In financial services, efficient document collection is key to keeping customers happy and operations smooth. However, collecting business loan documents often turns into a time-consuming hassle.

Financial professionals face numerous challenges, including repeated follow-ups with clients, delays from missing or incomplete documents, and data breaches from unsecured communication channels.

These issues slow down the lending process and frustrate customers. Recent data shows that banks using traditional onboarding processes take anywhere from two to 12 weeks to collect new customer documents. They typically contact customers an average of 10 times during the process. Today’s customers, with little patience for long onboarding, are quick to abandon applications — 68% drop out of new fintech applications. To meet customer expectations, banks need to find better ways to streamline this process.

FileInvite offers a solution. It simplifies and accelerates the document collection process by automating requests and providing a secure, user-friendly platform for clients to submit their documents. This allows financial professionals to focus on what they do best — serving their clients effectively and efficiently. This guide explains how FileInvite removes bottlenecks from the document collection process and helps lenders turn loan applications around faster.

1. Simplified Document Requests

FileInvite makes requesting documents easy by automating many of the steps that usually require manual effort. Instead of dealing with lengthy email exchanges, FileInvite offers a short and clear process.

• Financial professionals can quickly and accurately send document requests, eliminating the need for repeated follow-ups or multiple points of contact. 
• Loan applicants can view all their requested documents — and track their collection status — in one place. 
• FileInvite sends automated reminders to both customers and loan officers as deadlines approach. 

Besides automation, FileInvite uses standardized templates to streamline the document collection process. These templates are customizable, catering to different types of loans or client profiles, ensuring all necessary documents are requested from the start. 

Using these templates helps financial professionals reduce errors. Manual data entry errors occur in approximately 4% of cases, but standardized templates minimize these mistakes. This consistency creates a smoother process for both the financial institution and the client, reducing the chances of missing or incomplete submissions. With the cost of correcting manual data errors averaging 10 times the cost of preventing them, FileInvite’s automated requests and standardized templates are invaluable tools for financial services.

2. Real-Time Monitoring and Notifications

FileInvite offers real-time tracking that allows professionals to see the status of document submissions instantly. By providing a clear, unified view of which documents are submitted, pending, or overdue, financial professionals can manage the document collection process without manually checking in with clients. This visibility helps quickly identify and resolve any bottlenecks, minimizing inconvenience to customers.

FileInvite also automates follow-ups by sending reminders to clients who have not yet submitted their documents. These reminders reduce the need for manual follow-ups, ensuring clients know exactly where they stand in the process at all times. By keeping the document submission process moving smoothly, these reminders help to prevent delays and keep the application process on track.

For loan officers, FileInvite provides instant notifications when clients upload documents. This immediate feedback enables faster decision-making and ensures that the loan application process moves forward.

3. Centralized Document Management

FileInvite stores all client documents in a single, secure platform. By keeping everything in one location, financial professionals can easily find, review, and manage documents without digging through multiple systems or email threads. This streamlined access not only saves time but also reduces the risk of losing important documents.

FileInvite also offers sophisticated version control features, making it easy to manage multiple versions of a document. In various industries, these features improve team collaboration 85% of the time. This ensures that the most up-to-date information is always available, avoiding confusion from different versions of the same document. 

FileInvite seamlessly integrates with existing financial services software, allowing organizations to add its powerful document management tools to their current workflows without any significant disruption. By combining centralized document management with seamless integration and version control, FileInvite provides a comprehensive solution that simplifies and accelerates the document collection process.

4. Improved Client Experience

FileInvite’s intuitive platform makes it easy for clients to navigate the document submission process without confusion or frustration. By reducing wait times and simplifying document handling, FileInvite keeps clients happy throughout the process. 

Two specific features cater to today’s digital-savvy customers:

A) Mobile accessibility

Clients can submit documents from anywhere, at any time. With 98% of business application users preferring mobile access, this feature is essential to meet modern customer expectations. FileInvite’s mobile compatibility lets clients use their smartphones or tablets to upload files directly, ensuring they never miss a deadline while away from their desktops.

B) Personalized communication

FileInvite enables financial professionals to tailor messages and requests according to each client's specific needs. While automated personalization is still new to many customers, 71% already expect it from businesses they trust.

5. Security and Compliance

FileInvite offers users a full suite of advanced security and compliance features to keep their documents safe. The platform uses end-to-end encryption for both uploads and downloads. Additionally, FileInvite’s interface shows users all recipients of new messages. As 63% of organizations admit employees accidentally send confidential information to unintended recipients — often outside the workplace — this feature alone greatly enhances information security within an organization. 

With email-based attacks on private data increasing by 61% in 2022 alone, it’s clear that moving sensitive communications out of email is the only way to reliably protect client information. Organizations that handle personally identifiable information (PII) must also produce detailed records if security failures occur. Storing PII across multiple email threads involving dozens of recipients creates a major compliance risk. 

To mitigate this risk, FileInvite offers comprehensive audit trails that record every interaction with a document. These trails track who accessed the document, when it was accessed, and any changes made. This level of transparency is invaluable for organizations needing to demonstrate compliance with industry regulations and audits.

Streamlined Document Collection with FileInvite

Explore FileInvite for your document management needs and enjoy significant time savings and operational improvements. By automating document requests and providing a centralized, secure platform, FileInvite streamlines workflows, reduces errors, and enhances client satisfaction, making your processes more efficient and effective.

Process loans up to 6x faster with FileInvite - request a demo today.

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