a rapid improvement in their bottom line shortly after implementing automation into their workflows. Automated Document Collection in Commercial Lending: Final Thoughts While fintechs and alternative lenders were the first to embrace automation solutions, traditional banks are quickly catching up on the potential of modern technologies. To remain competitive in this highly saturated industry, commercial lenders need to start incorporating automation as soon as possible and before it is too late. IBM reports that as many as 90% of spreadsheets have errors that affect their results, and research on comparative data entry methods suggests that manual verification results in 2,958% more errors. May • June 2022 25
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