Commercial underwriting involves gathering and analyzing information to make an informed decision to approve or reject a commercial credit or loan request.
A compliance committee plays a key role at a bank. Composed generally of the financial institution’s compliance officers, including those in charge of personal banking and commercial banking, as well as a Bank Secrecy Act (BSA) officer and Community Reinvestment Act (CRA) officer, the team is responsible for ensuring the bank adheres to all existing compliance regulations.
Consumer digital banking refers to banking services and products targeted specifically for individual consumers through digital channels such as websites, mobile apps, and other digital platforms.
Contactless payments refer to transactions where a consumer makes a payment for goods or services by simply tapping or waving their contactless-enabled card, mobile phone, or wearable device near a contactless-enabled terminal.
Core banking systems serve as the central repository of account and general ledger information for financial institutions.
Financial institutions rely on core banking systems to perform a variety of transactional functions and store important account and general ledger information, including customer or member data, loan balances, payment due dates, and much more.
Duplicating a negotiated check or an official check.
Cover sheets are pieces of paper that are placed in front of one or more documents prior to scanning. Cover sheets usually contain barcoded information, which streamlines the electronic indexing of scanned-in document(s).
With credit document imaging, financial institutions leverage technology to scan, save, and organize information that pertains to borrowers.
In general, credit documents are those documents that pertain specifically to the borrower (not the loan). Financial institutions rely on credit documents to provide information about the customer and establish the customer’s creditworthiness.
Credit exceptions occur when a bank or credit union expects to have certain credit-related documents but does not.
In banking, the term “customer financials” is commonly used to encompass a variety of documents that are utilized to determine the creditworthiness of a borrower. Banks utilize data from the customer financial statements to make prudent decisions and avoid unnecessary risk during the lending process.