Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

A document management system enables an organization to digitally track, store, and retrieve information. It can also be used to generate reports and to comply with document retention requirements.

Types of Document Management Systems

Document management systems vary in user-friendliness and effectiveness based on their specificity to a particular industry:

General repository – General repositories are often free or low-cost solutions, such as a shared folder on a network server. The drawback is a lack of consistent file naming and document placement, which makes it difficult to locate and retrieve documents. With general repositories, IT departments need to proactively establish strict naming conventions along with clear guidelines for proper use.

General purpose document management system – This type of solution is optimized for document storage and sharing, but it lacks features that are specific to any industry or market. To make a general-purpose system work, a company would need to spend considerable time up front and map out numerous customizations. In the banking industry, for example, this may include adjusting the data structure (i.e., connecting customer and member records to loans and accounts). Complying with industry-specific document retention requirements may be a challenge, too.

Industry-specific document management system – Tailored to a specific use case, such as healthcare or banking, an industry-specific document system will be the readiest solution for an organization to use as-is (or with minimal customization). In addition, these types of solutions are more likely to integrate with mission-critical solutions, such as core banking systems.

Advantages of Document Management Systems

Whether you’re considering an industry-specific product or a more general solution, implementing a document management system of any type should provide a clear ROI by, at a minimum, reducing:

  • Cost of paper and ink/toner
  • Cost of new printing equipment and ongoing support contracts
  • Cost of physical file storage and management
  • Office space required for storage
  • Risk of information loss

Advantages of Industry-Specific Document Management Systems

A document management system like AccuAccount—that is designed specifically for financial institutions—saves time and reduces risk by delivering a document structure that mirrors a traditional loan file. Other solutions like FASTdocs, an enterprise content and information management system, extend beyond loan workflows but can be used across the bank or credit union.

AccuAccount overcomes the challenges of general-purpose document management systems by delivering:

  • Integration with 30+ core systems
  • Consistency in document naming and filing
  • Document structure that’s intuitive to bankers
  • Built-in exception management
  • Alignment with your bank or credit union’s compliance and document retention requirements

Document Management System Resources

For more information about document management system best practices, be sure to check out our extensive resource library with free spreadsheets, whitepapers, videos and eBooks.

Browse our banking definitions page for more terminology.
 

Explore more resources

Remote Deposit Capture (RDC) eBook

Remote deposit capture (RDC) ranks as a significant feature of modern banking. In fact, a San Global Research industry report projects the RDC market to grow at a compounded rate of 5.8% through 2032. As the banking industry continues its digital...
Read More »

AccuAccount: Solution Overview Brochure

Track and manage every loan document in one system and streamline loan management from application through servicing with our core-integrated software platform. From loan application automation, to drag-and-drop document imaging, to document tracking, and five...
Read More »

Related articles

Tuesday 26 March 2024

Check Fraud: Common Examples and How to Stay Ahead of the Fraudsters

Check fraud is the most prevalent type of fraud at financial institutions, costing billions of dollars in losses annually, while impacting millions of account holders…

Learn More »

Wednesday 20 March 2024

Accelerating Efficiency by Leveraging Alogent’s Full Suite of Process Automation Solutions

Why should your bank or credit union consider implementing FASTdocs alongside AccuAccount? For financial institutions looking to retire legacy systems, consolidate vendors, and reduce paper-based…

Learn More »

Thursday 14 March 2024

Show Me the Money: Best Practices to Accelerate Funds Availability through Check Deposits

The Financial Brand recently published an article highlighting how faster access to funds could reshape the battle for deposits. Would you implement new processes if…

Learn More »

Tuesday 12 March 2024

With Delinquencies on the Rise, It’s Time to Rethink Collateral Perfection & Risk Management

Delinquent loans seem to be on the rise at financial institutions across the United States. Such trends may indicate macroeconomic difficulties, but they also pose…

Learn More »

Tuesday 5 March 2024

3 Loan Management Workflows to Help You Save Time & Drive Efficiency

Automating a single task may not seem like a big savings in the grand scheme of things. But, what if that task occurred multiple times…

Learn More »

Monday 26 February 2024

Banking Innovation: Are You Keeping Up with Transaction Processing Trends Shaping the Banking Market?

The payments landscape continues to take shape with alternative payment and cashless transaction methods, yet in the face of persistent digitalization, checks remain a viable…

Learn More »

Thursday 15 February 2024

Meeting Gen Z’s Banking Demands and Remaining Relevant with the Largest Generation in American History

The year is in full swing, and financial institutions are keenly observing the emerging powerhouse of economic influence: Generation Z. This generation isn’t just digitally…

Learn More »

Tuesday 6 February 2024

From Loan Imaging to Cold Storage: Extend AccuAccount’s Automation Potential with Additional Content Management Capabilities from Alogent

Efficient document and information management is increasingly important for modern financial institutions. Paper documents, siloed information, and outdated technology create operational bottlenecks that can be…

Learn More »