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 Paper documents, siloed information, and outdated technology create operational bottlenecks that can be difficult and costly to solve. But, with so many other initiatives going on at your bank or credit union, identifying and implementing a new solution can seem overwhelming.
At Alogent, we provide technology to help banks and credit unions overcome challenges that impact productivity, growth, and financial performance. Our process automation suite of solutions, FASTdocs and AccuAccount, are two great options for financial institutions looking to upgrade their enterprise content and information management strategies. In addition to delivering benefits in parallel, AccuAccount can also be paired with FASTdocs capabilities that extend users’ abilities to save internal costs and speed efficiencies. Let’s take a closer look.
Meet FASTdocs
FASTdocs is our enterprise and information management suite that simplifies document and content management. Through an intuitive browser-based solution, FASTdocs makes it easy to access timely information pertaining to customers, members, accounts, and collateral. Leveraging artificial intelligence and built-in automation capabilities, FASTdocs helps financial institutions streamline manual processes and accelerate document and information management.
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Meet AccuAccount
If you’re looking for a system that’s built for the complexity of commercial loan file management, you might want to consider AccuAccount. Designed to “look like” a traditional loan file, staff will appreciate the familiarity of credit documentation on the left and account documentation on the right. AccuAccount makes it easy to capture and organize documentation throughout the life of the loan. Multiple scanning options streamline the digitization and indexing of paper files. Automatically resolve exceptions simply by saving a document into its correct location. Flexible reporting and audit preparation features support back-office workflow efficiency.
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Use Case: Green Bar Reporting or “Cold Storage” Solutions
A community bank with multiple branches recognizes the shortcomings of its paper-based approach to green bar reporting. Stakeholders must wait until the end of the day to access cold reports, and delays are common. Printing hundreds of paper documents daily represents a tangible cost that negatively impacts profitability. Users cannot easily search for information in paper documents, which makes them less productive.
Implementing FASTdocs’ cold storage capabilities in parallel to AccuAccount would solve many of these headaches by enabling rapid, electronic access to green bar reports. With FASTdocs, cold reports no longer need to be printed, transferred through interoffice mail, and marked up with highlighter pens. Users are notified via email when reports are available, and markup can be done within the electronic record. The “search within” functionality in FASTdocs allows users to complete tasks in considerably less time. Tracking down a $.13 transaction within a FASTdocs report, for example, takes seconds not minutes or hours.
Use Case: Customer Financial Tracking
Another financial institution needs a better way to track, collect, and manage ongoing customer documentation, such as updated financial statements and tax returns. Currently, it relies on tickler spreadsheets that must be manually generated and distributed on an ad hoc basis. Printing notice letters involves merging tracking sheets and account holder data from other sources. As updated documentation arrives, someone must remember to update the tracking spreadsheet; otherwise, exception reports will become inaccurate and could lead to friction with customers.
Implementing AccuAccount represents an opportunity to save time and frustration. A nightly sync with the financial institution’s core brings in account holder data without manual effort. Printed and email notices offer multiple ways to engage customers and request updated documentation. Linking to a secure document portal provides customers with a fast, convenient way to share documentation. Uploading or scanning documents into AccuAccount creates an efficient workflow for resolving exceptions and ensuring accurate exception reports.
Comprehensive Content & Information Management Solutions
Whether you’re looking to switch from your core provider’s system or from a different content or document management platform, Alogent’s enterprise suite of solutions can help you reduce paper and overcome manual processes.
Learn more about our process automation solutions.
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