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Whether it’s working with customers to establish forbearance agreements or leverage federal aid programs, community banks have been working hard on the frontlines to keep businesses afloat during the Covid-19 pandemic. With many customers attempting to get a loan, banks can gain a competitive edge by improving their approval time.
Mountains of paper, physical signatures, and lengthy meetings, however, have long made the loan approval processes anything but efficient. That is why many organizations are turning to board portals. With comprehensive features that equip senior management and lending officers with a way to organize, track, review, comment, and approve loans – from anywhere and at any time – community banks can improve customer experience, keep the loan pipeline at capacity, and help approve new loans faster than ever.
This is not theoretical. One community bank deployed a board portal and reduced their weekly loan approval meeting time by 75% from 2+ hours to less than 30 minutes. Indeed, board portals provide a simpler, faster loan approval workflow:
- Loan applications are uploaded, and all stakeholders are notified in real-time.
- Executives ask any questions and get back real-time responses.
- Loans are quickly approved or rejected throughout the entire week.
- Notifications of the approvals are automatically sent to loan officers and processors.
- The funds are dispersed.
Here are some of the basic features your board portal provides to streamline and expedite the loan approval process:
- Secure voting functionality, which allows committee members to signal whether they approve or deny the loan application quickly. The decision is automatically documented to ensure compliance with state and federal banking regulations.
- Real-time instant chat, which allows members to ask questions and collaborate in real-time to discuss the application and make more informed decisions.
- Accessibility, anywhere on any device at any time. Instantly sync data between every device (including iOS and Android), allowing members to work together at any time. There’s no longer a need to delay decisions until a weekly meeting can be held.
- The eSignatures workflow is a fast, streamlined process where the loan approver is notified when their signature is required. Then they can sign with just one click.
Board portals (also known as board management software) for banks is not a new idea. In fact, banks were on the forefront to adopt and deploy board portals almost 20 years ago due to their ease of use and uncompromising security. And now once again, bank leaders are demonstrating an innovative spirit by leveraging board portals to deliver stronger ROI all while ensuring compliance in today’s virtual world.
Not sure what you need to look for in a board portal or where to start? This board portal buyer’s guide should help!