How would your financial services business benefit if you could eliminate paper? Investment firms, banks credit unions and others in the industry face challenges as they look to update outdated technology, comply with federal regulations to include the Gramm Leach Bliley Act (GLBA), and keep up with ever-growing consumer demands. Digitization ends the need for paper, automates core business processes and helps in many other ways. See how Community Business Lenders (CBLSC) was able to create a business that would have been almost impossible using paper.
CBLSC is an Iowa-based credit union that offers loans, underwriting, documenting, and closing services to its members. Managing a loan business can utilize a tremendous amount of paper, can become expensive and is very time-consuming. On average, loan packets are thousands of pages long and need to be distributed to multiple people across multiple states. Rather than miring its business in paper, CBLSC went looking for a solution that would allow them to run paper free from the very beginning.
CBLSC worked with Imagetek, a Digitech Systems reseller, to implement PaperVision® Capture to scan loan documents into digital files and ImageSilo® to store the documents in the cloud. The company credits this digital transformation with helping set up a business model that is so successful the company is already branching out to other states.
“I don't know that we could do the business we do without ImageSilo. The physical aspect of trying to deliver what our partnerss need on paper would be impossible. Even the money savings of running a business without paper is incredible. By not printing 1.29 million pages a year, at five cents per page, we are saving over $64,000 in printing costs alone”
- Ginger Heckman, Manager of Business Development, Community Business Lenders
Today, CBLSC is able to provide 24/7 access to loan files to its client businesses. The company’s goal is to have each file uploaded and indexed within 24 hours of a loan closing, allowing participants to review the file from virtually any location. As additional documentation comes in, the company keeps adding to the file. The company tracks property insurance, taxes and updated financial information on an ongoing basis.
CBLSC also is realizing significant sustainability benefits. By utilizing the security and efficiency of digitization, the company avoided printing as much as 1.2 million pages per year. This alone translates into an annual savings of $64,000, not including the savings from paper storage. Also, the equivalent of 153 trees are saved annually.
Do you want to transform your organization into the digital world? Read on to see the benefits CBLSC was able to achieve with Financial Digitization.