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Quick and Secure Loan Granting Process
The granting of loans by banks plays a key role in a country’s economic evolution. This activity is not only common for companies, which rely on this type of external financing to develop their business, but also for society in general, as many people have a debt with a financial institution to purchase a home, a car or to pay for that special trip.
Due to the current economic situation, which is present at global level, the granting of loans has become a determining factor in maintaining customers, as they require services and rapid solutions that adapt to their needs. For this reason, we must achieve maximum return and speed in the loan granting process.
The process by which a bank grants a loan has changed over time. It has developed from the manual analysis of a company’s balance sheet or profit and loss account by risk managers to external computer solutions that speed up these procedures to just a few hours.
Enterprise Content Management (ECM) consultants implement solutions in large banks and savings banks. The process starts by providing the necessary information for the granting of loans to the decision-making bodies almost immediately via e-mails or secure communication protocols (i.e. SFTP). The time it takes for the documentation delivered to the branch to become available at the head office is significantly reduced from days to minutes. In those branches that have the necessary resources to scan the information, it is sent directly, otherwise, the physical documentation is sent to the information management company where the process gets underway.
The information in digital format received by the company specializing in ECM, which it then divulges in short periods of time, continues its cycle in the process. Self-categorization enables us to determine the type of document contained in each dossier in order to file it in the corresponding folder. In a subsequent phase, the “intelligent capture” of the information is produced. All the relevant and necessary data in order to assess the risk is extracted from the scanned documents and converted to the unique international financial format XBRL (eXtensible Business Reporting Language). The information management companies guarantee the quality of the extracted data and prevent errors by eliminating human intervention.
The last step in which the document management companies play a part is in the integration of all this standardised data into the applications used by the banks for risk assessment.
The customer receives the answer in a shorter period of time and a process which once took days is resolved in no more than 24 hours with full guarantees as regards data reliability, as the process is carried out automatically. Furthermore, for a financial institution, this information management service adds value and sets it apart from the competition.
Cristina Peña
IM Consultant SGAIM
