Transactions, receipts, lending materials…in the past, these materials would turn into stacks of paper as high as a building’s ceiling, stuffed in rows of file cabinets as far as the eye could see. We now exist in a digital age, where paper is a commodity that should be saved, not spent.
Digital transactions save paper, and many businesses the world over are looking for more ways to reduce their paper output. eOriginal is a digital transaction company that specializes in helping businesses go digital — especially when it comes to loan origination systems, otherwise referred to as an LOS.
The Benefits of Digital Transacting
Going paperless is the name of the digital transaction game, but it’s also a benefit in and of itself. When companies go paperless, they become more environmentally friendly and reduce business costs. These, however, aren’t the only advantages to digital transacting:
- Going digital means speeding up the loan organization process for originators.
- The time needed to fund loans decreases.
- Contract errors are reduced via digital signatures and the elimination of NIGO document necessity.
- User experience is heightened for borrowers and lenders.
- The compliance process is streamlined.
- Digital contracts are easier for third parties to accept, helping both parties speed up outside processes.
The loan origination process is one that sounds simple on its face, but that has a history of becoming convoluted thanks to paperwork and red tape. Now these problems can be more easily solved on both the end of the borrower and the lender thanks to digital transacting streamlining and improving the process.
The Proof in the Pudding
A company as enveloped in expertise as eOriginal has to have some success stories to back up their claims. The business itself offers three success stories based on their interactions with industry leaders:
While working with the equipment leasing solution business LeaseTeam, eOriginal offered up their eAsset Management Solution to be integrated with the company’s existing loan origination platform, ASPIRE. Thanks to this marriage of technology, LeaseTeam found that the newly formed DTM business tool enabled customers to be more efficient and heightened customer experience.
As the leading browser-based LOS platform, defi SOLUTIONS found success partnering with eOriginal in order to accelerate customer funding while reducing business costs. They achieved this by offering vehicle lenders integration to help bolster the creation and processing of eContracts. By taking paper out of the equation, defi found that the funding cycle was shortened, errors were reduced and that it was easier to meet compliance requirements.
Finally, eOriginals cites their partnership with the California-based financial wellness company Payoff. While the company is based in more conceptual financial thought, like psychology and science, they also focus on how technology can help members improve their relationship with money. Payoff looked to eOriginals to help enable asset sales and securitization, which eOriginals performed secure eVaulting.
Going paperless is just the tip of the iceberg when it comes to the benefits of digital transacting. eOriginals is proving that there’s true value in creating digital solutions to archaic problems by crafting solutions that are secure and modern.