5 Reasons to Use Our Loan Tracking App (Instead of Your Core)

Your core banking system claims to do everything under the sun. Granted, it does perform many banking functions – it just doesn’t do everything particularly well.

Exception tracking is certainly at the top of the list.

In this post, we’ll look at five big reasons why more than 14,000 bankers trust AccuAccount for their loan document tracking requirements.

Reason #1: Your Core Doesn’t Tell a Good Story

Your customers are more than dollar signs and ledger entries. They’re real people with real stories. And, you know their stories all too well – the baker opening his second location, the stay-at-home mom with a growing hobby business, and the real estate mogul who owns half of the rental properties in town. These are just a few of the real-life success stories that have been aided by your bank.

To ensure a happy ending for each customer’s story, your bank must perform a variety of ongoing administrative tasks. As new loans are booked, someone from your staff must collect, scan, and index several different account-related documents. As the loan is serviced, you’ll likely collect ongoing financials and proof of insurance documents, among others. Some banks use their core systems’ built-in ticklers to track such activity. Although better than nothing, this approach can cause your institution to miss out on the bigger picture. And, when collecting documents becomes the primary focus (at the expense of the customer’s story), your institution can create unnecessary friction – especially when asking for documents that have already been collected.

AccuAccount offers the best of both worlds by presenting exception data in the context of the customer’s story. For any customer, your team can view missing, expiring, and pending exceptions, along with loan account balances, contact information, prior activity, and many other important details.

AccuAccount Preview

Reason #2: Your Core Doesn’t Connect the Dots

Your customer was gracious enough to send his updated financials for last year. It only took a couple phone calls and letters, but you’ve finally got them. Now what?

If you’re doing everything in your core, it’s probably a two-step process. First, you’ll have to spend a few minutes looking for the correct place to save the scanned file. Then, you’ll need to manually clear the open exception in your tickler. Let’s hope you don’t get distracted – otherwise, you might end up with an issue during an audit or exam.

AccuAccount automatically clears your exceptions as you scan and index new documents. Since each customer’s accounts, exceptions, and documents are all linked together in one convenient portal, you’ll save yourself the embarrassment of asking for the same document twice. Better yet, you’re able to see the big picture with just a few clicks. Jump between exceptions, loan agreements, collaterals, balances, and related entities in seconds.

Managing new customer and account documents is also easy with AccuAccount. Our software comes preloaded with standard document placeholders based on the loan and customer type. Instead of having to rely on external checklists, AccuAccount tells you exactly what needs to be scanned and indexed. You can even define standard grace periods, which gives your team a little breathing room before items show up in exception reports.

Reason #3: Your Core Doesn’t Automate Your Life

Senior management loves to ask you for reports. Here’s the problem – you’re far too busy to be pulling core data into spreadsheets.

Put your reporting on autopilot with AccuAccount. AccuAccount allows your users to subscribe (via email) to the reports that matter for their jobs. Set up daily, weekly, monthly, or custom delivery schedules and begin receiving:

  • Exception data
  • Expiring documents reports
  • Notice reports
  • Policy exception alerts
  • Account-related updates
  • …and much more

Stop spending hours on data exports and pivot tables. Let AccuAccount do the busywork for you!

Exception Officer Report

Reason #4: Your Core Doesn’t Offer One-Click Audit Prep

When we surveyed 187 community banks, we learned something shocking: most banks require more than 20 hours to prepare for an audit or exam. Searching through file cabinets, gathering requested files, and tracking down missing documents are just a few of the steps that paper-based banks must go through.

It doesn’t need to be this complicated.

In fact, AccuAccount lets you prepare for an audit in minutes – rather than hours. As we recently pointed out in this case study of Bank of Blue Valley of Kansas City, “moving to an electronic imaging system has even streamlined the bank’s audits. Auditors are provided terminals with read-only access to AccuAccount. Now, instead of printing or exporting audit files, auditors have everything they need to do their jobs. This has resulted in better audits and even allowed auditors to explore the possibility of doing “virtual” audits, which could yield additional savings in the future.”

Banks using AccuAccount have two convenient audit-prep options. As indicated in the case study, some banks give auditors read-only access to their entire document and exception system. Others prefer to limit access only to the requested files (provided as a disk or flash drive). Either way, audit preparation now only takes a few moments!

Audit Preparation

Reason #5: Your Core Isn’t Very Fun to Use

Let’s be honest…your core banking system is probably not the most enjoyable thing to use. It’s good for number crunching, but it’s not great on the eyes.

AccuAccount pulls in your relevant core data and presents it to you in a way that’s helpful – and even kind of fun. Our system was designed with the end user in mind, making it easier to navigate and find what you’re looking for. Everything is linked together, allowing you to click from one record to the next.

Just be careful – you might find AccuAccount to be so engaging that you spend hours just perusing all the powerful information!

See Why AccuAccount is Right for You

So, are you ready to move your bank document tracking in a better direction?

Give us 15 minutes of your time, and you’ll be amazed by what’s possible with AccuAccount. Schedule a risk-free demo of our software. 14,000 satisfied bankers (…and counting) don’t lie!

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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 >>