Streamline New DDAs by Going Paperless

Everyone in your town loves Freddy.

After all, Freddy Marino is the face of the community’s favorite restaurant: Freddy’s Pizza, Wings & Subs. When you want to watch the big game and enjoy a tasty pizza, there’s no better place than Freddy’s.

Since opening his first location over twenty years ago, your financial institution has been there every step of the way. In 1999, Freddy needed a line of credit to help cover payroll – your bank was there to help. In 2004, when Freddy required capital to open his second location, he came to your bank first. Since then, he’s opened five additional locations throughout the region, and each time your institution made it possible. In total, Freddy’s company had borrowed more than a million dollars from your bank – and he always made his payments on (or ahead of) schedule.

Despite your long-tenured relationship with Freddy and his business, he never bothered to transfer his checking account to your bank. That is, until last week rolled around. For whatever reason, Freddy finally got fed up with his former DDA provider and stopped by your west side branch to make the switch.

Unfortunately, things didn’t go as smoothly as they should have.

Here’s what happened.

An Opportunity to Provide Better Service

Let’s face it – Freddy is a pizza man, he’s not a banker.

So, when Freddy walked into the west side branch, he expected the same personalized service that he receives at any of your other locations. Sadly, that didn’t happen – in large part due to your bank’s paper-based information system.

Here’s how the conversation went:

Teller: “Good afternoon sir, how can I help you?”

Freddy: “Hi, I’m Freddy Marino. I’m here to transfer my business checking account.”

Teller: “Oh, great. Let me introduce you to our new accounts person.”

The teller then introduced Freddy to Suzanne, the west side branch’s new accounts manager. The conversation continued:

Suzanne: “So, what can I do for you today Freddy?”

Freddy: “As I mentioned to the teller, I’m here to transfer my business checking.”

Suzanne: “OK, great. I can definitely get you set up with a demand deposit account. Have you ever done business with us?”

Although Freddy had never stepped foot in the west side branch, he wrongly assumed that his legendary persona would permeate your entire institution.

A long pause then ensued, until Freddy finally broke the silence.

Freddy: “Yes, in fact, I’ve borrowed more than a million dollars from your bank.”


If only there was a system that could have provided Suzanne with a 360-degree view of Freddy’s interactions with your bank.

Actually, this type of system does exist – and it’s called AccuAccount. AccuAccount pulls in all of Freddy’s business and personal information from your core (and other connected systems), linking together records, loan balances, accounts, and much more. At the top of each customer’s record, AccuAccount also shows a summary window, allowing team members like Suzanne to get up to speed in just an instant.

AccuAccount Laptop

Consolidating Records Under One Roof

As the awkwardness of Suzanne’s question slowly went away, another issue quickly reared its ugly head.

Suzanne: “Getting you set up is pretty simple, I’ll just need you to provide a few pieces of information about your business.”

As Suzanne handed Freddy the new account packet, the situation went from bad to worse.

Freddy: “I see you’re asking me to provide my business entity documents along with a few other things that you already have on file.”

Suzanne: “Oh, that’s a good point. That checklist probably won’t apply to you, because our loan department should have most of that on file. I’ll just need to check with them first.”

Freddy: “So, it sounds like I won’t be able to complete this process today, huh?”

Suzanne: “No, all of our documents have to be couriered from branch to branch. Kind of like delivering a pizza.”

Despite’s Suzanne’s thinly veiled attempt, no amount of humor could lighten the mood. And, unlike a pizza that is delivered within the hour, your bank usually takes several days to do anything. Phone calls must be made. Emails must be sent. Paper files must be checked out (if they’re available) and couriered. In reality, Freddy will be lucky to have his new checking account within the week.

These types of problems go away with a system like AccuAccount. Unlike paper documents that can only be in one place at a time, AccuAccount transcends physical limitations. All of Freddy’s documentation is neatly organized within his digital file. Need to verify the existence of his CIP form or cash management agreement? With AccuAccount, it’s all just a click away for team members with the proper permissions.

AccuAccount 2018 Credit Tab Expanders

Better yet, AccuAccount also has a built-in deposit tickler, which helps you reduce missing account documents. As new documents are scanned into the system, exceptions are automatically cleared.

Demand Deposit Account Automation

If your bank is tired of forcing the Freddy’s of the world to jump through hoops, it’s time to seriously consider an electronic document management system. Scan in your documents, share them with the appropriate users and departments, and provide better customer service.

Ready to learn more? Click here to find a plan that’s right for your bank.

Comments are closed.