3 Use Cases for Staged Notices in AccuAccount
Financial institutions rely on notices to share important information with account holders and efficiently work through exceptions. AccuAccount, Alogent’s ECM that’s optimized for commercial lending, offers the ability to send “staged notices.” Staged notices make it easier to send the right message at the right time, supporting person-centric experiences, increasing productivity, and bolstering compliance.
In this article, we’ll share three practical use cases for staged notices.
1. Tax Returns
Most taxpayers in the United States are required to file their taxes by April 15th. Banks and credit unions annually request tax returns from commercial borrowers, which can lead to an increase in document exceptions. Since calling each borrower to request updated documentation may not be feasible, many institutions rely on notice letters. But, without the right system, preparing hundreds of notice letters can still consume a large amount of time and effort.
How AccuAccount Helps: Financial institutions can use AccuAccount to build multi-stage notice sets for efficient follow-up on delinquent tax returns. AccuAccount offers built-in tracking capabilities, reducing or eliminating the need to manually merge borrower and exception data. Sending an initial letter after April 15th will likely cause some borrowers to submit the required documentation. Once scanned or uploaded into AccuAccount, exceptions for these borrowers clear automatically—ensuring future notices only go to entities with outstanding exceptions. Sending a second and third notice with increasingly direct messaging reminds borrowers to take action, thereby reducing the number of tax return exceptions on the aging report.
2. Insurance Documentation
Unlike tax returns, insurance policies usually expire based on the customer or member’s renewal date. For a bank with many customers, that could mean accurately tracking (and following up on) hundreds or thousands of expiring insurance policies.
How AccuAccount Helps: Associating an expiration date with each insurance document simplifies tracking. In addition, adding a multi-stage notice letter set streamlines the collection of updated insurance information. For example, an institution might distribute a friendly reminder thirty days prior to expiration, followed by a more direct notice fifteen days later. If the account holder fails to take action before expiration, a third notice could go out prior to calling the customer or member.
3. Expiring Commercial Loan Applications
Just because a business owner applies for a loan does not mean he or she will move forward. Some people prefer to shop around at multiple financial institutions and may ultimately choose a different lender. Others might take no action due to cashflow concerns or evolving strategic priorities. And, there’s always a chance that a customer or member will simply forget that they applied.
How AccuAccount Helps: Sending a notice letter could gently remind the potential borrower of the application’s upcoming expiration. If no action is taken, sending a second notice after expiration could communicate the application’s withdrawal. Whether the business owner decides to move forward or not, such notices demonstrate the institution’s focus on transparent communication and being helpful.
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