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Audits and exams are stressful—and time-consuming. Preparing for an audit or exam involves a lot of document-related activities, which is why a system like AccuAccount can prove to be incredibly useful. AccuAccount offers a built-in audit and exam prep workflow that helps financial institutions save time and reduce stress. Here are four tips for enabling faster, easier audits with the help of AccuAccount. 1. Proactively Manage Exceptions Minimizing document-related exceptions is one of the best ways to avoid panic during audits and exams. Reducing exceptions requires a proactive approach, smart processes, and reliable technology. Automated exception ...
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Change often comes with a cost. For financial institutions looking to improve their existing loan file management workflows, this cost may involve acquiring software, implementing new processes, or bolstering in-house technical capabilities. On the other hand, there’s a real cost of maintaining the status quo, which could represent a much greater expense in the long run. Alogent’s document management cost calculator is a free tool for estimating your annual loan file management cost. Download a copy, enter your data, and view the results. You might be surprised by the numbers—especially if your cost exceeds six figures! Let’s take a look at factors ...
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In the dynamic landscape of Information Life Cycle Management, process automation solutions play a pivotal role. These solutions streamline workflows, from data creation to disposal, ensuring efficiency, compliance, and informed decision-making. Let's explore how process automation transforms the management of information at every stage of its life cycle. Efficient Information Life Cycle Management Process automation technology lies at the core of efficient document and information management. Integrating software platforms such as FASTdocs enables banks and credit unions to optimize processes, replace manual tasks, and accelerate data access. Metadata tagging ...
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In today's digital age, data is often hailed as the new currency. However, this surge in data production has given rise to a new challenge: information chaos. This phenomenon creates the daunting task of managing both physical and digital data from diverse sources, especially with the reliance on paper-based processes despite the goal of electronic workflows. As a result, banks and credit unions must navigate a landscape where information overload, fragmented data sources, and disparate data formats reign supreme. The consequences of improper data management can be dire, exposing privacy breaches that can extend far beyond financial losses, but erode account ...
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Many organizations struggle to deliver the full potential of their content management, governance, and automation programs, as well as keep up with all of the remedial and mundane tasks such as support, maintenance, and upgrades. Managed services play a crucial role in future-proofing businesses by providing specialized expertise, proactive support, and scalable solutions to address evolving technological challenges. Zia offers several flexible options to manage your application platforms including on-premise, in your existing cloud, or in the Zia Cloud. Each program is customized to your specific needs based on your organization requirements and objectives, ...
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Banks and credit unions need accurate, reliable, and easy-to-understand exception reports. However, pulling exception data together can involve considerable administrative work for back-office staff. Financial institutions that use AccuAccount enjoy a selection of standard reports, including our exception summary report . Let’s look at how this report streamlines access to exception information. A Fast, Easy Way to Understand Exception Aging The exception summary report is a straightforward aging report that’s broken down by exception type. Data can be summarized by the following criteria: Officer Branch Exception Category In the following ...
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Understanding a customer's or member's financial health is key to making prudent lending decisions. Credit analysts play an important role in this process, but they need reliable access to credit documentation in order to do their jobs. Although it is frequently used by loan administration teams, AccuAccount can also make life easier for credit analysts. Here are three reasons why credit analysts should consider using AccuAccount: 1. Quickly Verify Credit Documentation Has Been Obtained Credit analysts with proper permissions in AccuAccount can quickly assess each customer or member’s documentation. Color-coded indicators provide a straightforward ...
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Implementing a system like AccuAccount can enable numerous efficiencies for commercial lending teams. Expedited access to loan documents, reduced paper, enhanced exception management and reporting, and improved collateral management are a few examples. It’s therefore no surprise why we get a lot of inquiries from VP Loan Managers and people with similar titles. Lending staff may be quick to see the value in AccuAccount, but selecting new software for your bank or credit union likely requires buy-in from multiple stakeholders and teams. Here are a few tips for advocating for change. Communicating a Clear Vision Advocating for technological change ...
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More than 15,000 bankers use AccuAccount to streamline a variety of credit and loan management processes—everything from document imaging to collateral tracking and audit preparation. It’s a powerful tool, especially when paired with FASTdocs , Alogent’s enterprise content and information management solution. 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 workflows, FASTdocs offers a number of efficiency-boosting features. Simplified cold reporting is a good example. Let’s take a closer look at ...
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Delinquent loans seem to be on the rise at financial institutions across the United States. In fact, the NCUA reported that the delinquency rate at federally insured credit unions during Q3 2023 was up 19 basis points versus the previous year. The Federal Reserve Bank of New York noted similar trends around loans in "serious delinquency," defined as those delinquent for 90-days or more - auto loan dept (2.22% in Q4 2022 vs. 2.66% in Q4 2023), credit card debt (4.01% in Q4 2022 vs. 6.36% in Q4 2023) and "other" loan debt (3.96% in Q4 2022 vs. 5.15% in Q4 2023), to name a few. Such trends may indicate macroeconomic difficulties, but they also pose ...
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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 per day and for multiple users? Over the course of several years, automating such a task could deliver a measurable impact. At Alogent, we’re passionate about delivering process automation solutions for banks and credit unions. During a recent webinar , we discussed three time-saving workflows to enable with our AccuAccount software. Let’s explore how each workflow might benefit your financial institution. Workflow #1: Automating Task Delegation Relying on paper checklists, calendar reminders, and handwritten sticky ...
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When deployed in Alogent’s private cloud, FASTdocs gives financial institutions a wealth of benefits like a reduction of costs, a modernized infrastructure, and the ability to deploy new customer and member-facing services faster. Increase efficiency without the need for in-house teams like specialized SQL database administrators, and ensure compliance requirements and document retention mandates are met with simplicity. Discover more in this document.
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Over the past few weeks, several folks from Zia Consulting attended two ASUG events – Denver, Colorado and Palm Beach, Florida. As a dedicated SAP professional and vendor of an industry leading Certified SAP Archiving Solution Appliance , it was great to get updates on the latest industry trends. Additionally, the ability to network with like-minded individuals provided valuable insights to more closely align with other professionals on SAP archiving strategies for both ECC and S/4HANA. Right from the start, the energy at the event was palpable. The venue buzzed with activity as attendees from various sectors and professionals within the SAP ...
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Dear AIIM Community, We just released a brand new version of our IDP software suite. IDA 5.2 is out now! What's new with IDA 5.2? LLM-based Extraction: Extract data from unstructed documents simply by using prompts. Plug-and-play Recognition SDK: Enhance your data capture by using unmatched OCR/ICR. Redaction: Protect sensitive and confidential information. Image Normalization: Minimize your file size for efficient processing and archiving. About IDA The IDA software suite offers comprehensive capabilities for customers with the common desire for short time-to-value automation and high-quality data ...
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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 ...
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Legal departments are driving the demand to delete emails in most organizations. What’s behind their desire to get rid of everything? Email management is a constant tug-of-war between legal and compliance stakeholders and those working within specific business units. The former wants to delete nearly everything, while the latter would prefer hanging on to every last thread and attachment. While having a comprehensive archive of previous clients, vendors, and internal communications can be a useful resource, it’s simply not worth the risk for your colleagues standing guard against potential liabilities. To better understand their perspective, let’s dig ...
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Large quantities of paper documents arrive daily at financial institutions. Despite the shift to digital, banks and credit unions still need a scalable way to manage the seemingly constant flow of financial statements, tax returns, insurance documents, and other information. Many financial institutions have already adopted document management systems, yet some still struggle to overcome recordkeeping headaches. To enable efficient loan document management, banks and credit unions should implement solutions that eliminate bottlenecks and drive greater adoption from stakeholders. At Alogent, we’re continually looking for ways to empower customers and drive increased ...
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Document imaging technology is a key component to an enterprise content and information management (ECM / EIM) strategy, enabling multiple efficiencies for your bank or credit union. For starters, digitized documents are typically more accessible and enable faster reporting than paper files, allowing staff to do their jobs quicker with less frustration, and to deliver better customer and member services. Once imaged, electronic files can be easily backed up to a server, reducing the risk of information loss of the physical document. Similarly, a virtually limitless number of electronic documents can alternatively be stored in the cloud , allowing scalability ...
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In today’s digital-first banking world, depositing a check, monitoring account balances, and managing finances are all possible from the comfort of your home, but what happens when an account record is missing a piece of collateral , or an identity document is nearing expiration? The same level of transaction flexibility that digital and remote banking solutions offer can also be extended to your enterprise content and information management solution (ECM / EIM) - where customers and members can securely exchange information and documents outside of branch hours and from their personal devices. As the cornerstone of your institution’s data management ...
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Here’s the situation: Your financial institution uses AccuAccount to manage its documents and related exception data. In addition, you recently began using AccuAccount for task management , which has led to increased transparency and productivity. Now you’re looking to drive additional efficiency through automated task delegation. Using task groups in AccuAccount might be the perfect solution. A task group is a predefined list of tasks that can be applied to multiple situations. Banks and credit unions can use task groups to streamline task delegation for appraisal reviews, loan payoffs, foreclosures, loan participations, and other workflows. ...
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