Loan Management System: Project Documentation

Selecting a bank document management software can feel overwhelming. However, it doesn’t have to be. The best method is to approach the task systematically and logically. In fact, the more you have in writing as a guide, the better. To guarantee success, it is important to have the proper loan management system project documentation. In this article, we’ll explore how to develop this documentation so that your institution makes a highly informed decision. There are five major phases your institution will likely go through when selecting a loan management system. Below is a quick look at how they relate to your internal documentation.

Phase 1: Define Your Goals

What exactly do you want to accomplish with your loan management system? Be clear about the problems you want to solve or what you would like it to improve on. Rank the importance of system capabilities and functionalities such as ease of use, improvement of exception management, reporting, workflow, etc. Additionally, rate how you prioritize technology requirements, performance management, and the cost/benefit versus return on investment. Then decide which departments will be involved in the selection process.

Phase 2: Develop a Solid Strategy

Once you have determined which departments to include, identify the specific individuals you will invite to be a part of the project. Then ask these stakeholders to list the features needed to meet your goals.

Phase 3: Determining a Vendor

Once your requirements are in writing, it’s time to objectively rate your prospective vendors on how well they live up to what you need. To do so, create a matrix with the features that are important to you and set up a ranking system to compare each company’s offering against the required features. Some vendors offer live or pre-recorded webinars, which can be helpful for evaluating features. Here's a pre-recorded video of our imaging features in AccuAccount:

Phase 4: Eliminate Obstacles

When looking at implementation of a new system, there are bound to be some roadblocks. Here is where you need to plan who you will add as additional stakeholders if needed as back up. If there are disagreements about the value of the system, prepare a return on investment analysis. Look at tangible savings, savings within processes, and intangible savings such as elimination of lost documents, etc. Also be sure to have in place appropriate information to persuade nay-sayers about the importance of the system in general.

Phase 5: Implementation and Training

Now it’s close to go-time. However, before beginning to make the actual transition to your new loan document management system, it’s time to look at the particulars. Outline parameters on elements such as document structures and exception definitions, workflow processes, and your interface needs. You’ll also want to provide core details for data mapping and importing, determine how you will carry out image conversion, and decide what to image for backlog capture. Also, don’t forget to set up quality control guidelines where applicable. Finally, schedule training time for all involved -- administrators, end users, and those involved with scanning and indexing.

Documentation is Important for Success

Although there is a significant amount of planning and documentation needed to choose a new banking system, it is well worth the time and energy. Getting everything in writing puts a plan in place that keeps everything on track, keeps your goals at the forefront of the project, and, most importantly, leads to successful implementation of your program.

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