Edwin G. Seibels invented the filing cabinet in 1898, which revolutionized the world of organization. Unlike the pigeonhole organization at the time, the system used vertical folders to sort and order files. So was born the manila folder which is still in use today, but are manila folders holding your business back?
The business loan pipeline requires a lot of organization. From the initial contact to funding there are notes, documentation, loan structure information and much more. And, the preferred method to organize is still folders. Manila folders may have been an innovative solution in 1898, but today it is choking your production.
Manila Folders Halt Innovation in the Business Loan Department
File folders may hold actionable date, but it often gets lost in paperwork. A file folder will not remind you when to follow up, it will not produce pipeline or conversion reports automatically and it requires manual entry of all information.
The answers to improving your loan department are sitting on desks in folders. Information like how long it takes to contact a business, current pipeline value and ways to improve the process. The key is collecting that information in a way you can us it. Business loan automation solutions are available to specifically meet the needs of your loan department to improve volume, efficiency and effectiveness in your department.
Volume: Automating the Pipeline
Automating your business loan pipeline is much like giving your loan officers a personal assistant. It almost seamlessly increases your volume by helping every loan officer stay focused on driving deals toward close, no matter how many they manage. You can do more volume with the same number of people.
As humans we only have so much capacity to remember (just ask my wife). But computers have an ever-expanding ability manage data to augment our memory. Online business loan automation systems can take infinite amounts of information store it and act upon the details. Reminders you set about calling a new business that needs a little more time automatically saved and displayed at the appropriate time. The system automatically reminds you of all the deals that need attention today.
Efficiency: Spending Time with the Highest Yields
Business loan pipeline automation tools track the process of moving a loan through to close. Since every important step is tracked the system reminds you which deals need attention throughout every step of the process. That means less time spinning your wheels trying to think what should be done next because the system is designed to know how to help you manage your time better.
Reporting is a critical part of your loan department, but think of how much time is spent in your department on reporting. Loan department personnel have to spend time compiling information that is sitting in manila folders. Putting information in a system as a first step eliminates duplication of effort. The automation tool provides you with pipeline reports automatically, in real-time so everyone spends less time reporting and more time closing loans.
Effectiveness: Getting the Job Done
Think of what you would change if you could see what the more successful loan officers were doing versus average performance or where hang-ups happen most often. With visibility into the department’s efforts, leaders can remove barriers to getting the job done instead of having deals languish when they stall within the loan process.
Seeing the entire picture, in real time, allows you to encourage actions that result in success. Early visibility can help you manage deals early to improve your portfolio. And if one of your loan officers decides to leave their information in the system, you can decrease the chance of lost business or opportunities.
Mr. Seibels invention of the filing cabinet truly was revolutionary in 1898, but I think even he would say it was time for a change. Manila folders had a good run, but now business loan pipeline automation is the best new tool to improve your volume, efficiency and effectiveness.