4 Bank Document Tracking Options Worth Considering

Your bank has a lot of documents to keep track of. Commercial loan files, customer financials, tax returns, applications, and flood zone determinations are just a few examples.

Keeping it all organized can easily become overwhelming, especially if you don’t have the right tools. As we recently pointed out in our document tracking webinar, banks often try to use their core system’s built-in tracking functionality. Unfortunately, most cores offer very limited tracking capabilities. For this reason, many banks turn to other tracking solutions, such as:

  • Spreadsheet ticklers
  • Desktop tickler apps
  • Integrated exception systems
  • Imaging + exception systems

At AccuSystems, we’re proud to offer a bank document tracking product for each category. Let’s explore which one makes sense for your financial institution.

Spreadsheet Ticklers

Most of your employees are at least moderately skilled with spreadsheets. It’s therefore understandable why nearly a quarter of community banks rely on spreadsheets for document tracking purposes. After all, spreadsheets have many tangible benefits, such as:

  • Minimal training is required.
  • No new software is necessary.
  • It’s easy to customize data fields, dropdown menus, and reports.

With so many banks (large and small) still using TicklerTraxspreadsheets, we decided to launch our free TicklerTrax™ workbook in May of this year. In only a few months’ time, TicklerTrax has been downloaded by approximately 7% of community banks in the United States. Why has TicklerTrax gone viral among bankers? For starters, our team of former bankers collaborated to create something awesome and highly usable (and free!). In addition, our prebuilt charts, graphs, and exception dropdowns help banks bypass the painstaking effort of starting from scratch.

Now, let’s be honest – even TicklerTrax has its share of drawbacks (especially when compared to our AccuAccount software package). As I’ve mentioned in other blog posts, spreadsheets require tremendous administrative effort to keep things current. And, you always run the risk of someone accidentally deleting, overwriting, or errantly updating important information. Keep this in mind before spending too much time on a spreadsheet-only approach.

Desktop Tickler Apps

Desktop ticklers have been around for more than a decade. In case you’re new to ticklers, these apps will “tickle” your memory at the correct time in the future. For example, let’s say that a specific customer needs to send a proof of insurance document by February 1st each year. With a tickler, you can quickly add and manage expiration dates, notice dates, and other relevant loan document information. In short, a tickler is a repository of your important action items that reduces the likelihood that you’ll forget to follow up.

A desktop tickler has its benefits over spreadsheets. Since tickler systems are designed for tracking, your team doesn’t have to start from square one. A well-built tickler app should help support your bank’s tracking processes, rather than trying to force fit your process into a blank spreadsheet canvas. Ticklers also have a few other perks:

  • Better native reporting than spreadsheets.
  • Most vendors offer phone and email support.
  • Helps you generate notice letters.
  • Budget-friendly when compared to more advanced software.

Our Tickler Tracking System is an affordable, reliable option for banks looking to move away from spreadsheets. Our tickler product gives you added levels of control, allowing you to add additional users and manage permissions. Give lenders view-only access, empower back-office staff with full access, and limit super-user status to only those who actually need it.

Track Loan Exceptions

Integrated Exception Systems

Manual ticklers have their share of problems, too. At the end of the day, they’re kind of like a glorified spreadsheet with greater controls and reporting. They still rely heavily on manual data entry.

For banks wishing to become less reliant on administrative work, an integrated exception system is a great option. What do I mean by “integrated”? I’m referring to a connection to the information in your core banking system. As new customers, accounts, and collateral are booked to your core, an integrated system can do the data entry for you. No more waiting for your loan administration team to update the tickler. Everything synchronizes automatically in the background, ensuring that your exceptions fire off at the precise moment.

The AccuAccount Track plan (formerly known as AccuTrack) is the perfect fit for banks seeking a more “integrated” approach to exception management. Each night, AccuAccount checks for new activity on your core, updating your exception records after business hours.

In addition to exception automation and core synchronization, AccuAccount Track offers several other perks, such as:

  • Customer & account management
  • 5-minute audit preparation
  • Task delegation and management
  • Exception reporting (including automated email alerts)

Exception Report

Imaging + Exception Systems

The first word in the phrase “document tracking” is “document.” As obvious as this may seem, some banks overlook this fact. For those who do, they’re missing out on a tremendous opportunity to gain efficiencies.

Think of it this way – let’s assume you start using AccuAccount Track in tandem with an archaic paper-based lending model. Each time a customer sends an updated document or financial, someone from your team must still manually clear the exception. The software might be smart, but it doesn’t have a way to track what’s lurking in your file cabinet.

A better approach unleashes the full potential of AccuAccount. Our AccuAccount Pro plan offers a two-for-one punch, combining imaging and tracking under a single roof. Now, each time a customer document arrives, you just scan the file to the correct customer or account. AccuAccount tracks your scanning activity and automatically clears the pending exception. No more hunting and pecking for the buried exception. AccuAccount does it all for you.

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There’s No Excuse for the Status Quo

I hope that one of these four options is the perfect fit for your financial institution. In today’s tech-driven banking environment, there’s really no excuse for maintaining the status quo. Take the next step to a more streamlined bank document tracking workflow today!

Learn more about our affordable document tracking plans.

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Connect with Alan Wooldridge

Alan Wooldridge is president of AccuSystems, LLC. Each day, the company helps hundreds of community banks become more efficient through technology.  Connect with Alan >>