How to enable real time loan processing for lenders



How to enable real time loan processing for lenders

COVID-19 has had a significant impact on UK businesses. Smaller businesses have been particularly vulnerable - struggling with cash flow as overheads remain high. These businesses are critical to the UK economy, making up 60% of total UK employment. 

To help organisations navigate these changes, we launched an on-demand webinar focusing on how UK emergency business loans can be processed faster with Docusign. These loan schemes were launched by the UK government and the British Business Bank and include the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS). They were introduced as a means of supporting smaller UK businesses that are losing revenue and seeing their cash flow disrupted, as a result of the COVID-19 outbreak.

The webinar is divided into 3 sections:

  1. Daniel Keswick, Strategic Account Executive at Docusign talks you through the lending initiatives and key considerations for lenders, focusing on speed and security.
  2. Greg Adams, Principal Solutions Consultant at Docusign talks you through two loan option demonstrations. 
  3. Matthew Colville Foley, Head of Change Delivery at Hitachi Capital Business Finance shares some best practices around how Hitachi is digitising the lending process, creating a remotely functional loan application and fulfilment process that allows you to be there for their customers and make sure that they can continue to function. 

Watch the on-demand webinar here

What is a UK Emergency Business Loan

CBILS and BBLS are supporting these businesses. Regardless of the type of loan, whether it is CBILS or BBLS - getting the approved loan funds into the hands of the businesses is a race against the clock. That is why it is imperative to process as many applications as possible and to move as fast as possible. 

Ordinarily, many loan scheme applications are handled in-person, but under the current conditions, lenders that digitise the necessary steps to create a remote working loan flow have an advantage in terms of getting crucial funds into the business owners who need it so much. 

This is where Docusign can help. Docusign helps lenders process loans faster and get funds into the hands of business owners quickly by digitising the steps necessary to create a remote working loan flow. Solutions like Docusign eSignature, Docusign Identify and Docusign CML help lenders reduce, if not completely avoid paper-based processes: 

  • eliminating bottlenecks
  • reducing errors
  • ensuring compliance with security and regulatory standards

How Docusign solutions help enable real time loan processing

Docusign provides a range of solutions to streamline the process that reduce manual efforts and accelerate the speed of the process. This results in minimising the stress of lender employees who manage the process, maximising efficiency and improving the customer experience. 

Docusign Identify allows you to verify a borrower’s identity using a variety of options including government-issued IDs and SMS.

Docusign CLM allows you to automate the creation of digital forms, pre-filling relevant information based on integrations with other systems. 

Docusign eSignature allows you to electronically sign documents in a way that meets most robust regulatory standards including SOC1, SOC2 and PCI compliance. 

What a digital loan process looks like

Daniel takes us through what a typical loan process looks like and shows us where Docusign can remove frictions - in order to digitise and accelerate the lending process. Greg then brings these solutions to life, demonstrating how they can be integrated into loan processes.

 The demonstrations present two scenarios on how Docusign can help lenders automate and speed up the processing and fulfilment of high volume loans. They also highlight how Docusign can help lenders remain compliant with key regulations such as Know Your Customers or AML checks. 

Watch the on-demand webinar here 

How Hitachi Capital is using Docusign 

Hitachi Capital works with consumers and small to medium enterprises as well as corporate multi-nationals in the UK and mainland Europe as a leading financial services company. Matthew Colville Foley as Head of Change oversees the implementation of new technology as well as advising and supporting the business on maximising the technical resources that they have at their disposal.

During COVID-19, Hitachi has been focused on making sure existing customers are supported. It has been dealing with a surge in requests while maintaining new business opportunities - meaning they have to be as efficient as possible.

Discover how Hitachi is approaching UK emergency lending schemes - the problems that they have encountered and the innovative solutions that they have implemented to deal with these problems. 

“The last thing you want to do is put barriers in the way when at the other end of the line you’ve got a customer that is potentially very concerned about their livelihood, their business, their employees” - Matthew Colville Foley

Their best practices show that it is possible to create a remotely functional loan application and fulfilment process that allows you to be there for their customers and make sure that they can continue to function. 

“Rewarding to get something out the door within a matter of weeks of it being launched and it being so successful” - Matthew Colville Foley

Watch the on-demand webinar: Process UK Emergency Business Loans Faster with Docusign or learn how Docusign can help with real time loan processing for lenders in our eBook: Process UK emergency business loans faster with Docusign. 

Daisy O'Malley Glynn
Marketing Communications Specialist