Creating the legal documentation required to provide commercial loans can be time consuming and costly. While customers increasingly expect fast turnaround and instant responses, often the legal process can take time and be difficult to manage.
For smaller financial institutions and non-bank lenders, speeding up the legal process can be particularly challenging since you do not necessarily have the volumes that would justify using the process optimization techniques that larger banks might employ and because investing in new technology is not financially viable.
You need a streamlined approach to the intake, drafting and management of your loan agreements, and you need a system that collects data and delivers insights from across your portfolio of loans.
The BCLP Cubed solution
Our highly experienced legal team advise all sizes of financial institutions, including some of the best-known US banks and regional challengers. They have worked with our process optimization and technology experts to analyze the steps needed to create a large number of core loan agreement documents.
As a result, we have created a turnkey solution that will enable financial institutions to become operational with a highly-efficient and compliant platform for the generation and management of loan documentation within weeks.
To reduce cycle times and improve compliance, we enable clients’ loan officers to collect the information needed for the legal documents as part of the underwriting process. Our system then generates compliant loan agreement documents, using best practice templates and agreement clauses.
We will also work with you to identify when further legal advice is needed so we become an extension of your legal team to deliver the most value to your customers. This helps reduce your risks and ensures your agreements are adhering to your company’s policies.
In addition, our solution will analyze your data to enable you to continuously monitor and improve your operations, spot trends and make better-informed management decisions.
The benefits to you
Our approach transforms sales. In fact, by improving average turnaround times to no more than 72 hours, as opposed to the industry standard of five to seven days, we helped a regional challenger bank to go from a new entrant to a market leader within three years and also supported a well-established international financial institution cut costs and improve the consistency of its loan documentation.
We deliver 3 powerful benefits:
- It generates additional sales and drives up customer satisfaction
- It delivers cost savings
- It improves compliance and reduces risks
In addition, by delivering a competitive advantage that is not available through other legal providers and creating greater transparency, it helps transform the relationship between the in-house legal team and the business.