Disclosure Compliance: Automate Your Bank’s Tracking

It’s Friday afternoon, and you stop by your desk to check voicemail one last time. Today is going to be a fun day. Each year, your institution hosts a community picnic. Everyone that’s anyone from town is going to be there – even the mayor might stop by to shake hands and kiss a few babies.

Your voicemail light is flashing, so you click the play button. Immediately, you’re overcome with a sinking feeling in your stomach. It’s your compliance officer, and he doesn’t sound happy. Apparently, Mr. Reynolds, one of your bank’s notoriously “vocal” customers, stopped by the Southside branch last Friday. He claims to have applied for a new loan, but he has not heard anything since then. No pre-disclosures, no follow-ups, nothing. What’s worse, Mr. Reynolds is a former banker, which means he’s well aware of his rights as a borrower. He’s also aware of the potential hot water that this situation could get you into. (Knowing Mr. Reynolds, he’s probably a little giddy about it.)

What was destined to be a fun afternoon has turned into a nightmare. Rather than enjoying the picnic, you’ll be spending the rest of the day sorting through file folders.

If only your bank had a better way to create visibility and automate the tracking of disclosures!

The Cruise that Hit a Big Iceberg

By 5:30 pm on Friday evening, you’re able to determine that Mr. Reynolds is absolutely correct. He did apply for a loan last Friday at the Southside branch, and your bank has done nothing since. Gulp.

Here’s what happened. Mr. Reynolds’ company is a long-time customer of your bank. His business checking accounts and lines of credits have been with your bank for decades. Recently, Mr. Reynolds has been looking to downsize his primary residence. Last Friday, he stopped by his commercial lender’s (Tony at the Southside branch) office to ask a few business-related questions. He also brought along his mortgage application for the new home he’s thinking about buying. Tony, being the good guy that he is, happily offered to take care of routing the mortgage application to the correct department.

That’s where things went wrong.

It turns out that Tony embarked on a week-long Caribbean cruise that afternoon. He must have gotten distracted with vacation plans and totally forgot to take action. As you walk into Tony’s office, you see the loan application unmoved from where Mr. Reynolds had placed it.

How AccuAccount Prevents this Situation

Our AccuAccount platform helps you create safeguards to avoid situations like this. By enabling AccuApproval for AccuAccount, your bank can create an electronic paper trail of all application activity. AccuAccount offers a 360-degree view of each customer’s interactions with your bank. This means that all contact information, credit documentation, account details, and pending loans are visible to anyone (including Tony) who has the proper access level.

For example, rather than setting the paper application on his desk and forgetting about it, Tony could have simply updated the application’s status within AccuAccount. This update, which only takes a few seconds of Tony’s time, offers significant value for your bank. Depending on your institution’s application workflow, AccuAccount can automatically assign disclosure tasks and send follow-up emails to your loan admin team. This would have ensured the application was scanned in, and, most importantly, the correct pre-disclosures had been provided to Mr. Reynolds.

AccuApproval Application Submitted

Even if Tony had still forgotten to mark the application as “received” in AccuAccount, there’s still a good chance you wouldn’t be in such a pickle. AccuAccount can be programed with timers, ensuring the originating lender is routinely prompted to follow up with the customer. In addition, each lender’s dashboard displays his or her pending applications. This helps your lending team stay on top of outstanding applications and deliver best-in-class customer service.

Lender Dashboard Pending Approvals

AccuAccount is helpful for ensuring that your bank is following its disclosure policy. As disclosures are provided, your team can simply check them off the list. At any point, you can view the application history to see the date, time, and who completed the particular disclosure tasks.

Automate Your Disclosure Compliance

Even one Mr. Reynolds is enough to cause serious headaches for your bank. It’s time that you streamlined your bank disclosure compliance by leveraging a tool like AccuAccount. Keep your team on track, reduce compliance issues, and deliver service good enough to impress even Mr. Reynolds.

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