Bank Customer Onboarding: Back Office Automation

Your bank is growing, which is of course great news. Unfortunately, such expansion is not without its fair share of growing pains.

For example, onboarding each new customer and associated accounts requires a noticeable amount of administrative work by your team. With so many new customers being added each day, your staff can barely keep up. Gathering required documents, disseminating disclosures, and tracking linked account information are just a few of the things to keep organized.

Granted, your core banking system helps with some of this work. But, let’s be honest – your core is not the best option for tracking customer and account documents.

Luckily, there is a more automated solution for community banks. In this post, we’ll discuss how an integrated document and exception management system can streamline the bank customer onboarding process.

Let Your Core Do the Busywork

A new customer walks into your bank and requests a loan for his business. After you’ve gone through the application and approval process, what happens next?

If you’re like most banks, you probably book the loan to the core system and hand off the documentation to your operations department. If you’re still relying on paper files, the loan admin pulls out a checklist or spreadsheet template, which indicates the types of documents that should be in the loan file. The loan file’s contents are then cross-checked to the checklist. If something is missing, the admin notes it on a separate report for further action. Hopefully he’ll remember to circle back to the report soon.

A system like AccuAccount eliminates most labor associated with new customer document management by integrating directly to your core banking system. (In fact, AccuAccount integrates with more than 30 cores, so there’s a good chance we can help your institution.) AccuAccount runs a synchronization process each night, looking for any new customers booked to your core during the day. As new customers are identified, AccuAccount creates the matching customer records.

AccuAccount 2018 Customer Page

And, based on the customer type, AccuAccount then pre-populates the newly created customer and account pages with the appropriate document placeholders. (For example, AccuAccount can set an LLC customer to require articles of incorporation, prior years’ tax returns, and a borrower agreement.) Now, when your loan administrator arrives for work, he or she knows exactly the types of documents that should be in the file (as opposed to relying on checklists).

Set (& Clear) Exceptions Automatically

Even after synchronizing your imaging to the core, there may still be a chance that someone at your bank is tracking documents manually. As we discovered in our study of 96 community banks, 69% still rely on manual exception tracking (spreadsheets and manual ticklers in particular). Manual ticklers, although better than nothing, still expose your institution to unnecessary risk – especially when staff forget to set future follow-up reminders. Trailing documents, such as proof of insurance and annual tax returns, can only be collected if your team remembers to ask for them.

AccuAccount solves this problem by assigning exception rules to document placeholders. If, for some reason, your loan administration team forgets to scan a new customer’s documents, exceptions will start to show up in the missing documents report (which, by the way, can automatically arrive in your inbox each morning).

Exception Report by Exception Date Credit

We built AccuAccount so it can adapt to your financial institution’s internal workflow. Want to give loan admins a three-day grace period before exceptions appear? No problem! You’re in control with AccuAccount.

Best of all, as your team scans documents into AccuAccount, exceptions will automatically clear – with no further action required. No tickler to update, no spreadsheets to edit. Simply upload a new customer document, and AccuAccount handles the rest.

Scale Your Banking Operations with Better Customer Onboarding

Servicing new customers is certainly worth the effort; but, you must continuously find new ways to do so more efficiently. With AccuAccount, you can significantly reduce the manual labor and confusion associated with managing new customer documents.

Ready to leverage the power of automated customer onboarding? Browse our AccuAccount plans for more information.

Comments are closed.