4 ways cloud banking software fosters efficient collaboration | Blend

4 ways cloud banking software fosters efficient collaboration

Discover how the cloud can help financial institutions in unexpected ways.

While automation and omnichannel access are commonly understood benefits of cloud banking software, one lesser known advantage is collaboration. It’s no secret that when teams are operating more efficiently, their customers (and in turn, their business) thrive. If employees of financial institutions are working disjointedly in the systems they have now, they may want to consider moving towards the cloud.

Here’s how cloud banking software can help foster better collaboration.

1. Centralized communication

Many financial institutions utilize multiple products and systems as they deal with daily transactions. Because of the presence of so many channels, communication can become disorganized and confusing. 

With a centralized, cloud-based hub, bankers can rely on a consistent destination to fulfill requests, answer questions, or make comments. If a customer is applying for a personal loan or car loan, bankers can request missing documents or clarify information in order to get them pre-approved quickly. Customers can then stay updated or ask questions in the same platform, allowing for streamlined, clear communication from beginning to end.

2. Easier information sharing

When bankers use multiple tools to share documents (or in the worst cases, email), important items are bound to get lost. Back and forth communication can be inefficient in the best of cases, especially when data and documents are scattered across systems. 

A single platform minimizes this disorganization. When all team and client information is housed within one cloud-accessible location, everyone has a single place to go to when they need something specific. In addition, many cloud platforms simplify the process for sharing important documents with customers, and customers can provide their personal or financial information in one secure location. A cloud-based platform also reduces the need for physical documentation and in-person meetings, which can save time (and the environment) while speeding up many transactions.

3. Consolidated organization

If team members are working independently of one another in different systems or documents, it can be difficult to stay organized. In turn, this can create bottlenecks and delays. 

When teams are working together in one cloud-based location, all staff members know where important documentation is housed. Consolidating all information in one place allows the opportunity for financial institutions to speed up, optimize, and refine their processes.

4. Real-time updates

It can be hard to stay up to date during banking transactions when team members are working on their own, in their own time, and on different platforms and systems. 

A cloud-based solution allows for real-time updates, which minimizes time wasted waiting for back and forth emails or phone calls. When working in a cloud-based environment, individuals don’t need to rely on reaching out to others — they can simply check the platform. 

How Blend can help with collaboration

Not only is Blend a unified, cloud-based platform for any banking product, it offers features that promote more efficient collaboration. For example, when working with a customer who is completing an online application, bankers can use the Co-pilot experience, which gives them the ability to complete certain sections of the application with the applicant and on their behalf. This level of digital-forward, white-glove service can help differentiate service from other competitors. 

Many of Blend’s features also allow the opportunity for internal team collaboration. One example is Blend Close, our digital closing tool that allows loan teams and settlement agents to communicate and work together in a single location. With a customer-first approach and a Settlement Agent Workspace, Blend Close helps accelerate closings and get borrowers to their closing day quickly and efficiently.

When team members and customers are all on the same page and working together efficiently, everyone benefits from an elevated and more personalized experience that can encourage retention and repeat business.