Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
Account-centric enterprise content management solutions allow users to access account holder information based on their account numbers.
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.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
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.

ECM Workflows

ECM workflows consist of a series of automated or manual steps to support a specific process with the assistance of enterprise content management software. Using ECM software to electronically route and approve documents is a common example.

Solving Information Management Challenges with ECM Workflows

Banks and credit unions must manage a variety of documents to meet compliance, lending, and other recordkeeping requirements. For financial institutions with many branches and large loan portfolios, information management can be complex—especially when paper-based methodologies are utilized.

Many financial institutions have already implemented ECM (enterprise content management) software in hopes of streamlining information access and reducing manual processes. Some ECM systems go beyond basic document imaging by offering workflow capabilities. When used strategically, ECM workflows can unlock multiple benefits for a financial institution:

  • Process Standardization: Codifying processes into scalable ECM workflows lessens an institution’s reliance on policy handbooks and ad hoc solutions.
  • Efficiency Gains: ECM workflows help team members prioritize tasks, such as reviewing time-sensitive documents or following up with account holders. As a result, higher impact work gets done with less confusion. Reducing paper and courier expenses can also represent a tangible cost savings opportunity.
  • Enhanced Compliance: Failing to take action on compliance issues leads to unpleasant exams and, in some cases, hefty fines. When paired with timely alerts and intuitive reports, ECM workflows can surface urgent compliance matters to avoid delays and mitigate risk.
  • Account Holder Experiences: Customers and members expect smooth experiences across their banking journeys. Using ECM workflows to standardize processes, elevate efficiency, and bolster compliance ultimately means better experiences for account holders, too.

Example ECM Workflows in Banking

ECM workflows could be applied to any number of operational use cases, such as:

  • Electronically routing PDF invoices for timely review, approval, and vendor payout.
  • Requesting digital documents from account holders, such as updated financial statements or tax statements.
  • Routing Suspicious Activity Reports (SARs) for internal review by a supervisor.
  • Alerting managers of document deletion attempts, such as when an employee accidentally clicks the wrong button while reviewing sensitive records.

At Alogent, we develop ECM software with flexible workflow capabilities. Our FASTdocs solution offers prebuilt and customizable workflows to support everything from vendor invoice routing to credit report reviews and resume processing.

Contact us to request a demo of FASTdocs

 

 

Explore more resources

Modern ECM for Financial Compliance

Banks and credit unions today face increasing regulatory demands and operational risks, including GDPR, CCPA, HIPAA, GLBA, and PCI-DSS. This eBook shows how industry leaders are modernizing their approach with advanced enterprise content management solutions...
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