Exception management can be challenging (and costly). It’s a significant pain point for many banks, due to the complex nature of the task.
While some institutions still rely on spreadsheets or manual ticklers, a dedicated exception management system can build new efficiencies and minimize oversights. In this post, we will show how maintaining customer accounts can be simplified with AccuAccount “grace periods” and built-in exception filters.
A powerful feature within AccuAccount is the system’s ability to define “grace periods.” With this feature, you can add a lead time or an extension time to an exception for when it’s going to be tracking. When the exception falls within the grace period, a “pending” exception automatically appears. This is indicated by a yellow exclamation point on the customer page and by a “P” in the exception column on your dashboard.
There are several options for setting grace periods, including:
- Expired exception
- Missing exception on credit side
- Missing exception on loan side
- Missing exception on account side
There are also several options for tracking these types of exceptions. Expired exceptions are tracked by the document’s expiration date. Missing exceptions on the credit side track off of the document’s date that is entered when it is entered into the system. Exceptions on the loan or account side track off of the account’s origination date.
When you input grace periods, entering a positive number will extend the period. The document will start tracking as an exception on the appropriate date for the item (the expiration date, document date, or origination date) and will be put into the pending status until the end of the period you have indicated as your grace period. Entering a negative number will add the lead time for you. That means that the item will begin tracking an exception date prior to the expiration date, document date, or origination date. It will show as a pending exception until the given date of the document.
Exception filters are built into your exception maintenance. The credit and account levels are slightly different. On the credit level, you can choose to filter based on a customer’s total loan balance or total commitment. There are more options at the account level, allowing you to track a specific account or loan. You can define the settings to disable when a customer’s total loan balance or commitment amount goes below the threshold.
Make Managing Exceptions Easy
Tired of wasting hours upon hours on tedious exception maintenance tasks? Learn how to streamline your bank’s process while saving time and money with early document capture processes and automated workflows. Click here to chat with with an AccuSystems representative today!