In banking, the term “early capture” describes situations in which documents are gathered into a standardized format sooner than typically required.
An “ECM API” is a type of API used to streamline the exchange of information to and from an enterprise content management system.
ECM modernization is the process by which an organization systematically improves its processes, systems, and technology for managing enterprise content. ECM modernization is especially relevant for banks and credit unions due to the large amount of documentation and information that must be collected, retained, and purged.
ECM workflows consist of a series of automated or manual steps to support a specific process with the assistance of enterprise content management software.
An electronic lockbox is a fully automated service that allows businesses to receive and process payments electronically.
Enterprise Content Management (ECM) in banking refers to the strategies, technologies, and tools used by financial institutions to capture, manage, store, preserve, and deliver content and documents throughout their lifecycle.
Entity documents are used by banks for several purposes, such as verifying that a business or organization exists; ensuring that necessary documents have been properly filed by the entity; determining which individuals have the authority to establish an account or apply for a commercial loan on behalf of the entity.
eSign in banking involves the use of technology to collect and embed a customer’s digital signature into documents, such as forms that are needed to establish a deposit account or consummate a loan.
When it comes to ECM (enterprise content management) technology, an event-driven workflow automates downstream processes based on the occurrence of certain actions.
An exception in banking refers to any item that requires attention because it does not meet certain predefined requirements.
Financial institutions use exception categories to classify their exception data into easily understandable groups.
Exception comments provide additional context for understanding the circumstances and activity that pertain to a bank’s exceptions. Exception comments can be collected in a variety of ways ranging from handwritten notes to spreadsheets and software.