Financial institutions involved in trust administration must efficiently collect, organize, and store a variety of trust-related documents.
Trust exceptions occur when a trust agreement, beneficiary information, asset listing, correspondence, or other trust-related documentation is missing from the file.
Trust imaging is the process of using software and a scanner to digitize and organize the variety of documents that are associated with a trust.
A UBPR, or Uniform Bank Performance Report, consolidates data submitted by banks to the Federal Financial Institutions Examination Council (FFIEC) and aggregates it to demonstrate quarterly trends.
A UCC (Uniform Commercial Code) filing records the fact that an asset is being used as collateral to secure a loan. The UCC filing is filed by a lender to document a lien on the property or equipment.
User experience (UX) refers to a person’s overall experience with a software solution. Factors such as speed, convenience, visual elements, and navigation contribute to or detract from the user experience. For financial institutions, UX is especially important when evaluating digital banking solutions that are used by customers or members.
“User Interface” (UI) refers to the software’s visual appearance and functionality. UI plays an integral role in a user’s perception of the software and is therefore a key component of UX design.
A Verification of Deposit form is a document that is part of a personal mortgage loan application package and is used as a risk-mitigation measure.
In banking, a virtual audit occurs when an auditor performs some or all of the audit from a remote location—instead of coming on-site to the financial institution.
In banking, the VP of Digital (or a similar job title) is becoming a more common role as banks and credit unions focus more on their digital strategy. VP of Digital is a relatively new role in the banking world, though an important one as the digital banking channel is a direct extension of the physical branch.
In banking, exceptions occur when circumstances fail to meet predetermined requirements.
A wholesale lockbox is tailored for businesses with high volumes of B2B (business-to-business) transactions, particularly those involving payments from other companies.