Which documents do banks automate?
It’s no secret that HotDocs can be used in multiple industries to reduce risk, enhance compliance and create operational efficiencies, but what types of documents do our key sectors get the most return on investment from?
Across all industries, HotDocs clients have transformed their business processes by turning a range of business-critical documents into dynamic HotDocs templates.
In banking, it is common for clients to use HotDocs as a key component of lending processes. HotDocs software is used to create the high volume of documentation associated with retail, corporate and commercial loans, including:
- short term loans
- bridge loans
- term loans
- loan agreements
- facility letters
- credit documents
All of these are used repetitively and can be transformed into HotDocs templates for quick and easy production of documents tailored to each individual client.
One large global bank uses HotDocs software for automating facility letters for their corporate customers. Prior to the implementation of HotDocs it took up to two hours to manually draft and review the letters and even then, some errors remained. Post-HotDocs, the time taken had substantially reduced to just twenty minutes for the entire process and the documents were error-free. Overall, a time saving of 90-100 minutes per letter was recorded, with a 100% reduction on errors. This same bank is now using HotDocs for facility letters in several locations, with each implementation producing similar results.
Other large banks have also experienced dramatic results using HotDocs for lending documentation. One saved 35 person hours each day when processing 100 page client credit documents and another saved millions in costs per year in the processing of the five hundred thousand loan packets produced every month.
However, it is not only during lending processes that HotDocs shines through as a must-have product within banking. As well as helping to prevent fraud, offering security and supporting several lines of business, HotDocs is used for documentation such as promissory notes, term sheets or hedge fund documents and in departments including real estate, resolutions, human resources, securities and mortgages.
Ultimately, any department in any industry with the requirement to produce volume, repeat documentation with variable data can utilise HotDocs document automation technology for an immediate return on investment measured in time saved, reduced risk and enhanced compliance.