An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Barcode scanning is a method of using barcodes to identify what a document is and where it belongs in a file. When properly utilized, barcodes can streamline a bank or credit union’s document management workflow and reduce the likelihood of documents being inserted into the wrong file. This can enable the financial institution to scan and index more documents in less time and with improved quality assurance.

Barcode scanning is particularly helpful when dealing with large amounts of documents that would otherwise have to be broken apart into smaller groups prior to scanning and indexing. Commercial loan teams tend to be heavy users of barcodes given the document-intensive nature of commercial lending.

Barcode Technology & Use Cases

Typically, barcoded banking documents are located on the document itself or on a cover sheet.

Barcoded documents: Certain doc prep systems allow users to include barcodes directly on the documents. Depending on the system, embedded barcodes may include information about the document type, account holder’s tax id, account number, loan date, or other pertinent details.

Barcoded cover sheets: Some banking document management systems offer the ability to generate barcoded cover sheets for documents that are not already barcoded by the source system—or for use in combination with barcoded documents. For example, the barcode on a cover sheet might identify the individual account holder, while the embedded barcode indicates document type.

3 of 9 barcodes and QR codes are common types of barcodes used in banking.

Leveraging Barcode Scanning

To increase the impact of barcode scanning in banking, some banks and credit unions implement document scanning and imaging systems that work with both barcoded documents and cover sheets.

For example, AccuAccount can read barcodes from many loan origination systems to understand document type. Combining barcoded documents with barcoded cover sheets from AccuAccount allows users to ensure documents appear in the correct customer or member’s file and in the correct document tab. Learn more about the variety of scanning and imaging solutions for AccuAccount.

Document Management Resources

For additional information about document imaging and management, be sure to check out our extensive resource library. Download free spreadsheets, whitepapers, and eBooks.

You can also browse our banking definitions page to continue reading terminology.

Explore more resources

Exception Tracking Cost Calculator

Exception tracking has many moving parts—from notice generation to recordkeeping and reporting. How much does it cost your financial institution each year? Find out with Alogent’s free calculator.
Read More »

Related articles

Tuesday 19 September 2023

From Data to Results: The Role of Personalization in Your Digital Banking Platform

One powerful strategy to enhance the user experience and drive engagement on digital platforms is through built-in contextual marketing. In the world of digital banking…

Learn More »

Wednesday 6 September 2023

[Playbook] Efficiently Managing To-Dos with Task Exceptions

Your financial institution is growing—more branches, more team members, more loan and account holders, and more follow-up. To keep pace with this complexity, you need…

Learn More »

Monday 28 August 2023

Exception Tracking: Is Now the Right Time to Upgrade Your Workflow?

Documentation and follow-up tasks for financial institutions to manage is commonplace—especially for banks and credit unions involved in commercial lending. Proactively tracking missing and expired…

Learn More »

Thursday 17 August 2023

[Playbook] Tracking and Resolving Recurring Document Exceptions

Proactively dealing with missing and expiring documents is a key component of an effective exception management strategy. However, that’s easier said than done when your…

Learn More »

Wednesday 9 August 2023

Six Steps to Maximize Your Financial Institution’s Digital Transformation Journey within the Digital Banking Channel

In today's rapidly evolving digital banking market, digital transformation and the adoption of cutting-edge, scalable solutions has become a necessity for banks and credit unions…

Learn More »

Tuesday 1 August 2023

Check Volumes are Declining, But Check Fraud is Rising: What’s it Costing your Financial Institution?

No financial institution – large or small – is protected from transaction or check fraud. And, the difficult reality for institutions is that fraud can…

Learn More »

Wednesday 26 July 2023

Boost Productivity at your Financial Institution with Enhanced Cold Storage

Cold storage systems can support numerous use cases at banks and credit unions. The phrase “cold storage” can be used to describe technology that manages…

Learn More »

Tuesday 18 July 2023

[Playbook] Interfacing Your Imaging System with eSign, LOS, & Other Systems

Your financial institution relies on a variety of technology to ensure efficient commercial lending operations—everything from loan origination systems (LOS) to eSign products. Wouldn’t it…

Learn More »