The financial sector plays a large role in both businesses and individual customers who are looking for various financial services. Loans provide the flexibility they need to help their investments grow, and in response, this industry skyrocketed requiring these companies to find a way to meet expectations and demands for loan processing.
As businesses grow they require more paperwork and financial management, and quite often a business does not have the required resources necessary to handle this large volume processing.
More Volume Means More Work for Loan Processing
This growth in volume greatly increased demand for more employees to manage the workflow; for loan processing, accuracy, efficiency, and a quick turnaround time are crucial. With such an important process at stake, is it worth hiring extra staffing to handle the fluctuation in demand? While it may seem like a quick solution there are additional costs to hiring temporary employees. In a previous blog post, we mention how companies spent an average of 40 hours training new employees at about $1000 per person. In addition to cost, the time spent investing on a temporary employee can become detrimental to productivity.
As a result, more companies are turning to outsourcing as a solution to handle this increased demand. According to a survey by Deloitte, many companies are willing to invest additional time to ensure value is achieved in the outsourcing process. Outsourcing allows you reduce operating costs, streamline redundant processes, and increase efficiency while focusing on core business. ARDEM can help create a flexible solution for your company by providing scalability with a dedicated team to work on any data entry and processing volume demands for loan processing.
How Outsourcing Supports the Financial Industry
Data, whether it is in a physical or digital format, is the bottom line for many financial processes.
Asset management requires an organized and structured document library that is searchable. Physical documents can be shipped out for scanning and converted into searchable documents through OCR technology. The digitization allows for multiple parties to access the information, while OCR reduces the time and effort required to find specific words or key phrases.
Outsourcing is a great service that allows scalability of different processes to ensure speed and accuracy regardless of volume size.
In a similar fashion, invoice processing is streamlined by an automated process. After the invoices are scanned, the data is extracted and delivered to the client within a 12-hour period. This allows your employees to focus on core business processes rather than process management.
Utility bills can also be scanned and processed in order to track, manage, and analyze the data; this leads to the optimization of cost and usage. With sustainability practices on the rise, it has become more prevalent for businesses to report utility consumption. In an ESG institutional investor survey by State Street, more than two-thirds of investors state that the integration of ESG has significantly improved returns. In addition to helping the planet, businesses can benefit financially by going green.
ARDEM’s Flexible Solution
Financial outsourcing companies understand that there are times where volumes can fluctuate between high and low, making scalability key when working to meet demands. ARDEM structures a dedicated team to be prepared for any sized volume to meet SLA deadlines for loan processing. When working with data, accuracy is crucial; ARDEM implements multiple levels of quality checks before delivering the finalized product. Contact ARDEM today for more information!