3 Reasons to Integrate Your Bank’s Exception Management & Imaging

The following post was originally published in The Independent Report, a service of the Independent Bankers of Colorado.

There’s a good chance your bank is already imaging its loan files. There’s also a good chance that you’re tracking missing, expiring, and overdue documents.

But, is all of this activity happening within a unified system?

By integrating exception and imaging into the same system, your bank can realize new efficiencies, saving your institution significant time and money. In this post, we’ll share three reasons to consolidate your efforts into a single application (such as AccuAccount).

Reason #1: Automatic Clearing of Exceptions

Think about your current process for clearing exceptions. If you’re like most banks, you likely receive hundreds (or thousands) of customer documents each day. Financials, proof of insurance, and other important files arrive through a variety of sources, including the US mail, email, and customer delivery. Each new document satisfies an existing exception; unfortunately, you have to manually tell your tickler that the document has been received.

Compare this process to using our AccuAccount platform. As new documents arrive, loan administrators scan and upload files directly into the system. As digital documents are linked to the correct customer or account record, exceptions are automatically satisfied. No more forgetting to clear the exception; AccuAccount does it for you.

Reason #2: Less Confusion

Your senior management likes to keep a close eye on policy exceptions. Lenders need to know which customers require a gentle nudge. The loan operations department seeks to minimize the number of missing and past due documents. Each department has different goals, which makes accessibility an important priority.

In many cases, manual tickler systems create more confusion than clarity. Some systems restrict access to only one user at a time. Other systems permit multiple users but fail to offer tiered access levels. Still others offer tighter security controls but fall short when it comes to reporting.

A system like AccuAccount alleviates these headaches by offering access to every user at your bank. You’re in charge of who accesses (and edits) what within your system. In addition, users can even subscribe to prebuilt reports, automatically delivering daily or weekly exception reports directly to inboxes. Complex pivot tables and unreliable data is also a thing of the past, thanks in particular to the nightly core synchronization.

Reason #3: Better Audits

Preparing for an audit can be a hassle. That’s especially true when you’re maintaining separate exception and loan file databases.

An integrated system simplifies the audit preparation process. For maximum convenience, some institutions create a “read only” account for auditors. Other banks prefer to export everything to a disc. Either way, you’re providing auditors with the exact information they need – no more, no less.

Many of our customers report smoother audits, reduced audit fees, and much happier auditors. Instead of wasting time looking for the right files, auditors can get to work quickly and efficiently.

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