Banking Workflow
A banking workflow consists of a series of manual or automated steps that must be completed for a financial institution to accomplish a goal. Banks and credit unions rely on a variety of workflows that support operational efficiency, information management, account holder satisfaction, and compliance.
Banking Workflow Examples
Specific processes vary among financial institutions, but common banking workflows include:
- Compliance workflows help financial institutions align their operational activities with applicable regulatory requirements. Loan reviews, compliance recordkeeping, and document retention workflows are examples.
- ECM workflows, such as automated PDF routing and electronic document collection, make it easier for financial institutions to manage information across multiple branches, departments, and team members.
- Imaging workflows revolve around the organization of documents in electronic repositories. Scanning paper is a big part of imaging, but managing document lifecycles and controlling access to imaged documents are also important.
- Document routing workflows facilitate the movement of information between two or more parties. Resume routing, invoice processing and approval, and loan file routing are common in the banking industry.
- Exception tracking workflows help ensure that financial institutions possess the right information at the right time. Setting clear expectations, identifying gaps, generating and distributing reports, following up with borrowers, and maintaining accurate records are basic steps for effective exception management.
- Notice workflows include the steps necessary to create, distribute, and track notices. Implementing scalable notice workflows encourages healthy communication with account holders without overwhelming staff.
- Loan approval workflows vary depending on the type of lending activity, but some processes (like underwriting) are common to most lending use cases.
Specific vs. Implied Workflows in Banking
Some banking workflows are specific to a single situation, such when an accounts payable team implements dedicated workflows for invoice routing. Other workflows are somewhat implied and have broader applications, such as automated retention in FASTdocs and QC features in AccuAccount. Balancing one-off and general-purpose workflows puts financial institutions in a position to automate time-consuming tasks, thereby freeing up staff to focus on higher value work.
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