Related Entities Tracking: Go Beyond Spreadsheets
Tracking related entities is an important, yet time-consuming activity for understanding complex banking relationships. Businesses are bought and sold, ownership changes hands, and people relocate to different parts of the country. As a result, generating related entity reports can seem overwhelming—especially when relying on spreadsheets and other manual processes.
AccuAccount offers built-in reporting capabilities for related entities. Let’s take a closer look at how this feature works.
Related Entities Report in AccuAccount
With AccuAccount, financial institutions can easily create and assign entity groups for reporting purposes. You might use this feature to connect a person to the businesses that he or she is involved with. As entities are grouped together, staff can access intuitive reports for understanding multi-entity relationships.
In the following example, AccuAccount returns five related entities in a single view—an individual, a trust, a partnership, an LLC, and a corporation.
From the screenshot, it’s clear that Mr. Washington is connected to several entities with a combined outstanding balance that exceeds six million dollars. Lenders may find this report helpful for a variety of purposes, particularly when the customer inquires about obtaining additional credit. Instead of asking Mr. Washington to fill out more paperwork, lenders gain at-a-glance access to timely relationship data. Better yet, loan and account holder data is regularly updated through a core interface, ensuring staff can trust the data they see.
And, as with other standard reports in AccuAccount, permissioned staff can view related entity reports from any branch. Subscribing to reports sends fresh data to employees’ inboxes on a schedule that fits their needs.
Track Smarter with AccuAccount
Request information about related entity tracking in AccuAccount by submitting our contact form. We’re happy to schedule a live demo and answer your questions.
Not ready to part with spreadsheets? Download Alogent’s related entities tracker, a simple template for banks and credit unions.
Download: Related Entities Tracker
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