First came the pandemic. Then a revolving door of shutdowns. In the height of the crisis, banks were asked to distribute large amounts of governmental aid while adjusting to new work-from-home requirements. The result? A challenging combination of increased workloads, resources that are stretched thin, and the need to keep critical services, and funds, flowing.
Process automation goes a long way toward calming— or at least managing—the chaos. The right automation platform can transform banking operations, services, and engagement, from loan processing to mortgage remediation to ACH stop payment processing, in just a few days. And that lets you serve your customers more quickly and accurately, using fewer resources.
Here are seven key processes that banks are automating now
1. Loan processing
Simplify and streamline loan processing
Whether a customer is buying a home or car or opening a small business, every loan application needs careful consideration, review, and approval. But repetitive, time-consuming, and error-prone data entry create bottlenecks in your loan processing workload. With Nintex, information flows smoothly and automatically through your systems, reducing input errors and fatigue, optimizing loan processing center operations, and accelerating decisions.
Each loan application starts with a simple digital form, whose data is automatically routed for review, approval, documentation, and funding— quickly, simply, and smoothly. You save time and reduce errors—and customers get the funds they need faster, with less hassle.
Benefits
INCREASED EFFICIENCY
Prequalify applicants and process loans faster, with fewer errors.
HAPPY COSTUMERS
Use digital forms for quick and accurate loan processing.
ACCURATE AUDIT TRAIL
Eliminate error-prone manual input and automate loan processing to improve recordkeeping for audits.
2. Loan forgiveness
Accelerate processing times and better serve constituents
During the COVID-19 pandemic, many governments distributed relief funding to affected citizens. Now with loan forgiveness top of mind, banks must verify and process a glut of forgiveness applications. Nintex allows banks to quickly automate regulated loan forgiveness and economic programs, such as the Paycheck Protection Program—complying with government guidelines while giving customers peace of mind.
Benefits
FASTER RESPONSE
AAutomated application processing frees employees to focus on higher-value tasks.
SATISFIED CUSTOMERS
Use simple digital customer forms for quick and accurate loan forgiveness.
ACCURATE AUDIT TRAIL
Eliminate error-prone manual input and automate loan processing to improve recordkeeping for audits.
3. Loan modification
Accurately process loan modifications
Loan and mortgage modifications tend to rise in economic downturns. Banks can modify loans in a number of ways, from cutting interest rates to extending repayment schedules. Process automation can simplify loan modifications, reducing processing time, costs, and risk of errors while leaving a complete audit trail—a win for lender and lendee alike.
Benefits
STREAMLINED PROCESSES
Stop shuffling paper and manually inputting data—get loans modified and recorded with just a few clicks.
INCREASED ACCURACY
Automated processes improve the accuracy of accounting and compliance.
BETTER REPORTING
Capture required information Automated processes capture all changes for complete financial reporting on loan modifications.
4. ACH stop payment processing
Smoothly process changes to ACH transactions
When customers request ACH stops or reversals, don’t get buried under a mountain of manual paperwork. Nintex automation solutions streamline ACH stop payment request processing and increase accuracy, compliance, and security.
Benefits
INCREASED ACCURACY
Automated processes improve the accuracy of compliance, financial reporting, and security.
LESS MANUAL REVIEW
Automate validation with advanced logic and integrated OCR.
INCREASED EFFICIENCY
Process cases faster, with fewer errors
5. Debit card fraud processing
Ensure prompt resolution of claims and disputes
Debit card claims and disputes—whether due to fraud or merchant mistakes—are time consuming and expensive. Investigating a claim requires coordination between the customer and merchant, record gathering and review, and eventually dispute resolution. Automate the process with digital forms and electronic routing and reviews for faster, more accurate debit card fraud resolution.
Benefits
SATISFIED CUSTOMERS
Eliminate paper forms and manual routing to resolve customer claims faster.
FASTER RESPONSE TIMES
Solve disputes faster— get claims filed, reviewed, and resolved with just a few clicks.
BETTER COORDINATION
Replace linear routing and notification with simultaneous coordination, for faster dispute resolution.
6. Regulation D violation letter processing
Notify customers of violations quickly
When a member makes too many withdrawals or transfers, Nintex solutions can automatically generate a Regulation D violation letter—and all subsequent warnings—informing members and suggesting accounts that can better meet their needs. And that helps you improve member service and ensure compliance.
Benefits
IMPROVED COMMUNICATION
Automatically trigger letters alerting members to both violations and options.
TIME SAVINGS
Stop shuffling paper— get letters sent and filed with just a few clicks.
INCREASED COMPLIANCE
Keep an audit trail
of communication to ensure adherence to Regulation D guidelines.
7. Identification verification
Make KYC checks easy, quick, and compliant
Banks use “know your customer” (KYC) checks to verify identities, avoid risky associations, and minimize potential fines. But extended onboarding can alienate new customers. Nintex makes compliance checks fast and seamless—keeping banks safe and customers happy.
Benefits
EFFICIENT PROCESSES
Eliminate complex, inefficient, time- consuming paperwork and manual document processing.
TIME SAVINGS
Streamline customer onboarding to eliminate repetitive tasks and integrate legacy systems.
IINCREASED ACCURACY
Capture all customer information, every time.
Join the automation movement
Hundreds of banks worldwide use the Nintex Process Platform to increase efficiency, better serve customers, and break down information silos
RED RIVER BANK
PROFILE
Red River Bank is the sixth largest Louisiana-based community bank
and serves customers from its 25 locations. Headquartered in Alexandria, Louisiana and founded in 1999, the bank provides a fully integrated suite of banking products and services tailored to the needs of commercial and retail customers.
SOLUTION
After evaluating several packaged solutions, Red River Bank decided to build its own solution using Nintex Forms, Nintex Workflows, and Nintex DocGen with a connecter to DocuSign for electronic signature. Red River Bank received 1,400+ applications resulting in $198M in loans during round 1 of the Program and was able to save 30 minutes per application.
BUSINESS SITUATION
The U.S. Treasury implemented the Paycheck Protection Program (PPP) to support businesses and utilized banks to process and distribute proceeds. Red River Bank needed a way to onboard, process and submit for SBA approval.
ANZ BANK
PROFILE
ANZ Bank, the fastest-growing bank in Indonesia, offers a full range of products and services for corporate and individual banking customers.
SOLUTION
ANZ partnered with Ebiz Cipta Solusi
to automate authentication, approval and compliance processes based using Nintex Forms and Nintex Workflow. ANZ saw a 15% increase in productivity and was able to process 30% more loan applications each month.
BUSINESS SITUATION
The bank needed to replace its manual business processes with a solution across business units to enhance operational efficiencies and scale to support business growth.
AUSWIDE BANK
PROFILE
For over 50 years, Auswide Bank has been helping Australians achieve home ownership, create wealth, and access banking and financial services.
SOLUTION
Auswide Bank uses Nintex Forms and Workflow to capture and track home loan applications. The entire process
is now managed by workflows and forms. The tracking of applications, approvals, settlements, and more has positioned Auswide Bank as the most technologically advanced team within the business, with a 5x improvement in approval of loan origination services.
BUSINESS SITUATION
Auswide Banks home loan processing and validation team needed to digitize its application
and approval processes. Previously, home loan applications relied on manual data entry, paper forms, and excel spreadsheets which resulted in poor communication with lenders, customers and brokers.
