Community banks face ever-rising compliance risks and costs. These risks must be properly managed, which requires institutions to constantly seek new strategies and technology. Such programs can be costly to implement and often cause budget reallocation. On the other hand, automation of traditionally manual, labor-intensive processes can be a useful strategy for freeing up capital.
In this post, we’ll show how the automation of exception notice letters can not only make an institution more efficient – it can also reduce an institution’s risk if executed properly.
Automatically Generate Notice Letters
Many institutions have implemented bank document imaging systems. Fewer, although a sizable percentage, have also chosen to combine their imaging and exception management programs into a single platform (such as AccuAccount). By managing both customer documents and exceptions within a single system, it becomes much easier to generate customer notice letters when exceptions arise.
For example, AccuAccount allows your bank to automatically generate notice letters for your customers. With a few clicks, the system can build accurate and attractive notice letters, saving hours of manual data entry (and reducing the likelihood of oversights).
Notice letters can be attached to individual exceptions, whether those exceptions are for a customer or an account or loan. If a notice letter is attached to an exception, an envelope icon will appear as shown in the image below. Upon your approval, the system will print out letters and notices that can be mailed or emailed to customers, requesting their updated information. Compare this to your current process, which may involve spreadsheets or manual ticklers.
Managing Notice Letters
It’s also easy to create custom settings and rules for your notice letters. Within AccuAccount’s customer, loan, or account page, click on the “Notices” tab to activate the notice letter and set the parameters. This will tell the system when to automatically generate letters based on your business needs. If the notice letter will be sent directly to the customer, choose “Customer” on the menu. You can also have the letter sent to a specific contact such as an insurance agent, attorney, or certified public accountant, depending on the account.
Streamline Your Notice Letters Today
AccuAccount’s automatic notice letter generator saves financial institutions money every day by minimizing oversights, reducing FTE costs, and increasing engagement with customers.
Is your bank ready for a time and money saving exception management solution? It’s easy to get started.
Click here to request more information about automating your bank’s notice letters.