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.
ACH (Automated Clearing House) is an electronic payment network that enables banks, credit unions, businesses, and consumers to securely send and receive funds between accounts for transactions such as direct deposit, bill payments, recurring payments, and account transfers.
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.
Agentic AI refers to artificial intelligence systems that can autonomously plan, reason, make decisions, and take action to achieve specific goals with limited human intervention.
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.

What are Task Exceptions?

A task exception occurs when a predefined action (the “task”) fails to be completed as expected. As with other types of exceptions, financial institutions should implement processes and systems for efficiently monitoring, reporting on, and resolving task exceptions.

Task Exceptions at Financial Institutions

One financial institution could potentially have hundreds of tasks that must be completed on a daily basis. That’s especially true for banks and credit unions that maintain large geographic footprints with many branches, departments, employees, and products. Tasks commonly completed by staff at financial institutions include:

Contacting customers or members to request updated financial statements, tax returns, and other documentation.

Inspecting inventory levels at a manufacturing facility or as part of a dealer floor plan.

Following up to obtain signatures from a spouse or other authorized signers after the creation of a new account.

Generating and distributing notice letters as part of ongoing exception management processes.

Visiting construction sites to inspect progress on commercial real estate loans or residential mortgages.

Performing annual reviews on commercial loan files.

Forgetting to take action or falling behind schedule with these and other tasks can lead to exceptions. Regularly reviewing and resolving task exceptions helps financial institutions avoid operational oversights and reduce unnecessary friction with account holders.

Tracking Task Exceptions

Sticky notes may work for personal to-do lists, but most banks and credit unions need a more structured, scalable approach for managing task exceptions. At Alogent, we’ve seen financial institutions rely on a variety of solutions.

  • Spreadsheets: Tasks, notes, and due dates are manually keyed into the spreadsheet. Rows are hidden, deleted, or struck through as tasks are completed.
     
  • Email inboxes and “flags”: Users leverage their inboxes as virtual to-do lists. Applying flags or labels helps with organization.
     
  • Calendars: Recurring and one-time tasks are added as events on shared or individual calendars.
     
  • CRMs: Some CRM (customer relationship management) systems offer task management and reporting functionality.
     
  • General-purpose project management systems: Off-the-shelf software that is designed specifically for managing to-do lists and projects.
     
  • Banking software with built-in exception tracking: Systems like AccuAccount offer the convenience of task management and reporting along with other exception capabilities, such as missing and expiring document management.

Exception Management Resources

Visit Alogent’s Innovation Hub for links to additional exception management resources, including blogs, eBooks, and videos. 

Interested in learning about AccuAccount? Contact us to schedule a software demo and explore our exception management features.
 

Explore more resources

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