I occasionally hear banks or credit unions make the following statement:
“We don’t need AccuAccount. Our core system does imaging.”
Does this statement hit home for you? Perhaps your financial institution utilizes a core system that offers basic document imaging features. You’ve already made a huge investment in your core, so why integrate with a document management system like AccuAccount?
It’s a fair question, which is why I’ve written this article. My hope is that by reading this article, you’ll at least be willing to think outside of the core…er, box.
Your Core Does a Lot of Things Well
There’s no question that your core system does a lot of things well. I’m sure you could come up with a much longer list, but, at a minimum, your core performs these key functions each day:
- Maintains balances
- Prepares statements
- Calculates interest
- Sends out notices
- General ledgers
Despite flawlessly performing these important responsibilities on a daily basis, core systems can’t do everything to perfection. Document management is a good example. Although most core providers offer basic scanning and tickler modules, these features usually leave a lot to be desired.
For example, as we learned during our recent discussion with MidWestOne Bank, not all core systems offer the right mix of functionality – especially for growth-minded financial institutions. As Keith Graff, VP of Loan Operations at MidWestOne Bank, pointed out:
“Our core system offered an imaging module, but it did not deliver an intuitive end user experience. It also made it difficult for our users to find what they were looking for.”
Ultimately, MidWestOne decided to go with AccuAccount’s integrated approach to document imaging and tracking rather than relying on the core. Before going any further, please take a few moments and read their story, which can be found here.
Does Your Core Do These Things?
If you can relate to MidWestOne Bank’s story, then it might be worth looking at your own situation. Rather than pivoting straight into a pitch for AccuAccount, I would instead like to pose the following questions.
Can your core’s imaging solution streamline operations? Or, does it simply reduce risk?
Scanning in commercial loan files, customer documents, and other records is great from a risk management standpoint. Unlike paper documents, which are routinely lost or damaged, electronic files can be easily saved, backed up, and managed. Risk reduction is a good first step, but efficiency-oriented institutions take imaging to the next level, using it as a catalyst for streamlining operations. Core imaging systems rarely offer much more than basic risk reduction.
Are your exceptions automatically satisfied when imaged?
Think about your current process for managing customer financials. Most likely, you’re maintaining a separate tickler (or spreadsheet) to track expiring documents. Once the documents are collected and scanned in, you’ll then need to manually clear those exceptions. An integrated imaging and tracking system solves this administrative headache by automatically clearing exceptions as images arrive.
Can notice letters be tied to exceptions?
Ah…notice letters. It sure would be nice to automatically generate notice letters based on your exception report – wouldn’t it? Most likely, your core can’t do that for you. Mail merge anyone?
How portable is your imaging process, should your bank decide to switch cores?
You’re probably locked into your core system for at least another five years. You’ll certainly be scanning a lot of documents between now and then. But what happens after that? What would happen to all that hard work if senior management decides to switch cores? Exporting images from one core to another is painstaking work.
How willing is your core system to integrate to other products?
Your financial institution may rely on a variety of services that, in a perfect world, would tie in directly to your imaging system. For example, you likely use a 3rd party provider to generate your flood zone determinations. Currently, these reports must be manually ordered and then uploaded into your imaging platform. A better approach would connect the dots between your imaging ecosystem and your flood zone determinations. Click here to see how banks are integrating their flood zone determination process to their imaging systems.
How receptive is your core provider to incorporating your feedback into the roadmap?
When was the last time your core provider reached out and solicited feedback? Come to think of it, when was the last time your core provider rolled out any type of product enhancement?
Go Beyond the Core
If your core provider “does imaging” but you’re not completely satisfied with the features or service that you’ve received, I’d like to invite you to explore AccuAccount. More than 15,000 bankers trust AccuAccount each day to handle all of their commercial loan documents, customer information, exceptions, tasks, and much more.
Chat with us and let us know what core you’re on. We’d love to set you up with an integration to AccuAccount.