How do banks & financial organizations use HotDocs?
You’ve probably heard that 4 out of 5 dentists recommend sugarless gum, but did you know that 4 of the top 5 banks in the U.S. and many other large and small financial institutions around the world depend on HotDocs every day? If you know how powerful and flexible HotDocs is, you might be thinking the same thing I am—someday that fifth dentist just might cave in, and if they know what’s good for them, so will that fifth bank, along with many others like it.
HotDocs is frequently used by banks to generate legal documents, credit-related documents, term sheets, loans, insurance policies, real estate documentation, bond files, applications, and more. Why have these financial organizations chosen HotDocs? Because it eliminates duplication of information and wasted time, while controlling risk, increasing efficiency, and saving money.
Some banks have been able to double their workload—or even more—because of how much time they are able to save using document assembly software. One financial services company that generates insurance policies reduced their document creation time from 6 hours to 1 hour after they started using HotDocs. Another bank’s production time on a short-term commercial loan used to be 2 or 3 days, but now they can whip out a flawless draft in a matter of minutes. Using database connections, some large banks assemble thousands, if not tens of thousands, of documents in overnight batches off of a single server.
A common tactic used in banking and other industries is the creation of a HotDocs “Master Interview” that is used to gather information common to many or all documents (such as name, birthdate, etc.). After all of this information is entered into an answer file, that same answer file can be used over and over again to generate complete packages of documents in one fell swoop.
HotDocs can also ease the burdens of ever-changing banking regulations. HotDocs templates are very dynamic and can be modified as often as needed. When one template is changed, all linked templates are updated instantly. That means legal and compliance experts can easily and efficiently maintain large libraries of templates, while ensuring that up-to-date information is available in every document. You won’t ever have to worry again that an old template or an old document with incorrect information in it might be published on accident.
Most of the larger financial organizations useHotDocs Server,while some others have only a handful of licenses toHotDocs DeveloperandHotDocs Useron the desktop. Some produce thousands of documents a day using HotDocs, while others may only produce one or two. No matter what size of financial organization you work for, HotDocs has an affordable solution for you.
Don’t be that one bank that gets left behind . . . Contact us at800-500-3627for more information on how we can help your financial organization save loads of time and money on your document creation process.