3 Reasons Why Imaging is a Must for Banks and Credit Unions in the COVID-19 Era
The coronavirus pandemic has impacted almost every aspect of life—and banking is no exception. Practically overnight, bankers across the country were thrust into a work from home situation that was previously unimaginable. Lenders, credit analysts, loan administrators, and back-office staff were scrambling to continue business as usual despite the highly unusual circumstances. So, what did financial institutions learn? Having talked to dozens of bankers about this very topic, one thing seems clear: imaging is a necessity for banks and credit unions of all sizes. Here are three reasons why:
1. Working from Home Becomes Feasible
No matter the industry, working from home has its unique set of challenges. Finding a quiet place to work, balancing kids and personal life, and staying focused are just a few examples. Working from home is doubly complex (if not impossible) when your bank or credit union relies on hard copy loan files, customer records, and back-office documentation. Even during a pandemic, customers still expect excellent support. Internal exception reports must still be prepared in an accurate and timely manner. Loans must be routed and approved in an efficient way. It’s hard to achieve all of these goals, however, when your paper files are locked away in a records room—a location that is inaccessible by remote staff.
How imaging software helps: Unlike paper documents that can only be in one place at one time, imaging software creates electronic versions of your most important documents. Customer financials, tax returns, loan applications, and collateral documents can be viewed simultaneously by multiple staff members—even those who are working remotely. Interactive views (such as AccuAccount’s document view, list view, and deposit view) provide users with a variety of convenient ways to access and view documents. Filter and search options help users find what they’re looking for in less time.
2. Customers and Members Expect a “Social Distanced” User Experience
As life slowly returns to normal, some customers are leery about stepping foot into one of your branches. It’s not that your branch is unclean; rather, you have taken the necessary steps to provide a safe banking experience. Be that as it may, some customers or members are simply more cautious than others.
How imaging software helps: Imaging software that integrates with document collection portals provide a seamless (and socially distanced) way to collect customer documentation. Enable customers to drag and drop tax returns and other PDFs into a secure online portal, thereby eliminating the need to print and mail hard copy files.
When combined with email notices, this approach practically eliminates paper from your document tracking workflow. Less paper means less scanning, which frees up bank resources for more important priorities. As an added bonus, your lenders and entire staff—including those working remotely—gain faster access to customer documents and data in fewer steps.
3. Alignment with Business Continuity Objectives
Almost every business is asking the same question: What if widespread quarantines occur again in the future? Does your bank or credit union have the right systems and processes to weather another prolonged work from home reality? How imaging software helps: There’s a reason why 69% of banks that we surveyed already use some type of document imaging system. They understand that digitized information reduces risk and aligns with business continuity objectives. When properly implemented, imaging software creates redundancies for your most vital information and workflows. For example, automated email exception reports can keep remote staff informed about missing and expired documents—with no manual reporting by your credit or loan admin teams. As new documents are scanned or uploaded, exceptions clear automatically, which saves even more time. Images of scanned documents are stored securely on your bank’s or credit union's servers, thereby reducing the risk of information loss while dramatically increasing accessibility throughout the bank. In short, imaging software (especially when combined with automated tracking) puts your bank or credit union in a better position to deal with unexpected interruptions—pandemics, fires, floods, or any other unforeseen disaster.
Get a Document Management Game Plan
Looking for an enhanced approach to document management? Our software, AccuAccount, can help. Trusted by more than 15,00 bankers, AccuAccount offers a core-integrated imaging and tracking solution for all of your documents. Ready to schedule a risk-free demo?
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