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How to Reduce Costs and Risks in Retail Lending with Electronic Signatures

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Free Educational Webcast

Recorded On: Thursday October 15, 2009
Length: 1 hr
Presenter: Michael Laurie, Vice-President & Co-Founder, Silanis Technology

Overview

Despite efforts over the past decades to streamline lending processes, banks still struggle to eliminate the use of paper during the execution of various stages of the loan transaction. From application to closing, paper documents are still widely used and processed manually, resulting in billions of dollars of loan transactions that are improperly executed, incomplete or otherwise defective.

While correcting documents represent a large portion of loan processing costs, the additional costs related to the risk of these loans are possibly far greater.  Imaging and workflow have helped to reduce these costs but only straight-through processing, enabled by e-signatures, can truly eliminate the problems caused by paper-based transactions. 

During the Webcast, Silanis’ VP of Strategic Development and Co-Founder, Michael Laurie, reviews what parts of the loan transaction expose banks to the greatest errors, costs and risks - and how managing the transaction electronically from start to finish can resolve the problem by:

  • Eliminating manual, paper-based processing completely
  • Automating the enforcement of business processes and legal and compliance requirements
  • Enabling banks to monitor live transactions at each step in the process to handle exceptions and corrections promptly
  • Capturing electronic evidence that provides stronger and more efficient enforceability and regulatory compliance than is possible with paper