Document Imaging: Don’t Get Stuck “Behind the Curve”
At Alogent, we’re proud to be considered one of the leading providers of document imaging software for banks and credit unions. Our technology has helped many financial institutions transform their information management practices, and we’re excited to help even more in the future.
Over the years, we’ve worked with a wide spectrum of institutions in a variety of situations—from those using paper loan files to those with advanced LOS integrations. Based on such experiences, we’ve developed the following document imaging maturity curve.
How does your financial institution stack up? Download our self-assessment spreadsheet!
Warning Signs that You Might Be Behind the Curve
Despite recent technological advancements, a sizable percentage of banks and credit unions still rely on legacy information management processes. Some are generally content with their existing workflows. Others hope to improve, but the effort to do so seems daunting.
Our team at Alogent believes that virtually all banks and credit unions can benefit by “moving up” the imaging curve—especially those that are behind. Here are a few warning signs that you might be behind the curve.
Paper-intensive workflows: One commercial loan file could contain hundreds of pages of documentation. Multiply this reality across hundreds or thousands of commercial loans, and the amount of paper can really add up—even for small to midsized institutions. Oftentimes, that means heavy reliance on courier services and offsite storage facilities, which represent a tangible cost. Furthermore, these workflows are not usually well equipped to handle digital records, such as information submitted via email. As a result, bankers end up printing documents to perfect their loan files.
Time-consuming audit and exam prep: Tracking down files for an audit is relatively easy when you have a single branch location. That’s not the case when you have multiple branches, dozens of lenders, and a growing portfolio. Hard-copy records can only be in one place at one time, posing logistical challenges when files are needed simultaneously by examiners and lenders.
Manual exception management (with unreliable reporting): Knowing what’s missing presupposes that you know what should be on hand. Unfortunately, not every loan and account have the same requirements. The contents of a commercial real estate loan file, for example, is bound to look considerably different than a small ag loan. Checklists are helpful, but they can also become outdated as time advances. Even when checklists are right, there’s no guarantee that data keyed into a tickler spreadsheet will be accurate. This leads to exception reporting errors and more risk for the financial institution.
Feeling a Little Behind the Curve?
Download a copy of Alogent’s self-assessment for an objective analysis of your imaging maturity.
Interested in learning about Alogent’s software? Contact us for a personalized demo of our ECM solutions for banks and credit unions.
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