Integrated Approach to Credit Authorization

Are you happy with your financial institution’s current process for authorizing new loans and lines of credit?

If not, unfortunately you’re not alone. A recent study conducted by AccuSystems found that less than 20 percent of the community banks we surveyed consider their current loan management practices “extremely efficient.”

With these facts in mind, we were not surprised when our team was recently contacted by a financial institution (we’ll call it State Bank) that was weighed down by outdated, clunky software and was seeking a better way to manage the credit authorization process. At the time State Bank’s system only generated credit authorization information as a static document, which did not work well for updates or collaboration. The workflow resulted in frustration with lenders and approvers as well as with compliance, since data was sometimes updated in one field but not in another.

Let’s take a closer look at how State Bank addressed these issues and arrived at a better solution by leveraging credit authorization software.

Streamlining the Credit Authorization Process

After carefully reviewing the institution’s situation, our experts suggested that State Bank streamline the credit authorization process by implementing AccuAccount. Unlike State Bank’s legacy software, AccuAccount offers a more integrated approach, pulling important data from multiple interfaces and automatically refreshing through a nightly data sync to the core system.

Credit Documents

Better Inputs, Better Results

State Bank has now made the leap forward to anbank document management software integrated loan management system that has greatly improved its workflow, accuracy, and effectiveness. In fact, with AccuAccount, the credit documentation is scanned and indexed at the time of application and the customer file is constructed as the loan approval process progresses. Thanks to this centralized approach to bank document management, there are no more worries about credit authorization information being updated in one place while others are overlooked. The credit authorization data is always current, thanks to several important interfaces, including several popular core banking systems. In addition, documens and spreadsheets can be easily uploaded and indexed within AccuAccount.

In addition to better data, AccuAccount provides an entirely new level of visibility and collaboration. As a browser-based system, credit authorization information can be easily accessed by multiple users or shared for collaboration. AccuAccount even simulates the “left side” of a paper loan file; the left side of the screen on each customer page is the credit section. All the customer’s documents, exceptions, related entities, and comments are displayed. This still gives the “feel” of a paper file, but with all the perks of an electronic system.

Take Control of Your Credit Process

Are you still working with the frustrations of old banking software that doesn’t meet your credit management needs? If your bank is struggling by manually pulling information from your core banking system, dealing with the headaches of updating information in multiple areas, and contending with difficulty accessing files, these challenges can all be “left” behind.

Find out more – talk with an AccuSystems expert today.

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