What is Barcode Scanning?
Barcode scanning is a method of using barcodes to identify what a document is and where it belongs in a file. When properly utilized, barcodes can streamline a bank’s document management workflow and reduce the likelihood of documents being inserted into the wrong file. This can enable the bank to scan and index more documents in less time and with improved quality assurance.
Barcode scanning is particularly helpful when dealing with large amounts of documents that would otherwise have to be broken apart into smaller groups prior to scanning and indexing. Commercial loan teams tend to be heavy users of barcodes given the document-intensive nature of commercial lending.
Barcode Technology & Use Cases
Typically, barcoded bank documents are located on the document itself or on a cover sheet.
Barcoded documents: Certain doc prep systems allow users to include barcodes directly on the documents. Depending on the system, embedded barcodes may include information about the document type, customer’s tax id, account number, loan date, or other pertinent details.
Barcoded cover sheets: Some bank document management systems offer the ability to generate barcoded cover sheets for documents that are not already barcoded by the source system—or for use in combination with barcoded documents. For example, the barcode on a cover sheet might identify the individual customer while the embedded barcode indicates document type.
3 of 9 barcodes and QR codes are common types of barcodes used in banking.
Leveraging Barcode Scanning
To increase the impact of barcode scanning in banking, some banks implement document scanning and imaging systems that work with both barcoded documents and cover sheets.
For example, AccuAccount can read barcodes from many loan origination systems to understand document type. Combining barcoded documents with barcoded cover sheets from AccuAccount allows users to ensure documents appear in the correct customer’s file and in the correct document tab. Learn more about the variety of scanning and imaging solutions for AccuAccount.
Document Management Resources
For additional information about document imaging and management, be sure to check out our extensive resource library. Download free spreadsheets, whitepapers, and ebooks.
You can also browse our banking definitions page to continue reading terminology.
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