Blog

Posted April 26, 2013

Almost every business out there is looking for ways to get rid of paper and get in tune with technology. Banks are no different. They want to reap the benefits that come with less paper, however, the decision to go digital is only part of the equation. The other part is deciding how to handle those records. Below we will explore some issues to consider as you go forward with your document retention policy.

Why Do You Need a Document Retention Policy?

So why should your bank have a document retention policy? For starters, at some point your institution may be required to produce documents for legal reasons. In today’s litigious society, you never know when your institution is going to end up on the wrong end of a lawsuit. If this happens, you’ll be glad you had a policy and the systems in place to implement that policy. Also, depending on the type of document, your institution may be required by law to retain it for a specific period of time. In short, there are many valid reasons to have a policy, but how do you do it effectively while maintaining efficiency in operations and other areas?

Always Evolving

The interesting fact about document retention is the way that it has evolved in the last 10 to 20 years. In the old days, document and record storage was paper driven, but in recent years, that is no longer the case. Of course, there’s still a use for hard copies, but most companies (including banks and credit unions) are finding that digital retention is faster, more efficient, and costs less than older methods. While some additional effort will need to be put forth into security and technology, going digital has become a “no brainer” for most organizations. In fact, customers of banks and other financial institutions have made it an expectation that records will be stored digitally because it’s so much more convenient for the customer, auditors, internal departments and branches.

Get Some Help

Even though the decision to have a formal documentation retention policy may seem like a “no brainer”, it doesn’t mean that it won’t take some brainpower to actually create one. Once your institution has made the decision to commit to a policy, consider getting some outside input. Think about it: this may be your bank’s first foray into document retention, but a lot of specialty providers like AccuSystems have gone through the process many, many times. Why not leverage our experience and know-how? It’ll sure save you a lot of time and headaches.

As you can see, the decision to go digital is often an easy one; however, there’s still work to be done. Your organization will need to decide on a retention policy and the specifics of your document storage. You should also consider getting an expert involved to help you create your policy.

Posted April 23, 2013

Need a tool to streamline and automate the loan application, underwriting, and approval processes? AccuApproval does just that while being fully integrated with AccuAccount, document preparation systems, core systems, and third party underwriting apps.

Advantages to your bank include:

• Assists in streamlining entire loan process
• Ensures that all documents have been received
• Automatically links credit documents with sole proprietor, municipal, or LLC credit entities
• Utilizes multiple underwriting applications in conjunction with AccuApproval

Convert your loan application processes into a completely paperless system. No more bulky paper application file folders. No more manual errors. No more frustrated customers.

Attend one of two spring informational webinars introducing AccuApproval by clicking on the date of your choice:

• April 25th
• May 14th

We look forward to demonstrating how AccuApproval can accommodate all your loan processing needs!

Posted April 16, 2013

We’ve had so much interest in our latest app, AccuPrint, that we’ve made an infographic to show you how much simpler document management becomes for your bank. Eliminate tedious steps and manpower, and save over $8.00 per document!

Why AccuPrint?

AccuPrint works hand-in-hand with our innovative document management system, AccuAccount. AccuPrint significantly improves the document management process by allowing users to 'print' directly into AccuAccount. From any window, users can import documents and also ‘drag and drop’ multiple files or folders into AccuAccount.

Schedule a Free Demo of AccuPrint

If your bank is ready to begin automatically importing emails, attachments, reports, and virtually any other file into AccuAccount, it’s time you scheduled a demo of AccuPrint. To request a free demo or to watch a brief introduction video about AccuPrint, please click here to learn more. Find out why AccuPrint is our most popular add-on application for AccuAccount!

Posted March 26, 2013

Finding a great vendor for an imaging and document management system can be a challenge. Searching for the right vendor when it comes to almost any service can be frustrating (especially in the banking industry), but in this case there’s a technical aspect that makes the process even more daunting. However, if you’re willing to put in a little legwork before you start accepting proposals, finding the perfect vendor can be relatively simple.

#1: Know Your Resources

The first step in finding a good vendor for your document management system is getting to know your own organization better. The more you know about your current infrastructure and budget, the better you can qualify vendors who are a good fit. Look at your current operations and make sure there’s a good foundation to build upon for the new system. Also, come up with a firm range for your budget. Doing some upfront work and making sure you have the resources necessary to take the leap forward will save you time and potential disappointment later. It will also help vendors create accurate and meaningful quotes for your proposed new imaging system.

#2: Create Your Team

Assembling your team is potentially the most crucial part of the process. Take time to identify all of the potential departments that will be affected by a move to a new imaging and document management system. Then, make sure all of the stakeholder groups have someone representing them at the table during the vendor review process. This team approach will accomplish several goals. First, it gives differing perspectives on what the system will need to do. Second, it helps build a consensus, by having every group represented. Another good strategy is to assign a “devil’s advocate,” whose sole purpose is to poke holes in the strategies/proposals of potential vendors.

#3: Hone in on Your Needs

Once you have a grasp on your infrastructure, your budget, and your team, it's time to really target what it is you want your new system to do. Many organizations make the mistake of skipping this step and go into the process with a “we’ll make it work” mentality. Instead, have your team create a list of features and benefits that either fall under Must Haves, Should Haves, or Would Be Nice categories. Then put each vendor’s sales representatives to the test. Let them know what you want and need, as well as what is a deal breaker. If you’re concise in your needs, you’ll find the selection process to be much easier.

When it comes to selecting your next imaging and document management solution, knowing where you stand before you ask for proposals from vendors is key. Taking a realistic look at how the onboarding process will affect your current systems and employees is a good first step. Once you’ve done this, you’ll be able to target your organization’s needs and find just the right fit.When it comes to selecting your next imaging and document management solution, knowing where you stand before you ask for proposals from vendors is key. Taking a realistic look at how the onboarding process will affect your current systems and employees is a good first step. Once you’ve done this, you’ll be able to target your organization’s needs and find just the right fit.