Don’t Waste a Good Crisis

Top 5 tips for banks to continue and improve lending to corporates in the COVID era and beyond

We have all moved forward 5 years in our adoption of digital tools and platforms, in the last 5 weeks. Never has a single event triggered such digital disruption, as the global COVID-19 pandemic. In this blog post we will explore what this means for banks who need to continue to manage and deliver on lending transactions to corporate customers, and how the shift to digital will change the face of corporate lending far beyond the current crisis.

Our Top 5 Tips

  1. ask what tools your employees have right now to effectively deliver lending to your corporate customers
  2. consider how you can stand out from the competition through the delivery of a better customer experience
  3. look for the opportunity to actually reduce risk and increase compliance
  4. help your teams be more productive, and
  5. grasp the moment to rise above the pack as a forward thinking and digital first bank which cares about is customers experience, data and safety.

Traditional Lending

Traditionally, the process for corporate lending has been manual and heavily reliant on humans laboring the process. The key methods glueing the process together have been email and face to face meetings to transfer documents and information between the borrower and the bank.

The customer experience of this is typically a poor one, with complaints about having to repeat the provision of information and documents on multiple occasions a common and recurring issue. The bankers experience is also typically poor, with frustrations focussed on a lack of centralised information, clarity as to progress in real time and at a higher level in the bank, concerns as to data security and compliance.

So how do banks leverage the current state of the world, with employees working from home, and corporates coming thick and fast to seek finance or a refinance, to improve:

  1. the customer experience of dealing with the bank
  2. the security of data (the banks and the customers)
  3. compliance
  4. auditability
  5. productivity and real time progress?

Microsoft Partner

As a Microsoft partner, we see first hand how one of the world’s largest organisations has seamlessly pivoted to remote working, while at the same time ensuring business continuity, staff and customer safety and well being. What can banks learn from this at a time when they need to give:

  • their own teams tools to keep lending portfolios flowing
  • their customers a sense of security, and
  • regulators confidence of ongoing compliance?

How can banks do this, and at the same time deliver:

  • a better customer experience
  • safer data practices, and
  • a reduced risk outcome for the customer and the bank?

Is all this possible, even at the best of times, let alone when the bank’s customers and own workforce are dispersed and mostly working from home with old or no tools to keep business moving?

Our View

Our view at the thedocyard is absolutely yes it is all possible. Collaborative, safe cloud technologies were built for this moment. The current environment in which we all find ourselves is the exact terrain that cloud technologies, leveraging world class infrastructure like the Microsoft Azure cloud are designed to excel in.

If you are charged with the delivery of corporate lending for a bank this is a unique moment to make change that is good for right now, and will deliver a step change for your bank and your customers into the future. Deal management platforms like thedocyard, which power:

  • secure file sharing
  • project management
  • workflows
  • all team collaboration
  • transaction document negotiating and signing
  • real time progress reporting, and
  • sophisticated permissioning power to ensure confidentiality

are how banks will deliver on a greater customer experience, more secure data, better and easier to prove compliance, greater auditability, less risk and more productive people, all while we are all working from home. Making this change now solves a huge amount of problems today for banks, and sets them up for a future of working which was, up until 5 weeks ago, 5 years away.

Stay safe and optimistic, the future will be bright (and digital).