How community banks can use a board portal to increase revenue

Community banks are on the frontlines working quickly with customers to establish forbearance agreements or leverage federal aid programs. While many are struggling to adapt, your loan committee can help transform this into an opportunity.

Many financial institutions still process loans by relying on mountains of paper, physical signatures and lengthy meetings. Using board management software, or a “board portal,” you can transform this into a seamless, more efficient process that will retain customers, keep the loan pipeline at capacity and disperse new loans more efficiently than ever.

Board portals provide a way to organize, track, review, comment and approve loans from anywhere.

Here are some of the features that make this possible:

• Secure voting: Signal whether you approve or deny the loan application, regardless of physical location.
• Real-time instant chat: Ask questions and collaborate in real-time to discuss the application and make more informed decisions.
• Accessibility: Ensure availability anywhere, on any device, any time.
• e-Signature: Approve or deny a loan with one click.

When put together, these features produce a faster loan approval workflow:

• Loan applications are uploaded, with all stakeholders notified instantly.
• Executives ask questions and get a real-time response.
• Loans are quickly approved or rejected — throughout the entire week.
• Notifications of the approvals are automatically sent to loan officers and processors.
• The funds are dispersed in record time.

Your customers are attempting to get a loan quickly. They need fast and agile assistance. By using a board portal, you will have the edge over your competitors because you can promise a faster approval time.

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