A digital wallet, also known as an e-wallet or mobile wallet, is a virtual platform that allows users to store and manage their payment information securely for various types of transactions.
A disclosure is a document that makes information known. In the banking industry, it’s a statement provided by a financial institution—to either a consumer or commercial customer—that outlines all pertinent information.
Document preparation (also known as “doc prep”) is a key step in the lending process and involves generating documents for closing.
Document audit logging involves the systematic tracking of historical information through each document’s lifecycle.
In document management, the term “backlog” refers to a large number of documents that are awaiting further action by an organization.
Document capture refers to the process of gathering documents into a standardized format, such as in an electronic content management system. Some financial institutions use the phrase “document capture” interchangeably with document imaging, but document capture relates specifically to the document collection phase of the imaging process.
Document-centric ECM solutions store content and make it accessible specific to the document category.
In banking, document classification typically refers to the process of organizing information into logical categories. Classifying by document type (i.e., loan agreements, insurance documents, vendor invoices, etc.) is especially beneficial for financial institutions.
Document collection is the process that organizations go through to obtain information from other parties. Banks and credit unions collect many documents from a variety of stakeholders—and for a variety of reasons. Implementing sound document collection practices is a key step for ensuring accurate recordkeeping, enabling efficient operations, and avoiding risk.
Document collection software is used by financial institutions to electronically collect documents from customers.
Financial institutions must efficiently collect, organize, retain, and discard a large volume and variety of documents.
Document imaging software organizes, stores, and retrieves documents. The data managed by a document imaging system could reside on an in-house or cloud-based server.