The term “document life cycle” refers to a collection of phases that a document goes through during its useful life at the financial institution.
Document management in banking includes all the systems and processes that are necessary to collect, organize, and track any information that relates to customers, accounts, and operations.
A document management system enables an organization to digitally track, store, and retrieve information. It can also be used to generate reports and to comply with document retention requirements.
Financial institutions must comply with a number of document retention rules, which govern how certain types of information are kept, managed, and discarded.
Document scanning software is the interface that allows a computer user to communicate information to a scanner, which then converts a paper document into an electronic image.
Document tracking is a process that helps financial institutions prevent, identify, and resolve issues related to existing, missing, expiring, trailing, and other documents.
Dormant accounts (usually checking or savings accounts) are those that have had no activity for a lengthy period.
Dual control involves putting into place checks and balances that prevent employees from committing theft, fraud, or other actions that would negatively impact an organization.
Duplicate Check Fraud occurs when a fraudster intentionally deposits the same check multiple times, either by submitting it to different financial institutions or using various methods to process the same check more than once.