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.
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.
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.

Image Quality Control

Imaging quality control is the process of verifying that documents have been digitized, stored, and organized in a way that aligns with an organization’s standards.

Imaging quality control is particularly important for banks and credit unions that utilize document management software, such as AccuAccount. At a minimum, effective imaging quality control processes should seek to ensure the:

Veracity of the document: Documents should be fully executed and free from missing signatures and errant information.

Proper placement of the document: Documents should be stored in a logical hierarchy and linked to the proper customer/member and/or account.

Appropriate tracking of the document: Expiring documents (such as UCC financing statements, customer financials, and insurance policies) require additional attention during the QC process to avoid missing future exceptions.

Who Performs Imaging Quality Control at a Bank or Credit Union?

Depending on the financial institution’s imaging strategy, quality control may be performed by a variety of individuals.

Dedicated QC manager: Larger banks or credit unions with an advanced imaging workflow may assign a dedicated QC manager, who is primarily responsible for checking electronic images in the system.

Scanners checking other scanners: Another common approach to QC involves having one scanner check another scanner’s work.

Front-line staff checking scanners: Some banks and credit unions have lenders and loan assistants support the QC process by checking scanned and indexed documents.

It’s best to avoid having one person checking his or her own work. Relying on multiple sets of eyes reduces the chances for quality issues slipping through the cracks.

Why Imaging Quality Control is Important in Banking

Imaging quality control is increasingly important in the banking industry, especially as reliance on electronic documentation continues to expand. Once a hard copy document is destroyed, the electronic version becomes the document of record. Checking documents for potential issues at the time of imaging helps banks avoid operational and compliance issues by ensuring staff, auditors, and examiners can find what they’re looking for.

It’s therefore important to implement technology that simplifies imaging quality control for a variety of document types and use cases, including batch scanned documents, email attachments, and documents generated by the financial institution’s loan origination system.

Access Additional Imaging Resources

Continue reading additional banking definitions or browse our resource library, which contains numerous videos, downloadable PDFs and spreadsheets to help you simplify your bank's or credit union's imaging processes.

Explore more resources

Remote Deposit Capture (RDC) eBook

Remote deposit capture (RDC) ranks as a significant feature of modern banking. In fact, a San Global Research industry report projects the RDC market to grow at a compounded rate of 5.8% through 2032. As the banking industry continues its digital...
Read More »

AccuAccount: Solution Overview Brochure

Track and manage every loan document in one system and streamline loan management from application through servicing with our core-integrated software platform. From loan application automation, to drag-and-drop document imaging, to document tracking, and five...
Read More »

Related articles

Tuesday 21 May 2024

Is Inefficient Loan File Management Costing You $100K+ Per Year?

Change often comes with a cost. For financial institutions looking to improve their existing loan file management workflows, this cost may involve acquiring software, implementing…

Read the Blog

Monday 13 May 2024

Unraveling the Complexity: How ECM/EIM Solutions Tackle Information Chaos

In today's digital age, data is often hailed as the new currency. However, this surge in data production has given rise to a new challenge…

Read the Blog

Thursday 9 May 2024

Beyond the Screen: The Value of In-Branch Banking for Young Consumers

Is in-branch banking regaining popularity? Bank and credit union leaders should not count the branch out just yet. In fact, some of the largest institutions…

Read the Blog

Tuesday 30 April 2024

Loan Management & Exception Tracking: Quickly Summarize Exceptions by Officer, Branch, or Category

Banks and credit unions need accurate, reliable, and easy-to-understand exception reports. However, pulling exception data together can involve considerable administrative work for back-office staff. Financial…

Read the Blog

Wednesday 17 April 2024

Why Should Credit Analysts Use AccuAccount?

Credit analysts need reliable access to credit documentation in order to do their jobs well, including account holder financial health data. Although it is frequently…

Read the Blog

Tuesday 9 April 2024

Advocating for Streamlined Document Management at Your Financial Institution

Implementing a system like AccuAccount can enable numerous efficiencies for commercial lending teams. Expedited access to loan documents, reduced paper, enhanced exception management and reporting…

Read the Blog

Monday 1 April 2024

[Playbook] Loan Management: Efficiently Manage Notices

Although notices serve as an essential form of communication with account holders, managing notices can involve considerable administrative work for loan assistants, insurance clerks, and…

Read the Blog

Tuesday 26 March 2024

Check Fraud: Common Examples and How to Stay Ahead of the Fraudsters

Check fraud is the most prevalent type of fraud at financial institutions, costing billions of dollars in losses annually, while impacting millions of account holders…

Read the Blog