Lending processes transformed
After the initial move to OnBase, the team turned to lending as a department in need of process improvement. The majority of the loan services processing work was manual and paper-based, resulting in delays.
OnBase workflows were created to reduce paper and automate loan onboarding, collateral tracking, insurance and escrow. A new Lean Six Sigma initiative was developed to improve the mortgage warehouse loan process, which was taking two hours to complete on a daily basis. Utilizing the OnBase workflow tool, this process was reduced to less than 20 minutes per day.
During the height of the COVID-19 pandemic, ANBTX found more uses for their Hyland solutions in lending after being inundated with Paycheck Protection Program (PPP) loan applications.
“The team that normally handled the documentation for input into the core couldn’t have done the work in the time frame needed, so we utilized a temporary workforce,” Hicks said. “We taught seven remote workers how to process and manage PPP loans. The workers were able to get up to speed quickly in a remote setting, and all the documents needed were visible in OnBase without relying on paper to complete the work. We couldn’t have managed the loan volume without OnBase in the cloud.”
Streamlined treasury management
Treasury management is an essential offering for the bank’s corporate customers. The bank needed to improve the time-to-service once a customer made a request.
That onboarding process was taking over five days and involved paper, emails and network folders.
“With WorkView, we were able to incorporate DocuSign electronic signatures, and now documents arrive instantly. The five-day process was reduced to less than a day,” Hicks said. “As part of a Lean Six Sigma project, the WorkView API delivers information to a data warehouse, eliminating spreadsheets and databases. The insights to manage sales incentive plans is extremely valuable.”
Support for regulatory compliance
A business need was identified to ensure a consistent review and approval process was occurring daily for Regulation CC holds. ANBTX created a new workflow that clearly
showed the chain of command and the chain of control that transpired in the approval process. The work supported the bank’s regulatory compliance requirements.
The bank has also leveraged WorkView with optical character recognition (OCR) technology to validate document information. The ability to create new applications and workflows in-house provides fast solutions to solve compliance and regulatory audit challenges.