Leveraging Automated Loan Processing
Carolyn Morris

Carolyn Morris


Leveraging Automated Loan Processing to Expand Your Lending Services

Eliminate document uploads for a streamlined and innovative digital process

Loan applications are a critical but tricky customer experience to get right. You want a borrower to move quickly through the lending process, from initial contact to the final loan approval. However, as a lender, there are a number of underwriting and due diligence reviews that must be done to make a loan decision.

Application processing can be a time-consuming undertaking for everyone involved, but there are ways to streamline the workflow.

What is automated loan processing?

By applying the latest technology, both fintechs and traditional financial institutions are embracing the automation of some (or all) of the loan decision-making process to software. There are a number of perks to moving to an automated process:

Increased accuracy

Making good credit decisions relies on having accurate data on the borrower. Mistakes can happen, whether it is the borrower mistyping an income figure or human error by the loan officer. With automated loan processing, data is pulled directly from a provider with the entire process done without manual data entry.

Faster approvals without additional risk

Not only does automated loan processing save time by minimizing manual processing for loan officers, but it also saves money for the lender in operations costs. Speeding up the loan origination process also means you can underwrite more borrowers and bring in more business than before.

Happier borrowers

No one wants to fill out paperwork and then sit days waiting for processing time. With a faster loan origination system, lenders can be the first say yes to an applicant who might be shopping around. A low friction application process will also delight and lead to higher customer satisfaction.

How Argyle enables further automation for lenders

Argyle is a real-time income API that lets consumers securely connect their employment records to companies’ apps and websites. In just a few clicks, Argyle opens up a suite of solutions that maximize efficiencies, lower costs, and reduce risk across the customer journey, including automated income and employment verificationdirect deposit switching, earned wage access, seamless onboarding, KYC, and more.

To start your free trial, sign up at argyle.com. Once you are set up in Argyle Console, click “Get started” to begin your trial with real user data.