Digital banking solutions are technologies that enable financial institutions’ consumer and business account holders to perform a variety of self-service actions. Web portals and mobile applications are two of the most common types of digital banking solutions.
The goal of digital transformation in banking includes improving efficiencies, driving loyalty and engagement from customers and members through a streamlined user experience, and ultimately delivering a competitive advantage to the bank or credit union.
A digital wallet, also known as an e-wallet or mobile wallet, is a virtual platform that allows users to store and manage their payment information securely for various types of transactions.
A disclosure is a document that makes information known. In the banking industry, it’s a statement provided by a financial institution—to either a consumer or commercial customer—that outlines all pertinent information.
Document preparation (also known as “doc prep”) is a key step in the lending process and involves generating documents for closing.
Document audit logging involves the systematic tracking of historical information through each document’s lifecycle.
In document management, the term “backlog” refers to a large number of documents that are awaiting further action by an organization.
Document capture refers to the process of gathering documents into a standardized format, such as in an electronic content management system. Some financial institutions use the phrase “document capture” interchangeably with document imaging, but document capture relates specifically to the document collection phase of the imaging process.
Document-centric ECM solutions store content and make it accessible specific to the document category.
Document collection software is used by financial institutions to electronically collect documents from customers.
Document imaging software organizes, stores, and retrieves documents. The data managed by a document imaging system could reside on an in-house or cloud-based server.
A document imaging technician ensures the timely and accurate scanning and indexing of paperwork into the organization’s document management software.