Document Management Software for Banks and Credit Unions: 5 Key Features in 2019

With the New Year officially here, many community banks and credit unions are resuming the search for a more scalable document management process. If your financial institution is actively evaluating document management software for banks and credit unions, there are several important features that you should look for in a system. In this article, we’ll present five of them.

(Oh, and be sure to register for our next AccuAccount Live!.
It’s your chance to ask questions about these features or anything else that’s on your mind!)

1. Flexible Imaging

Bank imaging technology has changed considerably in the past decade. While desktop scanners and multifunction devices are still an important part of any imaging strategy, being able to efficiently manage documents that are already in electronic format is also key. An effective document management system should offer a convenient solution for uploading and organizing emails, attachments, spreadsheets, PDFs, and other electronic files. For example, here's a quick intro to our document management system, AccuAccount:

Speaking of electronic files, most banks and credit unions these days prefer PDF files (as opposed to TIFF files). Be sure to confirm that any system you’re considering natively supports PDF scanning.

2. Integrated Document Tracking

One of the biggest complaints we hear about core imaging systems is that too few of them offer integrated document tracking (aka exception management). Digitizing your bank or credit union’s loan, deposit, and trust documentation is a great way to reduce your risk of information loss, but doing so offers minimal value from a compliance standpoint. An ideal document management system consolidates imaging and exception management under one roof, eliminating the need for manual ticklers and document tracking spreadsheets.

3. Audit & Exam Prep Tools

Preparing for an audit or exam is stressful enough. When your bank or credit union maintains all of its files in paper document format, the stress becomes even greater. An effective document management system streamlines the audit and exam process by providing a convenient export option. Avoid the last minute dashes to the records room in search of missing files. Instead, give your team the peace of mind to point, click, and instantly export anything that has been requested by auditors or examiners.

4. Core & Other Integrations

In today’s interconnected world, banks and credit unions are beginning to realize the power of a tightly integrated IT infrastructure. Any document management system worth its weight should seamlessly integrate to your core, enabling the free flow of customer data, loan data, deposit data, trust data, accounts payable data, and other key information. In addition, some systems offer additional value-added interfaces to your:

• Loan origination system (LOS)
• Mortgage document preparation system
• Customer relationship management system (CRM)
• Tax research platform
• Flood zone determination system

5. 360-Degree Customer View

Last, and certainly not least, far too many banks and credit unions mistakenly settle for an imaging system that’s nothing more than a glorified repository. It’s really a shame when this happens. After all, your imaging system is a treasure trove of key business intelligence. All of your customer information, account details and documents, policy exceptions, and other relevant data is flowing into the system on a nightly basis. Why not leverage the platform to gain a better understanding of customers, make smarter decisions, and increase productivity? To achieve these goals, you need a system that delivers a comprehensive summary of each customer along with intuitive, drag-and-drop reporting capabilities.

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