A little over half of small to mid-sized community banks we surveyed report using digital capture to help streamline loan documentation.
Not long ago AccuSystems received a call from a financial institution (we’ll call it First Bank of the Community) that had such a system in place. Unfortunately, the application the bank originally chose was not taking care of its current document capture needs.
During our consultation with First Bank of the Community, administrators informed us that its old system wasn’t getting the job done. The institution’s largest complaint, we found, was that the capture process was simply bogging down its operations. This was due to a variety of reasons. The bank’s needs had grown in both the volume and complexity of documents to be digitized, which resulted in a process that was slow and riddled with errors.
In this post, we’ll explore how this bank dealt with these issues and arrived at a better solution.
Capture Now vs. Later
The AccuSystems team found that First Bank of the Community, like a small minority of other institutions we had surveyed, were waiting a pre-determined period and then digitizing large batches of documents at once. In this situation, documents must be broken down into component parts and then assigned to a staff member to index into individual documents. Often there are other issues associated with digitizing as well, including locating files and integration.
In fact, First Bank of the Community’s difficulties are echoed in the words of another of our survey respondents: “The frustration is… creating standard templates for all possible types of documents. A uniform naming convention is needed along with document mapping and indexing. This may be complex based on the type and number of documents.” These problems are often common among one-size-fits-all imaging software, which do not take into account the specific needs and intricacies banks demand.
A Better Capture Strategy
AccuSystems’ experts recommended that First Bank of the Community replace its previous platform with AccuAccount. Our application features a variety of document capture methods, which allow for quick and accurate digital imaging, regardless of the format in which a document was created or received. In addition to digital conversion, AccuAccount also allows institutions to accommodate files that are already digitized (such as emails or attachments).
A Major Conversion
Our team works closely with all of our customers to address each bank’s individual needs. As such, AccuSystems’ experts teamed with First Bank of the Community to create a best-practice capture process specific to the institution’s credit and loan workflows. This not only resulted in a marked increase in document capture efficiency, but it also provided a set structure for indexing each document.
At this point, with the guidance of our AccuSystems team, First Bank of the Community is working toward a goal of drastically reducing or even completely eliminating the need for paper documents within the next two or three years. Talk about a “conversion”!
Is your bank struggling with outdated, inflexible bank imaging software? Capture efficiency and streamline your processes with AccuAccount. Talk with an expert today.