Speed Up the Loan Process



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Box allows banks to speed up the loan process via electronic workflow

Processing a loan is extremely timely and cumbersome.  The need to work with outside appraisers, forward information between internal departments, mail documents back and forth with customers and send/receive faxes all result in a process that is slow and difficult to maintain.  Additionally, banks are still using old and insecure file transfer methods such as mail, fax and email.  Box’s core sharing capabilities and partner applications allow banks to speed up this process while ensuring that customer information is safe and secure.

1. For each customer that applies for a loan, create a folder structure that represents the loan process.  A banker can simply use Box to upload all the necessary loan information into one consolidated workspace.

Figure 11: Upload your customer's loan documents in a pre-organized customer folder

2. Once a customer’s loan folder has been populated with the necessary content (i.e. forms, financial statements, signatures), simply use Box’s collaboration functionality to invite a manager from the loan department to collaborate in this shared folder.


3. When the manager from the loan department has access to this folder, he/she can easily assign each part of this loan to a dedicated team member by using Box’s assign task function.  With this function, you can assign a task to a specific resource with a due date.

Figure 12: The loan department manager assigns a task to Joe to review the loan application

4. Box also allows you to send files to external parties.  Let’s say that the bank uses an external appraiser for this type of loan.  Just use a Box shared link to securely send information to the external appraiser.  Be sure to use the available shared link security features such as passwords and expirations to protect your customer’s personal information. 

 Figure 13: The loan department manager uses a shared link to send an appraisal request securely

5. Repeat step 3 and step 4 until each specific step of the loan is completed. 


Box’s collaboration and sharing tools allow loan departments to easily convert a paper-based manual process to a more efficient electronic workflow.  With a few easy steps in Box, a bank can speed up a normally timely loan process.  Box not only makes this process more efficient, but also more secure.  Box’s shared links with passwords and expirations allow banks to be less reliant on standard mail, email attachments and faxes.

"The Appraisal Department gets 30-50 appraisal requests a day. And each one was taking about five minutes. But thanks to some custom software that we created with Box's API, we now have it down to a single click. So what used to take five minutes now takes about 10 seconds."

-David Steven, IT Manager, Broadview Mortgage


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