In today's time, the lending process is not as complicated as it used to be several years ago. With the power of automation and AI, several features and functionalities have been developed to ease the entire process. Unlike in the past, the current document system does not have a bundle of papers and documents to handle manually. Instead, Loan Document Management Software allows banks and other authorities to manage every part of the operation conveniently. If you are looking for robust software and are unsure about the feature requirements of good software, you must read the below-mentioned features a document management system must have.
Paperless process:
Going paperless has huge benefits over a manual process. A major amount of time and money can be saved with an automatic process. Besides, automatic processes eliminate the need for human interference, which as a result, avoids human errors.
Lowers the expense:
The agreements and proposals are entered automatically with the software, which cut-off the expense and time consumption of the procedure.
Trackability:
You get your hands on the documents sent to the borrowers in just one go. No searching through several papers to find the one you are looking for.
Quick operations:
From creating the credit memos to approvement of the loan, the operation ends rapidly. Every advanced loan document management system can perform the loan procedure easily.
Here are some must-have features to consider in a Loan Document Management Software:
Automatic memo generation:
Lending decisioning can be accelerated with the help of this feature. The credit memo will be created by automatically fetching the client's details from the pre-filled documents. There is no need to communicate the detailed requirements from the client manually.
Document search:
A document search option is a must-have feature in document management software. It must generate quick search research, ensuring accuracy at the same time. The search must be safe, precise, and fast and must be applied for advanced search in document attributes.
A built-in e-signature feature can drastically reduce the time wastage on tracking the details and document requirements in the process.
Workflow automation:
An advanced document management system must have this automation option that may manage the entire process workflow effectively. It must be able to send the documents to their accurate destination directly. The document actions must be applied following the concerned rules according to the document type. Furthermore, the multi-level approvals must also be handled with complete precision.
Security:
Neglecting security features is like opening the gate for fraudulent activities. A good loan document management system must be integrated with high-grade security features that avoid unnecessarily cyber attacks. The documents must be encrypted with role-based access to ensure the confidentiality of the entire process. A loan management system cannot afford to compromise the security of the data and documents.
Customization:
Document management software must be developed concerning the requirements of every individual business to fit every business need. You can add extra features, remove unnecessary functionality and even alter the design of the software to make it a perfect match for your business. The workflow reports, add customized document attributes, and custom dashboards are some of the modifications one may require to make software suitable for a business.
These are some basic features that every Loan Document Management Software must be equipped with. Additionally, features such as a good user interface, user-friendliness, a unique design and others contribute to enhancing the software's quality and overall performance. Many companies offer reliable document management software services with outstanding features and performances. With technological advancements, new functionalities and features keep introducing in the market.
Decipher Credit is your one-stop-shop for all lending services. We offer a technology-driven commercial lending platform to help traditional lenders compete better and satisfy the emerging needs of their customers and team members. We are all about increasing efficiency, speed, and profitability in the conventional lending process. Get all the steps streamlined in the loan origination, underwriting, monitoring, and closing process to enable your team to focus on cultivating relationships with customers and on growing your portfolio. Contact us today for help!