5 Step Loan Approval Process for Modern Banking using XfilesPro DocGen
Loan processing is a crucial part of banking services. But it’s often heavily paper-based and time-consuming. While around 15.5% of the finance industry uses Salesforce, many still rely on manual methods for the loan approval process and other core operations. The manual approach slows down operations, impacting customer experience. This results in delayed approvals, wasted time, missed opportunities, and reduced productivity. Let us walk you through some of the common challenges you might be facing with a manual loan approval process and how XfilesPro DocGen, a complete document generation solution, can help streamline it all. A Day in the Life of Manual Loan Approval Processing You already know that the loan approval process is the step-by-step journey a bank or financial institution follows to decide whether a borrower qualifies for a loan. Here’s a closer look at the challenges in a typical loan process. Say a customer walks into your bank or financial institution. As an agent, here’s how you might handle things manually: Application Submission You ask your customer for their details and either manually enter them yourself or hand them a paper form to fill out. This information is to be entered again into Salesforce, which isn’t the most efficient way. You’re juggling paper, the customer is repeating the same information multiple times, and by the end of it, both sides are mentally drained.And if you’re out in the field, it’s the same struggle, just with more sweat. Processing & Verification The customer submits hard copies of ID proofs, salary slips, and bank statements. You manually review each document, cross-check numbers, and confirm authenticity. This part can drag on for days, especially if something’s missing or unclear.And if you’re out in the field, it’s the same struggle, just with more sweat. Underwriting & Decision Once everything looks okay, the file reaches the underwriting stage. Here, someone—maybe you, maybe a senior officer—reviews all the information, calculates the risk, and determines whether the loan should be approved. But again, it’s all manual. Risk analysis is done on spreadsheets, notes are written by hand, and you wait for higher-ups to review and approve. One missing signature or number out of place, and you’re back to square one. Approval & Disbursement After all that back and forth, if the loan gets approved, you now need to prepare the loan agreement. You print out pages of documents, get them signed, and then manually initiate the disbursement, either through a cheque or by entering details into your core banking system. Any small delay in signing, scanning, or updating the system can push disbursement by days. Not to mention, tracking the loan status becomes a nightmare for both you and the customer. Sound familiar? Now, imagine doing all of this from the field. It’s not just inefficient—it’s exhausting. Hence, the manual process is not simply lengthy but also riddled with inaccuracies (and possible security issues) for loan processing. For an operation that is already complex to start with, doing it manually makes it 10x difficult. XfilesPro DocGen is the answer! See how a financial services provider with over 100 years of experience streamlined end-to-end document workflows in Salesforce with XfilesPro. Download the full case study! Transform the Modern Loan Approval Process with XfilesPro DocGen With an automation tool like XfilesPro DocGen integrated into your Salesforce organization, you no longer have to rely on manual document entry or go back and forth for reviews and approvals. You can handle everything within a single application, whether in the field or the office. You can generate documents, obtain approvals, and sign them all within one application. Bring Speed, Accuracy, and Complete Visibility to Your Loan Process Register for the Webinar! Get Files From Customers XfilesPro also makes it super easy to collect files from your customers. Just share a secure drive link with them, no login required. Your customer can upload all necessary documents like ID proofs, salary slips, and bank statements directly into a folder that’s automatically mapped to their record in Salesforce. Manage FSL Files If your agents are going out into the field to capture images of documents and upload them to FSL, storage and file management issues are likely to arise. To manage FSL files, XfilesPro automates the transfer of documents to external storage once they are uploaded to Salesforce. Generate Documents with Ease During the loan process, multiple documents need to be created, such as loan applications, income verification forms, and the final loan agreement. Instead of manually entering data, you can send a smart form to the customer to capture required information. Once submitted, XfilesPro DocGen automatically populates the data into dynamic templates, which are ready for review and approval in minutes. Auto Route Documents for Approval & E-Signature Once loan documents are generated, the DocGen app routes them for approval automatically. Set a hierarchy: loan officer, branch manager, then credit head. Each person approves in order. After final approval, send the document for e-signature. This can include your customer. The process is fast, trackable, and reduces manual follow-ups. Store, Share & Collaborate Once documents are approved and signed, storing and collaborating on them becomes simple. XfilesPro automatically moves the final version to your preferred cloud. Popular external storage services like SharePoint, Google Drive, OneDrive, and Amazon S3 are linked to the customer’s record. Teams can add comments, customize folder paths, track document history, and review changes in real-time. No more navigating through endless email chains or folders, everything’s secure, organized, and easily accessible. Want to see XfilesPro DocGen Transform Your Loan Approval Process? Join our exclusive webinar, where we will walk you through live demonstrations of automated loan processing with XfilesPro and Salesforce. During this interactive session, you will see firsthand how XfilesPro streamlines document collection, approval routing, and e-signatures. You will also have the opportunity to ask questions, share your challenges, and discover how we can help transform your loan processing workflow. Don’t miss this chance to revolutionize your loan operations! Modernize your loan approval workflow? Save your spot
Introducing X-Nucleus, the One-Stop Platform for Advanced Data and Document Management
Data and documents are the assets of every business. The details regarding your transactions, events, policies, and relationships with customers and employees are all based on some data and documents. With your business information and documents growing by the day, you need to onboard modern applications that offer the finest capabilities to manage them better. However, adopting separate solutions for data and document handling comes with difficulties. You may see your teammates experiencing challenges with license management, vendor lock-in, integration and maintenance, lack of centralized management, inefficient collaboration, increased cost, and high-security risks. Everything will happen because of the sole reason that your data and documents are taken care of using disparate systems. This is the scenario we have taken into consideration to build the comprehensive X-Nucleus platform that enables the efficient management of data and documents under a single umbrella irrespective of the cloud platform customers run their business on. What is in the Heart of X-Nucleus? Your digital assets can be stored anywhere as your business needs. It can be in Salesforce, SharePoint, SAP, Microsoft Teams, Google Drive, AWS S3, or even in your local storage. X-Nucleus grants you the privilege to manage both data and documents in a state-of-the-art way in a single platform by benefiting from some advanced functionalities whether they are stored in SharePoint, Salesforce, or SAP. These functionalities are provided by several applications present within X-Nucleus to support users with a seamless experience. Let’s get into more details. X-Nucleus has its own entities for data and document management. To empower cloud users with advanced document management, X-Nucleus has its division X-Docs, which is a combination of several apps with each of them serving vital capabilities for document efficiency. Similarly, X-Nucleus has developed X-Data, the division for data operations, which also consists of applications to reinforce the processes related to critical data management. In short, X-Nucleus is fostered by X-Docs and X-Data to supercharge your daily data and document management workflow. Let’s look more into X-Docs now. What’s its Impact? X-Docs is the entity that elevates your file management experience. With an array of applications offering exceptional functionalities, X-Docs stands poised to revolutionize your operations, making it a potential game-changer. Here are some of the capabilities that X-Docs will provide you. Contract Lifecycle Management (CLM): Having a CLM helps you manage contracts made with customers, vendors, partners, or employees throughout every stage of its lifecycle from initiation through execution, performance, and renewal/expiry. Review and Approval: Easily accomplish the series of steps your documents need to undergo to get done with multiple levels of document routing, review, approval, approval tracking, and every other process to make the final decision by different users. eSign: After review and approval, you can easily sign on a document by meeting security parameters, not exposing it to unauthorized users, and making the necessary alignment. Document Collaboration: Multiple members of your team can simultaneously view, edit, update, and comment on a document, which makes the document a true team effort and helps keep everyone on the same page. Content Search: It’s an advanced way to search the data inside a document, which helps you to quickly locate specific information within vast repositories of documents, accelerating your search.’ With all that learned about X-Nucleus, the question you might ask yourself would be who it will benefit? X-Nucleus will be a potential platform for businesses with unlimited and limited storage space alike. Moreover, it’s a great platform for those who have external storage integration requirements as well. That means the X-Nucleus is the need of the hour for businesses with every storage condition. With all those advancements of X-Docs mentioned, we can’t leave unsaid the fact that X-Data also unleashes many AI-powered functionalities such as data forecasting, archiving, backup, insight, sync, etc to bolster your data handling processes. This means X-Docs and X-Data are so powerful to transform two of the most cumbersome tasks of a cloud user’s daily life. One Platform, Endless Possibilities The potential of the X-Nucleus is enormous. If your business is considering embracing ease in document and data management, X-Nucleus will be the platform you can trust. As you can leverage many document management capabilities under a single repository, your team can have a centralized place to advance and simplify their everyday work. Most importantly, the centralized platform will also ensure a consistent user experience for them. You can also achieve peace of mind that your digital assets are not handled using two different solutions but with a single platform so the security and cost-savings are ensured. So, why can’t your business make use of the next big thing? Ushering in a New Era X-Nucleus is going to be a change-maker in the industry. It’s how the future of file and data management will look like. Emerged as a major announcement during AIKYAM 2024, CEPTES’ flagship tech summit, X-Nucleus is the milestone we are striving to present to the world in the near future. To learn more about X-Nucleus and its advancements, please connect with us. Deeshna CDeeshna is a five-year experienced writer in the field of B2B, writing a wide range of content types that drive the success of SaaS products. All Posts www.xfilespro.com
