Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
Account-centric enterprise content management solutions allow users to access account holder information based on their account numbers.
ACH (Automated Clearing House) is an electronic payment network that enables banks, credit unions, businesses, and consumers to securely send and receive funds between accounts for transactions such as direct deposit, bill payments, recurring payments, and account transfers.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
Agentic AI refers to artificial intelligence systems that can autonomously plan, reason, make decisions, and take action to achieve specific goals with limited human intervention.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Day Forward Imaging in Banking

The expression “day forward” is used when discussing a process change that will occur now or in the future and continue indefinitely. For example, a bank or credit union might decide to begin digitizing new commercial loans effective November 1st. In this scenario, the financial institution’s “day-forward” imaging process will involve some type of digital archival system (rather than exclusively relying on paper documents).

Effectively Planning for Change

Simply stating that something must change “day forward” is no guarantee for success, especially when it comes to document imaging. Stakeholders must be properly equipped to perform their responsibilities before, during, and after the change has been implemented. The following steps may be helpful for enabling day-forward efficiency through enhanced imaging workflows.

  • Understand the current situation: Does your institution primarily rely on hard copy files that must be couriered between branches? Or, maybe you’re already imaging but your current solution creates operational bottlenecks. Spend time evaluating your situation and quantify the opportunity cost of maintaining the status quo.
  • Identify what needs to change (and why): Start with your institution’s “why” for change. Perhaps continued reliance on paper poses significant risk of information loss and lending delays. Imaging documents will at least help mitigate risk and increase access to information. If you’re already imaging but unsatisfied with your current vendor, begin evaluating competing solutions and capabilities.
  • Agree on a specific (and realistic) go-live date: After evaluating your needs and deciding that change is necessary, it’s important to select a specific “day-forward” date. Doing so makes it easier to plan a successful project and avoid unpleasant surprises.
  • Develop milestones: With your day-forward imaging date selected, begin working backwards and define key milestones. Milestones for switching from one imaging vendor to another may include: signing vendor contracts, migrating existing documents, enabling data feeds, creating procedures, and training staff.
  • Implement the plan: Forming a task force of IT and business users can make it easier to deal with unexpected challenges that threaten the project’s success. For example, migrating an entire database of document exceptions into a new system may not be feasible or necessary. In this case, the team may opt to temporarily utilize both systems until remaining exceptions are cleared.
  • Ensure buy-in: Despite adequate training and planning, some team members may be hesitant to adapt their practices day forward. Additional coaching and training may be required to increase adoption.

Read more banking definitions or request a demo of Alogent’s document imaging solutions for banks and credit unions.

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