Make Tax Season a Little Less Painful: Smarter Content Management for Banks and Credit Unions

Few industries are more document intensive than banking. Loan agreements, collateral records, credit reports, disclosures, notices, certificates of good standing, deeds of trust, land surveys, cold reports—the breadth and depth of documents is expansive. Although some documents are distributed and received steadily throughout the year, certain tax documents follow specific schedules that must be met.

Ensuring timely, accurate tax documentation can be stressful for employees at banks and credit unions. Here’s an example of how FASTdocs makes life easier during tax season.

Example: Form 1099-INT Management

One financial institution could have thousands of Form 1099-INT statements to generate and share by the deadline (January 31 in most cases, according to the IRS). Using tax software and or a third-party service provider may expedite record creation, printing, and mailing, but several document challenges still remain:

• Enabling customer or member access via digital banking
• Keeping pace with recordkeeping practices
• Retaining documents in accordance with retention policies
• Protecting sensitive information

FASTdocs, Alogent’s ECM software for banks and credit unions, solves many content-related challenges by simplifying access for account holders and staff.

Ingest Documents from Your Tax System: 

File Import Studio, our innovative feature that streamlines document ingestion, references document naming structures (or separate indexing files) to programmatically import records into FASTdocs. This means that Form 1099-INTs can appear in FASTdocs within moments of becoming available in your tax system.

Automate Document Classification: 

Importing records into an unstructured repository may reduce risk of information loss, but lack of structure causes confusion for employees. FASTdocs uses indexing data to automatically classify documents and associate them with account holders. AI-powered classification is also possible with FASTdocs. Applying predefined retention rules at the template level reduces the chance for oversights.

Share 1099s via Digital Banking: 

With FASTdocs WebShare, financial institutions can create a bi-directional document exchange with account holders via digital banking integrations. Assigning indexed 1099s to a WebShare folder in FASTdocs allows account holders to view, download, and print 1099-INT statements from virtually anywhere.

Avoid Unauthorized Access:

Tax statements contain sensitive information that must be carefully protected. With user groups in FASTdocs, banks and credit unions can ensure front-line staff have access to necessary customer or member information while restricting access to other users.

See how our ECM software can simplify your tax document management workflow.

Contact us to schedule a demo or learn more

Access ECM Best Practices in this eBook

Read: Protect your institution against check fraud during tax season

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