The banking industry is always under the watchful eye of both the government and private entities, and staying in compliance with all their regulations can be dreadful experience. However, having an effective quality control system in place for your bank or financial institution can be the foundation you need to streamline the process and enable your institution to more easily comply with crucial regulations concerning data, security, loan processing, among others.
However, with the recent unprecedented times, the situation can be more mind-numbing. The recent pandemic conditions have significantly affected the quality control processes such as loan quality management. In a recent interview with the HousingWire, Trevor Gauthier, the ACES Quality Management CEO revealed that the situation wasn’t easy. ACES Quality Management helps firms improve productivity, efficiency, and quality while controlling costs through their quality management and control software.
“It was bittersweet for us to be going through a pandemic and see the types of issues start to hurt the industry and bottleneck various parts of it,” Trevor said. “But at the same time, we were pleased to see lenders wholeheartedly embrace technology to increase their efficiency and maintain loan quality amid record-breaking volumes.”
How to take charge of your quality control process.
The best way to take charge of the quality control process in your firm is through incorporating a technology in your processes such as the ACES Quality Management and Control Software. Quality control technology comes with various significant benefits to your institution.
“At ACES, we can get companies up and running in four to six weeks, so it’s not as burdensome for them to go through an implementation like ours as it might be with some weightier enterprise solutions,” Trevor said. “Our quick implementation process also helps operations departments speed up their QC and QA processes, which is critical for dealing with the kinds of volumes we’ve seen over the past six.”
Why should financial institutions integrate quality control technology into their processes?
According to Trevor, the most important reason to incorporate quality control technology in your processes is quality.
“Lenders need to be proactive in their QC process and catch things before they become an issue,” Trevor said. “With ACES, we offer the ability to scale into all different parts of a financial institution’s business; we’re not just focused on loans. We can help them conduct quality control audits for any part of their business and its operations. There’s a real strategic advantage to having a platform that can manage quality across the entire organization.”
Moreover, integrating technology in your firm’s processes comes with huge return on investment. According to Trevor, institutions can get a lot more out their workforce from incorporating technology.
“If an individual auditor is completing, on average, two audits a day using a manual or spreadsheet-driven process, that same auditor could be completing five, six, even seven audits a day with our platform,” Trevor said. “The presence of technology not only vastly improves efficiency, but it also saves the organization money by maximizing the productivity of existing resources and catching quality issues upfront before they become more costly errors when detected downstream.”
With all that on record, you have no reason for not to being in charge of your quality control process. The time is now.
Work cited.
https://www.housingwire.com/articles/the-key-to-avoiding-costly-errors-amid-record-breaking-origination-volume/.