Loan Document Scanning Considerations

Over the last decade, we have seen an increasing number of financial institutions make the change to electronic content management (document imaging). As technology advances, these systems are becoming more dynamic and more cost-effective. Developing an efficient and effective scanning procedure is an important step in implementing your document management workflow.

In this article, we’ll address some common scanning questions we get from financial institutions.

Why scan?

As the old adage goes, “to err is human”. However, when it comes to losing or misfiling loan documents, a single slip up can create significant frustration for you and your customers. Not only does a lost document represent wasted time, but it also decreases productivity and efficiency by having to pay your employees to riffle through stacks of papers.

Scanning documents into an electronic repository helps reduce oversights and data loss. Simply stated, your information is securely located on a server instead of being locked away in a filing cabinet. This creates improved accessibility for your team, thus streamlining your pipeline and improving customer satisfaction.

How do I approach the switch to document imaging?

Before ever scanning your first document, the first step in this process is to conduct a needs assessment. This includes defining outcomes as well as becoming aware of any hardware or software issues that need to be resolved.

A needs assessment can be an in-depth process and vary significantly based on your current workflow. We’d be glad to help advise you on where to get started with this process.

What should I look for in a scanning solution?

Convenience and data sharing are key, so a system should be accessible with a secure login from any computer linked to the bank’s server. Depending on if your institution is centralized or decentralized, this will determine what types of scanners and scanning equipment may be required. This may include single scanners, multifunction devices, and electronic documents (emails, et cetera).

Data integration is also crucial, so your solution should be able to “talk” to your core and other programs. With this integration, barcodes can then be used to simplify the scan process and index images to the correct accounts with no data entry errors. Additional features to consider are workflow, loan approval, exception tracking, and electronic signature capture.

If you’re looking for ways to make loan workflow more efficient and automated, document imaging is something worthwhile to consider. You’ll be pleasantly surprised with the return on this investment.

Continue reading by downloading our free whitepaper about scanning ROI

Be the first to know! Click below to follow us on LinkedIn for news and content updates!