Consider these three Cs when selecting a form solutions provider
Financial institutions use a variety of lending and deposit forms every day that must be compliant, comprehensive and clear – all while meeting changing regulations and unique business needs. With today’s challenging lending environment, new digital technologies and changing market trends, forms must constantly change, too.
With these continual form changes, financial institutions find it increasingly difficult to keep up and are reaching out to form providers for assistance. There are three Cs financial institutions should consider when looking for a form solutions provider: compliance, customization and customer service.
Compliance
Compliance is the most important reason financial institutions seek forms help. With increased regulatory scrutiny, lawsuits and consent orders being issued, financial institutions should look for a form solutions provider that can guarantee compliance. But it doesn’t end there; they should also find a provider who monitors changes, shares industry insights, and provides automatic form updates well in advance of mandatory compliance deadlines.
Customization
Financial institutions creating in-house forms or utilizing off-the-shelf documents are finding the forms quickly fall out of compliance or don’t work for the challenges financial institutions face, uphold the uniqueness of the services they offer, or don’t meet corporate brand standards. Financial institutions should find a provider that is able to build custom forms to meet its unique lending and deposit program needs.
Customer service
Given regulatory and reputational risks, financial institutions can’t wait to get a response on requests that may sit in a generic inbox for weeks. When searching for a form solutions provider, an institution needs to understand how the provider addresses customer service standards.
Services to look for include:
- Providing a primary contact who is familiar with all programs they offer makes discussions easier when the institution has questions or changes. You don’t have to “start over” with every request or need.
- Providing technical and developmental expertise and support from beginning to end of implementation.
- Offering on-going support and service throughout the life of the relationship ensures the document process is always smooth for changes, updates, or new programs being offered.
- Ensuring the provider does the “heavy lifting” when there is a change that impacts multiple documents or products. The provider should review changes for compliance and update all impacted documents, so the financial institution doesn’t need to.
- Supplying documents in the required software format needed for the financial institution’s loan origination or account opening systems and in any language.
Explore your options
Loan and deposit forms are a necessary part of your business, but the upkeep shouldn’t take up your valuable time. Invest in a form solutions provider that will provide the compliance, customization and customer service you need to meet today’s challenging lending environment head on.
Your trusted partner for what’s next
Securian Financial has been a trusted form provider for more than 40 years. With Securian Financial, you’ll gain a dedicated team that takes the time to understand your lending and deposit procedures and creates customized forms that support your ongoing success.
