Connecting Systems, People and Processes with Workflow – Part 2: Connecting People

In Part 1 of this series, we looked at how connecting your systems with workflow helps rid your organization of information silos – including those found in your core banking or loan origination platforms. Now let’s see how workflow connects people with the information they need by automating manual and paper-based work processes.

First, let’s admit that no matter how hard we try, some processes still rely heavily on paper. And as much as we’d like, we’ll never be rid of paper entirely. But we can take steps to electronically capture the information on that paper, priming it for the workflow process.

Once stored electronically in a central database, you can give your employees instant access to that information. More than that, by using workflow, you can push that information out to employees instantaneously, automating processes and connecting people through information.

The mortgage origination process is a great example. Your loan origination system (LOS) has an internal workflow that collects data in the application phase. Ultimately, the workflow places loan requests into a status or work queue where they sit and wait for underwriters to make decisions. When underwriters retrieve loans from the queue, they gain access to all the information the originators entered. In most cases, they also receive paper loan files with supporting documents.

This is where enterprise content management (ECM) helps. Working behind the scenes, ECM integrates systems with data from your LOS and transactional workflows. By letting users stay in familiar business applications, they avoid the need to log in and out of different systems, creating greater productivity. They immediately find the documentation they need, when they need it. And, if done right, that increased speed and accuracy translates to exceptional customer service.

By using electronic workflow to move documents forward, you revolutionize your loan process. Like Milwaukee-based PyraMax Bank did.

“Our mortgage files are just huge – at least 100 pages of paper each,” says Denise Merkel, AVP of Data and Financial Services for PyraMax. “We knew if we could eliminate some of that paper, we could increase the speed of the lending process and service to our clients.” So PyraMax did just that. And saved $10,000 every month in paper costs.

Automated workflow provides benefits that don’t exist in a paper-based world. It seamlessly connects people to business critical documents. Automatically receiving, routing and completing all relevant documentation speeds up your loan process so you recognize profits quicker. It also helps keep the American dream alive so families can move into their homes sooner.

Part 3 of the series will take a look at how to use workflow to connect your processes to improve and optimize them, giving your financial institution further competitive advantages in the marketplace.

Michelle Harbinak Shapiro

Michelle Harbinak Shapiro

Michelle Shapiro brings more than 15 years of experience in the banking industry to her role as Financial Services marketing portfolio manager at Hyland. Her mission is to share best practices and evangelize the power of ECM as a tool for banks, credit unions and lenders to help automate paper-based processes and proactively manage regulations.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like...