The Banking Buzz: Accelerate Loan Approvals with AccuApproval: Streamline Every Step

Good afternoon, and thank you for joining our bank your banking buzz presentation to accelerate loan approvals with AccuApproval. This is within AccuAccount to streamline every step of your application process. I'm Jamie Biggs. I'm a sales manager for AccuAccount, and I've been working with AccuAccount for about fifteen years. If you have any questions during today's webinar, feel free to type those into the Questions section of the GoToWebinar panel, and I'll answer those at the end of our webinar today. For today's webinar, we'll mainly be focusing on AccuApproval, our loan approval workflows. But to give you a high level overview of what AccuAccount is, it is a core integrated system for the life of the loan and stores and tracks documents, task exceptions, and policy exceptions. It is a web based program. It allows you to have unlimited users working in the system to view and manage documents and exceptions, as well as pull on demand reports, or you can schedule those reports with exceptions to be sent out on a regular basis. So there are several ways that images and exception information can be brought into AccuAccount. The first part of this is our loan approval workflow, which we're going to be focusing on today. We do integrate with over thirty core products to bring in your customer and account data nightly. So we get a data file from your core. It gets mapped in so that we can then stay in sync with your core system once that process is run so that everything stays up to date, so balances, statuses, new accounts, and so on. We do have several esign and LOS interfaces that we can set up with Accu account that allows you to import data and or documents into your Accu account system. So, for example, if you work with an esign product, once those documents are e signed, we will automatically import those documents to the correct document tabs on your customer pages, so that you never have to touch those documents there right there as soon as that customer books and, our nightly process runs. Of course, our imaging is a big piece of our software. So images can be added into the system in several different ways, including upload and scanning. We have drag and drop options, batch scanning options, and so on. Exception handling is tracked very easily with what we call integrated exception management. And what that means is we look at the document image information in order to decide what is going to track. So if you have something that has not been imaged, we automatically track a missing exception on your reports. Once that image gets added to the system, we automatically clear the exception. With expiring documents, we look at the expiration date that gets entered. So as soon as that date rolls around, we would start tracking an exception. You can even have a lead time, so it starts tracking x number of days before the expiration date of that document. So you never have to go in and manually enter information for your exceptions. It's all going to automatically track based on your document information. And then finally, I have listed here are the reports. There are many, many different report options through the system. We have exception reports, expiring document reports, data reports, and so on. You can set these up to be emailed out on a regular basis on a schedule. So if your lenders wanna get an exception report every Monday morning, maybe your branch manager gets it monthly, or people can go in and just pull an on demand report if they'd like. You can even create your own custom reports with our dynamic reporting module within the system. So there are several features that are available that we're not gonna get into today, but I want you to know that they're available. We can email documents out of the system. We have a participations module, which is a way to do document sharing. So you really can use this with any third party if you're wanting to push documents downstream. So we can send it out in email format. It can be uploaded to an FTP site. Or if the other financial institution has AccuAccount, it can be pushed right into their customer pages in their AccuAccount website. We have an audit module, which allows you to export the data that you want to give to your auditors or examiners so you don't ever have to give them access into your Accuacilt system. We have document approval workflows for documents that get added into the system for additional QC options. But we do have a built in QC process for all of the document information that gets added into the system. So you have full control over QCing and viewing history on your documents. A few other things that aren't listed here that I just wanna bring up is we do have the ability to bring in flex filled information. We handle related entities and cross collaterals, and we also have the ability to set up document retention rules and run a purge process. So once your your, loans are closed out or something gets paid off, you can set rules and say after x amount of years, you want to purge that data out of the system. So let's go ahead and start talking about AccuApproval. AccuApproval allows you to customize your loan application workflow process. So it really simplifies and speeds up your approval process. So we can get that application turned in. You can collect your credit documents, and then it allows you to route that application around to various departments or individuals to collect the information that you need and get several steps of approval as needed on each of those applications. So this is set up completely by your financial institution. You can go in and build as many workflows as you would like, and each loan type can have its own custom workflow. And you can have this as simplified as you'd like or as, robust as you would like and have it be routed to multiple departments and individuals. So a lot of times, we do see that there are many different options that an application can take along this process. So some of the features with Accuapproval that we offer, we do track the applications with pipeline reports. We have standard reports that you can pull that are prebuilt in the system. Or with dynamic reporting, you can go in and create your own pipeline reports. With these options, you then have emailing options. You can pull them on demand. You can also have these pipeline reports show up on your dashboard. So there's several dashboard widgets to track applications along with your pipeline reports that you would be able to see things that are outstanding, tasks that are being tracked for your applications, which applications are in credit analysis or pending approvals, and we'll look at that in just a few minutes. It also allows you to save denied applications for future reference. So if you have a customer comes in, you you deny that application, it's still going to be in Accu account with their credit documents saved. You can purchase out of the system on a regular basis if you would like using our purge functionality. However, if a couple years from now that customer comes back in and does another application, you would still have their credit documents imaged within Accu account. You can, of course, update the ones that you need to, but you don't have to completely start over. You can also build an audit with just application information. So we do see sometimes building audits with your denied applications or or items that are get with withdrawn from your, excuse me, from your pipeline. But you can also do, audits with outstanding applications that are going through that approval process or whatever your auditors are wanting to see. So here's an example of a workflow. This is pretty standard. Of course, this is all can all be customized, but your loan application is received. So you have a customer fill out that application. It gets put into Accu account, and then you can take an action on that application to send it to credit analysis. After that, it might be sent to your underwriter. And then for approval, loan closing, loan booking, and servicing. So that's just an example of some of the workflow steps that you could create to send that application on its way. Now, of course, there are it's gonna be various options that might get sent back to your lender. It might get sent for, documentation, but you can choose all of those options when you set up your workflows. Now I mentioned taking an action on an application. So once that application gets put into AccuAccount, you're gonna have these workflows, which we also call actions, that you take this action on an application to send it to the next step. So these are some of the things that can happen when an action gets taken. It can create a history of the action taken. And, actually, every time you touch this application, we will record a history that cannot be deleted from this application. It times various aspects of the application process. So you can define when you want timers to be start and stopped. For example, if you submit this application for credit analysis, you can have a timer be started that is called time and credit analysis. And it can it can count business days or calendar days. That's up to you. And then once it is done with credit analysis and it is approved or you move it to the next step, it would then automatically stop that timer. So it will record how long that application was in that step. It also routes it to the appropriate person or department. So along with that, then you are deciding, does this does this application need to go to credit analysis, to, an individual, to a lender, to loan committee? But you can have that be sent to an individual or a group. This will track the lender, the analyst, and the approver. You also have the ability to set a loan delegate on an obligation. So if you want somebody to be able to take actions on behalf of your lender, that can be set up in there as well. These actions will also update the status, so you'll define what statuses get update when you take that action. So it can be the overall application status, the credit analysis status, or the approval status on your application. Again, captures all this information on pipeline reports. It will send out email notifications. So when you take that action and it gets assigned to an individual or a group, everyone will get an email notification that has been assigned to that application. There's a hyperlink in that email they can click on, and it'll take them right into that application so that they can do their work on that app on that application. And then my final point here is that it enables task exceptions. So you can define a group of tasks that need to happen when an action gets taken. So if you route it to an individual or you send it to another department, you can have it automatically populate all the tasks that that individual or that group needs to complete before their, portion of this approval process can be completed and that applicant application can be routed along. So here are some of the items that are tracked with the application history as you are taking actions on your application. You can see who has worked on that application. So it will record the user that has gone in and taken an action or added comments, whatever it is, to the application. We can see what step the application sorry, what steps the application has gone through. So it's going to record every step, everything that has happened on that application. You can record pre and post closing conditions, so there are separate fields to enter that information. You can enter special instructions. You can put this into a comment field that gets saved with the history. And then you can use this for credit decisioning because you can see every step that this, application has gone through. Just wanted to give you a quick view of what the pipeline reports look like. We are gonna take a peek at them in the demo as well. But you can go in and create your pipeline reports to display any columns that you would like in any order, sort them, group them, search within them, whatever you wanted to do to narrow down the information that you are wanting to see on your pipeline reports. You can pull these on demand. They can be emailed out of the system, or you can have these display on your dashboards within Accu account. I'm gonna go ahead and jump into our demo really quickly of Accu approval. I'm gonna log in as a credit analyst into my Accu account system, and this takes me to my dashboard page. If you're not familiar with using Accu account, you are able to customize your dashboards for whatever you are wanting to see. This is done by user. So me as a credit analyst, I can see my loan applications, my pending credit analysis. I can see tasks that need to be completed for each of these customers. And then I have my loan application by lender just to give you an example of a few of these dashboards. So every user has this set up for what they wanna see. You can also have unlimited dashboards that you build. I'm gonna go ahead and jump out to a customer that I'm working with. You can either search here by name, customer number, tax ID, or account number, which in this case would be the application number. We do have a general search screen that allows you to search by any field within the system as well. This is just our quick search. We're going to be looking at this Global Corporation's application in here. It is in, credit analysis right now, so it's going to show up within this widget. It's really handy because you can just click on that hyperlink with the application number, and it'll take you right to that customer's page so that you can view this application information. So really high level overview of the layout here. We have the customer's information up top that's updating from your course system. We're gonna have all the credit or customer specific documents on the left side of the customer page, and then all of the loans, accounts, applications, and so on are listed over on the right. So right now, we're looking at application ending in three nine six. We can put see that Global Corporation is the primary. We have a loan description, address, and all of this information gets captured when that application gets added into the system. It's a very easy process to add an application. So if your your customer or your member comes in and adds this application, Somebody can go in, click, loan application. They would choose the loan type that's being applied for, the status of it, hit update, and then it goes to a screen where they can input, optionally, all of this information that you are seeing displayed here. This loan type here, commercial revolving line of credit, is going to drive what documents are going to be required down below for this loan. So during the implementation process, you will define for each of your loan types, your customer or member types, your collateral types, and so on, what those document structures need to look like and which documents will always be required, which documents are only sometimes needed, so that you have everything available to image your documents into. We can see some balance information, codes that get collected in here, and then there's a section for timers. So I've had this application sitting out here for a little while. I wanted to show you some of the timers, that have been started and stopped in here. This application has been sitting out here for seventy days, seventy calendar days. Again, you can define if you wanna track in calendar days or business days. If it's in approval, it's been in there for one day, credit analysis, loan committee. And, again, this is a demo site. So these numbers are a little off from what you would probably see, but I just want you to to know that this is available and you have control over when these timers get started and stopped with each of those actions that you take. We have our assignments down below. So we have our lenders, Alex Haley. I am the analyst on this application. The approver has not been assigned, and then we do have a loan delegate that can take action on this application on behalf of the lender. If there's ever declined reasons, post closing, pre closing, those will be displayed here. And then we're going to track your statuses. So for the entire application overall, we can see that it's currently in credit analysis. The anal analysis status is that it has been submitted to the supervisor, and then our overall approval status, again, is that it's in credit analysis. So at this point, since it has been assigned to me, I'm gonna get an email notification. So I can use that email and hyperlink right to this application. I can use the search screen. I can use my dashboard page. But regardless, it's going to be really easy to find this application to do the work that I need to do on it. So I can go in and now review this information. I can review credit documents, loan documents that have been added in here. Your collateral documents can be added in as well. And once I've done everything that I need to do on this application to route it to the next step, there is this action item up here next to the application number, and this is going to display any actions that are available to take. You can see here that there is a section for lender actions. Well, I'm not a lender. I'm logged in as an analyst, so I'm only seeing analyst actions. If I was a lender, there's gonna be a large list of actions that can be taken here. I have my analyst actions. So, again, these are the workflow steps that you define, and you control what those each do. And then there's also a section here for approver actions. I myself in this system have, permissions to do approver actions as well, so those are displayed down below. So you do have control over what each of your users can see as far as taking actions on the applications. So a couple of these, we can route it for approval. We can route it for document prep, assign a different credit analyst, return it to the lender for additional information. You can create unlimited workflows that this application could go through during this process. So if I were to route this for approval, and we do have description in in here of exactly what happens with this. It assigns the approver, and it starts the time and approval timer. So we can see everything that it does. So if I select that option in here, I can then go in in and say who my approver is. So if I say, okay. I wanna go ahead and sign this to my loan committee. Every person that is within that loan committee is then going to receive an email notification that this application has been assigned to them, and it will show up on their dashboard widgets. You can add optional, approval conditions, post closing conditions, and comments in here. So depending on how this app I'm sorry, how this workflow is created, it will have different options in here as far as what information is required to fill in to take this next step. So I'm gonna go ahead and choose next, and that updates the application. So we can see that now under this assigned accruber, it is assigned to the loan committee, and our statuses have changed. So the approval is pending, the analysis is complete, and approval is in process. So you have control over how those, statuses get updated every time one of these actions get taken. One of the optional features that you can use with an action is to create an application snapshot, which will show the total history of everything that this application has gone through, and it can be saved as a document to that application. And you can do that multiple times if you wanted to see a snapshot in time when that action gets taken. But up here at the top, we do have the option to view the application history. So you can see everything that has happened in here. Your loan application was created. The loan delegate was updated. An action was taken. It's going to show every assignment, every status change, all the comments that have been added. Anything that you're doing is permanently saved with this application. Now once this application goes through all of the steps that it needs to to get to either a withdrawn or denial, which it'll just stay out here as a done denied application until you either purge or delete it from the system. Or if it becomes approved, it'll then be converted into a booked loan in Acu account. So your nightly process runs, that new booked loan comes in. You can go in on your widget. So if I go back to my dashboard page in Accu account, you can see I have a few approved applications to be booked. So I can go in. I can select this option to now convert that application over to the booked loan. It takes all of the document images, all of the comments, all the information, and transfers it over to that booked loan that is now flowing in from your core system so that you don't lose any of the work that you've done. You can still also see the history icon on that booked loan to see all the steps that happened during that application process. Now one of the other things that I wanted to show is the report options that are available. We do have some canned, application reports. So there are three pipeline reports in here. But I'm going to focus on dynamic reporting and show you how you can create your own pipeline reports for these applications. So dynamic reporting allows you to build custom reports. This can be for exceptions, document history, audit purposes, data reports, system log reports, user reports. Really anything that you're wanting to track in the system, you can create a custom report in here for. I'm gonna be looking at this application pipeline by status. I already started building out this report, but you can create unlimited reports from scratch or you can import them from our support site and then edit those reports. So selecting this application pipeline by status report and see what I've done here is I've created several columns that are displaying in this report. Very easy to add to this. Over on the left, we have customer information, application information, and we also have any Flexfill data that you are either importing or manually entering into Accu account. You can add that Flexfill data to any of these reports. If I expand on one of these and there's additional, customer information I want to add, maybe I would like to have the customer the customer number on this report, all you have to do is select the box next to it, and it will display on the report. So you can see it over here on the right. We now have the customer number. I could drag this over wherever I want it to be displayed, so it's really easy to rearrange this report for whatever you're wanting to do with it. So I'll go ahead and put it next to the the full name there. You can also filter on any of these. You can have a search filter, a multi select filter, date range filters. You can create hyperlinks on these reports. So you can see, that we have the full name is a hyperlink. If you want a hyperlink for the customer number, that can be added as well. So that when you're on your dashboard, you can just click on that number to be taken right to that application or customer's page. You can sort on these just by clicking on the headers. So if you wanted to change the status and how it's being sorted, you can do that on any of these. You can add groupings like I have up here at the top. But when you do that, it's going to group these together. So first of all, we have the application status displaying, and it's gonna group by whatever status you're currently viewing. So if I'm looking at my approval in process status, I also have it grouped by officer. So I'm looking at the officer for Alex Haley. He has one application that has the approval in process. Under approved, for Erin Pittman, I have several applications that have been approved. These can be collapsed. I have Alex Haley's that are in the approved status and so on. So you can see each of your officers. Here's then another status, approved by board of directors, and then it's grouped by officer. So you really have a lot of control on these pipeline reports for getting exactly what you are wanting to see and get out of the system for tracking your applications. Any of these reports that are created in dynamic reports are the reports that can be displayed on your dashboard. So when you're on that dashboard, you can see here I have the loan applications by lender displaying. So I have Alice Alex's applications and Kathy's and so on. So if you're wanting to track all applications or if you wanted to add that status report that we were just looking at, you can have that displaying on your dashboard as well. Alright. So as far as next steps go about learning more, we, of course, have several of these banking buzz webinars. So if you'd like to see a recording on a past topic, if you want the recording from today or if you wanna sign up for other webinars that we're having, we open those up to everybody who would like to join. We do also offer hands on trial sites, and we can turn on accu approval if you're wanting to get in and play with those workflows, learn how that application process works, and to ensure that it's gonna work for your financial institution. We can also do a one on one demo. So if you wanted to set something up and see AccuApproval a little bit more in-depth, I'd be happy to do that. And, of course, final step there would be getting a price quote either for AccuAccount or if you were wanting to add Accu approval onto an existing Accu account system. So I'll go ahead and open it up for questions now. Again, you can type those questions into the questions panel on the GoToWebinar, or you can put them into the chat. We do have a question that came in. How does this work with new customers that are not in the core system? So for a brand new customer, you have the option to add the customer page in Accu account. So as long as the user has permissions, there's a button up in the menu that says add customer. You just have to add the customer type, their name, and tax ID number. You can optionally add all of the other information that you see on the customer page, and then you hit update and it creates that customer page for you so you can add the application in there. So it's a really quick, easy process to add that customer's page if they do not already exist in your system. Looks like I have two others. Do we have to use Accu approval for early capture? No. You technically don't have to use it for early capture. You can, go in, as I mentioned, and add a customer manually and add a loan manually instead of a loan application, and that would allow you to start adding images to that customer's page or to that loan and collateral if you would like before the loan gets booked. The, accuapproval process just gives you that ability to route that application and save the history with it as well. The next question, do exceptions track on applications? Yes. They do, but that is something that is configurable. You can have all of the exceptions track the same as it would on a loan. You can have just task exceptions track if you wanted to, or you can have the exception piece completely turned off on your applications if you would like. And if you are using, exceptions, you can pull exception reports, have those included in the reports, or you can pull separate reports for your exceptions that are tracking just on applications. All right, looks like that's all of the questions that I have. So if you have any other questions that come up after our webinar today, feel free to reach out to us here at Allergan. Thank you to everyone who joined and have a great day.