Case Study: How First Federal Savings Bank Implemented a Successful Imaging Strategy with AccuAccount
First Federal Savings Bank is a $417 million financial institution based in Huntington, Indiana. The bank maintains six branches in northeastern Indiana and provides individuals and businesses with a variety of financial services and products.
Seeking to streamline the management of its large commercial loan portfolio, First Federal Savings Bank had previously considered digitizing its documentation. However, the project never really took off—until the bank discovered AccuAccount.
In this case study, you’ll learn why discovering AccuAccount enabled First Federal Savings Bank to realize a scalable imaging strategy.
“AccuAccount has just made life so much easier across the board.”
Cindy Krumanaker, Chief Operating Officer at First Federal Savings Bank
Accelerating Lending, Audits, and New Accounts with Less Paper
Maintaining all of the bank’s commercial loan files in paper format was inefficient for lenders and created significant administrative work during audits. “Internal auditors come in three times per year and examiners come in about every 18 months, which is a lot of file pulling,” said Cindy Krumanaker, COO at First Federal Savings Bank.
Since joining the bank in 1987, Krumanaker had participated in numerous discussions and projects aimed at “going paperless,” but such initiatives never gained traction. The bank’s new accounts team, for example, tried scanning in customer signature cards but never found a system that adequately met its needs.
Aligning Customer-Centric Documentation into One Document Management System
Implementing AccuAccount provided a flexible, centralized solution for managing First Federal Savings Bank’s customer, loan, and account documentation. “AccuAccount provides one repository for customer-centric information, which makes us more efficient,” Krumanaker said.
First Federal Savings Bank’s commercial lenders were the first group to realize this newfound efficiency. Scanning and indexing commercial loan documentation with AccuAccount made it possible to reduce the size of hard copy loan file folders, putting lenders in a much better spot to focus on customer engagement. “On the commercial side, they jumped right in and embraced AccuAccount,” Krumanaker said.
Alogent's audit export feature in AccuAccount streamlined preparation and elevated the bank’s relationship with auditors and examiners. “Auditors and examiners love AccuAccount. It’s so user-friendly that we don’t have to train them on how to use it,” Krumanaker said.
First Federal Savings Bank’s new accounts team is actively migrating its backlog of signature cards to AccuAccount, which will simplify deposit operations and eliminate the need for multiple repositories.
Leveraging AccuDoc for Internal Documentation
Krumanaker is also a big advocate for AccuDoc, Alogent's document management solution for managing internal and back-office documentation. With AccuDoc, Krumanaker has built numerous modules that she uses to organize everything from correspondence to cash letters and vendor management documentation.
“I just absolutely love AccuDoc,” Krumanaker said.
Moving forward, AccuAccount and AccuDoc will continue to play an important role at First Federal Savings Bank—especially in an increasingly digital banking environment. “It’s been invaluable to us. It’s an awesome product,” Krumanaker said.
Looking to reduce paper and increase efficiency at your bank? Watch an on-demand demo of AccuAccount.