Notice Workflow
In banking, a notice workflow includes the steps necessary to prepare, distribute, and track notice letters and notice emails. Developing and implementing an efficient notice workflow is important for prompt resolution of exceptions, such as missing documents.
Notice Workflow Steps
Notice workflows vary depending on the bank or credit union. That said, many notice-related activities fall into the following categories.
- Identifying Which Notices to Send: Exception reports provide vital information for determining which notices to send to whom. Financial institutions that track exceptions in multiple systems or spreadsheets often struggle to consolidate data and develop scalable notice workflows.
- Preparing Notices: After obtaining an accurate recipient list, someone at the financial institution must prepare the notices. Notice templates are commonly utilized in tandem with software that merges account holder and exception data. Notice letters are printed, organized, and stuffed into envelopes with the necessary amount of postage.
- Distributing Notices: Hardcopy notice letters are typically distributed via the U.S. Postal Service. However, in some cases, having front-office staff present letters to account holders may be more effective at encouraging action. Email notices are sent electronically through the financial institution’s email server.
- Tracking Notices: Financial institutions have multiple reasons to track notice distribution. Analyzing notice activity by customer or member helps inform future follow-ups with account holders. Demonstrating adequate due diligence efforts is also important for audits and exams.
- Sending Subsequent Notices: Some customers or members may require multiple follow-up attempts to resolve exceptions. Utilizing staged notices makes it easier to engage in an appropriate way.
Refining Your Notice Workflow
Implementing an ECM (enterprise content management) system that’s built for financial institutions can support healthier notice workflows. For example, AccuAccount from Alogent offers exception tracking and notice capabilities in one system. Financial institutions can use AccuAccount to generate and manage notices while ensuring person-centric experiences.
Learn more about AccuAccount or visit Alogent’s Innovation Hub for free resources.
