Offer Speedy Loan Packages to Your Customers



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A financial institution’s biggest customers will inevitably have relationships with multiple financial institutions.  When these customers are looking for a large commercial loan or a line of credit, multiple banks are bidding for his/her business.  The bidding process can often be long and drawn out due to banks taking too long to modify their offers and deliver the proper paperwork to close the deal. 


By using Box, you can negotiate more efficiently than your competitors.  Let’s say you offer the same rates and fees as the competition, but you present your loan packages three times faster.  With Box, you can use speed and efficiency to your advantage.

1. Create a dedicated folder for a customer’s loan package.  Within this folder, create subfolders for every single aspect of the loan package, such as forms, rates and fees, contracts, financial statements, Underwriting, and legal.

Figure 1: Loan package organized into subfolders for a business customer


2. Invite your customer as a collaborator on this shared folder so that your loan package is available to him at any time.  For highly sensitive deals, you should customize the folder’s security options.  For example, your customer may not want other vendors to know who else is involved in this deal.  In this case, you should hide collaborators and only allow folder owners and co-owners to send collaborator invites.

Figure 2: Set additional security features for highly sensitive deals


3. As you negotiate with your customer, use comments and @messages to communicate with your customer and point out any specific modifications.  As you make changes to any documents, be sure to use Box Edit, so your documents always reside securely within Box. 

 With Box, you no longer need to send an updated loan offer via overnight mail.  Your customers will never have to wait by the mailbox or the fax machine to receive you latest offer.

Figure 3: Alert your customer as soon as you have made any changes to your deal

4. Congratulations!  You won the deal.  All you need is the final signature from your customer.  Easy, simply use Docusign for paperless forms and e-signatures.  Box and Docusign bring speed and convenience to your customers.

Figure 4: Integrate DocuSign with Box for paperless convenience and collaboration

5. Time to start the loan process.  Rather than sending a fax or scanning hundreds of pages of documents, simply invite the appropriate loan processing resource to the folder in Box.  The loan processing department receives the files via Box. 



The ability to use Box to modify your loan packages and send them to customers offers bankers a competitive advantage over their competitors.  Don’t forget, every step in this process can be completed from your desktop or mobile device.  Simply make sure your mobile device is equipped with Box and the right OneCloud apps.  For this process, use CloudOn and Docusign.

 "I used to call people all the time to send me information. Now they know to put it on Box, and I know to find it there. So now 30 minutes of multiple people's time is down to maybe 10 minutes of my own."

- Mike Clinton, CFO, Loring Ward


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