Document imaging software organizes, stores, and retrieves documents. The data managed by a document imaging system could reside on an in-house or cloud-based server. Document imaging software is widely used by a variety of industries, such as legal, healthcare, education, and, of course, banking.
Document Imaging in Banking
Three common document imaging use cases exist in banking: cold storage, customer, member and account document management, and operational document management.
Cold Storage
Core banking systems typically offer built-in “cold storage” solutions. Banks and credit unions use cold storage applications to store the following types of information:
- Loan trial balances
- Daily balancing reports
- Non-post reports
- Daily report of accounts opened
- Daily report of accounts closed
- Non-accrual loan reports
- Past-due loan reports
Customer, Member & Account Documents
Financial institutions also use document imaging software, such as AccuAccount, to manage customer, member, and account documents. Account holder financial documents, tax returns, loan agreements, and trust documents are just a few of the types of documents that banks and credit unions store and manage in imaging systems.
Operational Documents
In addition, a system like AccuDoc can be used as a digital document archive for accounts receivables, accounts payables, policies, procedures, and compliance teams.
Banking Resources
For more information about document imaging software in financial institutions, be sure to check out our extensive resource library with free spreadsheets, whitepapers, videos and eBooks.
Browse our banking definitions page for more terminology.
