The Banking Buzz: Leave Spreadsheets Behind with AccuAccount’s Automated Exception Tracking

Good afternoon and thank you all for joining us today. My name is Cara Talcott. I am the marketing communications coordinator here at Alligent and I'll be the moderator for today's webinar. Today, we're gonna be going over AccuAccounts automated exception tracking feature and how it can best streamline your commercial lending process. We have a great speaker here with us today, Jen Mitchell, our director of product management for AccuAccount. If any questions come up during the webinar, feel free to type them into the chat box. We'll have a designated Q and A segment at the end to answer any of those. And with that, I'm gonna hand things over to Jen to kick it off. Great. Thank you, Kara. Thank you everybody for for coming today to our webinar. So just a little agenda of what we're gonna look at today. So number one, we're gonna start with who is eligible for those who are not familiar with us. We're gonna talk about financial institutions current exception process. We are going to review a live presentation of Accu account and the exception tracking. We'll talk a little bit more in-depth about reporting at the end and then even the implementation timeline and what that looks like for for a bank if they decided to move forward with Accu account. And then we have a q and a session at the end, as as Cara had mentioned. So please, again, feel free to put your questions in the chat, and we'll get those answered at the end for you. Alright. So let's start with who is, Alligent. We are a company who offer an end to end solution. We're a fintech company that offers solutions for financial institutions. We have a ton of years of experience in the industry, which allows us to really offer subject matter experts to implement our products and make our financial institutions successful in their day to day work. Allergan continues to innovate and build new product offerings as we collaborate with prospects and as well as our customers about their needs and market trends. So just looking at this and automating the entire transaction ecosystem and what we offer, first of all, the area where Alligent the areas where Alligent excels is, in the payments and deposit space, the digital banking, and then ECM, which we're gonna look at today, but we have a product called AccuAccount, which is in this ECM umbrella, and it really is a specialized product for loan management. These products have made up the entire ecosystem of any type of financial institution. It doesn't matter if you're a tier one, credit union, or a community bank. Alright. So let's let's talk a little bit about, your current exception tracking. First of all, we're gonna do something a little bit different. I've never done this, but we're gonna do a poll. And so, the first poll that's gonna come up there, and I would love for you all to participate in the poll, it says how is your institute institution managing exceptions today? Wow. So if you want to go ahead and and just give me your answers, and we'll kinda talk about that, each of the ways that are there on that multiple choice. Give you just a a minute longer here so we can make sure everybody's got an opportunity to answer. Alright. Alright. We're gonna go ahead and close that poll. Alright. So let's talk about this a little bit. Just looking at these results here. First of all, we have the spreadsheets. We have core, LOS, other third parties, and then a combination. It looks like really spreadsheets are are number one. Between spreadsheets and a combination of of all of them, we're really the winners on that poll. So let's talk a little bit about each of these. So let's let's see if we can kinda dig into each of them and and what you're doing today, that process, what it looks like. And, so as you see Accu account, maybe you could visualize how how it streamlines this process. So spreadsheets. Today, when I talk to, prospects or even current customers that are trying to really implement Accu account fully, we talk about the the use of spreadsheets for exception tracking. And when we talk about that, we're really saying, hey. We have these spreadsheets, and typically, there's multiple spreadsheets. They might be by branch. They might be by exception type, but, you know, there's really no centralized place to manage everything in one place when you're utilizing spreadsheets. You know, we even have people who are managing just the credit or financials and somebody else who might might be managing the the rest of that, that credit portfolio. This is this also causes a lot of issues when you're trying to gather documents from customers because, you know, one spreadsheet may say you need financials, another one may say you need financials. So when you're reaching out to your customers to get that information, it's it's, you know, sometimes multiple people reaching out for the same thing. So it it does cause a little bit of a a heartache for them as well. Core tracking is very common as well. Obviously, the core tracking core is really focused on being a core, and they do want to be everything. And so typically when you look at core tracking, you're really tracking, typically based off of a date. So it's tickling for some date, in the future, and and that's okay, except for we took the approach of you really don't have to have dates tied to every document exception. We really took it to that next step, and we'll look at this here in a little bit, to say if it's truly a missing exception and a missing document, it has a missing document status, not a tickle date to look for that missing document. And then the other, hard hard part about the core is being able to export that data out and being able to build those reports from that data. We talk about LOS a lot. This is something I run into quite often nowadays where banks are actually managing their whole imaging and exception tracking through an LOS, which is fine. Again, they they are really getting you where you need to be from a loan origination. And, typically, they're driving most of the credit information. So they're driving the dates on the financials, the tax returns. But the problem with the LOS is it's typically that data becomes just archived information where it's really not managing the life of the loan for the entire, time that it is an active loan. It also does very limited, reporting for you. Typically, out of an LOS, you're going to get your pipeline reports and you're gonna find out all that information that you need ahead of time before the loan actually books within the core. And then other third party products, you know, I see all types of of products that are being used out there, and some are not even industry specific. They're not just built for financial institutions, you know, they're just general. And that's, again, that's okay too, but we wanna streamline all of those and and we wanna show you Accu account and show you how ours with the imaging, with the exception tracking, it's all in one system, and it can really start from the booking all the way through the life of the loan, or you can even start it at the application process. So the other thing with the third party, exception tracking is just a a few other points that I wanted to make is this. It's really a a glorified spreadsheet for the most part. It is hard to manage through the entire bank or it's utilized by the entire bank sometimes. So every department is using it for missing, and and so there's really no, true naming convention, to these exceptions. Alright. So just a a current exception process just to kinda lay this out and what it would look like. I, of course, use the spreadsheets. I'm very familiar with that. So you would pull these spreadsheets, and when I say pull spreadsheets, I mean, I've talked to, banks and credit unions that have actually had to pull in three or four different spreadsheets. And they gather all that information and try to put it into one spreadsheet, one, big spreadsheet where they can then group by a specific exception. Those could be credit exception or a loan exception or even a collateral exception. And then they have to go in and they have to filter by a lender because lenders may be assigned to loans and collaterals and not credit. You gotta be able to pull all of that information in. Or I'm gonna say they may be assigned to the credit and not the loan or the collateral. So so you need to make sure you have all that customer and account information input correctly. And then you're going to once you have that filtered out, then you're gonna group by customer and accounts, customer loan or and collateral. So, again, you're just trying to to bring all of this information in so that you're able to share it with them for for reporting purposes. I do see a lot of financial institutions sort by some type of aging. So, obviously, now that you've got all of this information out there for this one particular lender, now, obviously, you wanna show them the most important exceptions first, which would be aging. So what's the oldest? But there could also be some categorization that's done on it. So maybe you wanna categorize they wanna categorize by, critical exceptions and then aging, so that could also be added into that spreadsheet as well. Then they build the report for the lender. And, typically, when you build the report for the the lender, that, report may have some, formatting that that specific lender wants to see. Maybe they only wanna see, you know, the the loan amount first or they wanna see their largest, loan portfolios first or customers first. You know, so there's a lot of sorting and grouping that you need to do there as well. Then you need to send or print the report, which we still today see a lot of of lenders receive printed reports. It's not uncommon. Then that they need to go in and mark the report that it was sent or, you know, the it was sent over to the lender or given to the lender on this date so you know, hey. Next one, next time, you know, within thirty days that I need to get this information back over to them. So so there is a lot of steps to, just managing an exception process, again, by utilizing some type of spreadsheet or even a third party product. Alright. So what does Allegiance exception management, look like, and and how do how do we solve for some of this? So I do wanna just kinda walk you through that workflow, on what we do, and then, again, we're gonna jump into AccuAccount and look at it. But Accu account exception, our integrated exception management actually automates that process. So what we do is is we take your core data and we import that data in. So this keeps all of your customers, loans, collaterals, all that relationship information, statuses, balances. It keeps it all up to date with the core. When we get that core data for a brand new loan that was just booked or a brand new customer and loan that was just booked, it will actually define exactly what you're going to need for that customer account within the the product. So that's something that we build out during the implementation. We say every time we see a commercial customer with a commercial non real estate loan with two UCCs and two, security agreements, we need this laid out and that's exactly what it does. We we map that information over from the court and we show it just as it would within a file or a checklist of yours. The automated exception tracking comes into play at that point. So as you start to gather the information, the images, whether that's through an import from an LOS or an esign product, or you're physically scanning the documents, or you're dragging and dropping them into the product, you know, maybe you've managed to keep them in a in some type of PDF. As you start to prep that file and set that file up, you are that's where the automated exception tracking comes in. It will automatically start to clear those exceptions for you. Then we've got the automated reporting, which is generated out to your end users. So lenders receive an automated report on a weekly, biweekly basis. You schedule those one time, leave them, and they just automatically are sent out. Automated reporting is not just to lenders. It can also be to your executive team if you they want aging. Your chief lending officer can get one for all of the lenders. So there's a lot of different automated reporting you can do within there. Then as they gather those documents from their customers and they get them into the product, they can start putting those you know, you can allow them access to do a drag and drop or maybe their lending assistant has the ability to do it. But as they start gathering those and putting those into AccuAccount, you know, for those those after the fact exceptions, it starts clearing those automatically as well. And then we even offer, the ability to, do what we call notices, notice letters. That's that's actually a notice distribution module. This module allows you to print or email notices to the actual customers, and it does allow you to combine, all exceptions on one letter. So if you're requesting five different documents from Jane Smith, you can just send one letter with all five of of those requirements that you need for her. Alright. At this time, we're gonna go ahead and we're gonna jump over and we are going to look at the exception tracking in Accu. Alright. So this is the customer page within our product Accu account. Just to give you a little high level of what you're looking at here, we mirrored a paper loan file when we built AccuAccount. So what we did is is everything on the left hand side is credit specific. So this is like the master credit file. So this is amalgamated. That's the customer page we're on. Here's the amalgamated customer information, and then here are the documents that tie back to amalgamated. So the reason we did this is this, number one, for the most part for exception tracking, you're only requesting these documents specific to amalgamated one time, and you could use them for multiple loans even in the future. So you can use this credit to make decisioning on new loans, for this customer. So, again, credit on the left hand side, then we have the loans on the right hand side. So we stack those out just like the paper file. So we have the eight loans out out here. Some of them are applications, which we allow them to start applications within our product. And then what we did is is we even built out this multiple or additional collateral section. So we know most commercial loans don't have just one collateral. So here's the ability to add as many collaterals to that one particular loan that you want. So this particular loan has five collaterals, and we've even crossed one of them, cross collateralized one of these collaterals so that it can be shared between multiple loans. So we did give the ability to do all those types of of, lending and and reviewing in the system. Alright. So how does this information get in? First of all, as I said, we get this core data import that brings through all of this information here on the customer, all of the loan information here, the collateral information, all brought over from the core. When we do the initial setup, we say, hey. Here's the requirements that would be for a commercial loan. So they would all have red dots to start with. As you started to gather those documents and start inputting them into the system, however that may be from an import, you know, from an LOS or a, esign. Or if you're imaging them, in a back office or a multifunction device, however you're getting those in, it starts to put take those red dots and turn them to green dots. So that's where those documents come in. So if I wanted to review one of these documents, I could just click on the document tab here. It's gonna open up my document. I can review it, close it. But that is what it's doing. It's adding it and it's turning it from a red to a green dot. Let's look a little bit at some of the other information that you see here. So again, we've went through, we've prepped it, we've scanned. Now everything that's left that has red dots should have an exception tied back to them. We also have dates out here. So this date for the certificate of good standing is dated for tomorrow. So today is what we would consider a pending exception, but tomorrow it's going to become an exception. Then we also have dates in the future. So you're able to review, just easily visually review this and say, okay. Here's a date in the future and then, oh, this, borrowing base is very expired. I need to reach out to the customer to work on that. We also do what we call document schedules. Now these can be customized per customer. So here I have these financial statements and I require these financials quarterly for this customer. So I built out a schedule. That's what that little icon is there. I built out a schedule and said, I just need to request this every quarter. So what it does is it automatically builds me a new document tab, names it for that quarter, and then puts an exception out with this red dot, letting me know, oh, hey. I need to get an April twenty twenty five financial statement form amalgamated. Now most users are not going to click on the exceptions tabs to see exactly what exceptions they have, but you can look at exceptions directly on the customer page. And when you do that, you'll see all of those red dots, that missing w nine, that tax return, that missing financial statement, and then even that expiring certificate of good standing that is going to expire tomorrow has a a yellow, exclamation point, which means it's pending. The rest are all exceptions. We also manage policy exceptions within our product. So you can put any policies in here and tie them to the correct customer or loan that you need to. And then we even have what we call task exceptions that allows you to really set up a task. So you need to do an annual review. You can assign those to an individual or a group of individuals where they can pick those tasks up and and work them. We always like to point out that on top of the, task exceptions being something that needs to be done maybe annually on on this particular customer type, but maybe you're missing something on a particular customer as well. So in this case, I'm missing a signature on a promissory note for John Smith. So I can put that out there. As a task, I can assign it to an individual, a group, and then they can pick it up, reach out to John Smith, and get him to come in and sign that document. I wanna show you how easy it is to clear an exception. So looking over here at that, missing w nine that we had, when I come to my documents, here's my red dot, my missing w nine. I'm gonna go ahead and I'm gonna pick up a w nine and I'm just gonna drag and drop it into there and it's gonna turn that document from red to green. So there I've got a green icon. I could view the document if I wanted to, but I really just wanted to show you how easy it is to clear those missing exceptions. It's gone now off the list. Now I do want you to know, not everything can be cleared that easily. There is a built in quality control function that would require something have QC on it before it is cleared, and that's actually what this little icon is over here. This requires a quality control before it will clear the exception off of the reporting. Just talking about reporting real quickly here. We have several ways to get reports, and we're gonna talk a little bit deeper about, some of these. But I do wanna show you what we call our dynamic reporting. This allows you to really build out and customize any type of report. So when we talked about some of the limitations, of pulling data from those third party products or a spreadsheet, one of the challenges is trying to get that data put into a report for you or to share with your lenders. So this here gives you the ability to fit to pick any fields you'd like to see out of Accu account, on your customer, your account, your loan, your documents. So there's just a ton of options here, and then you can even do some filtering. So if you wanted to filter on, on a type of loan or a loan balance, which is sometimes big, especially for lenders who have large commercial customers. If they only wanna see, you know, once a month, they just wanna see their all their relationships that are over one million or whatever. So you have the ability to build these out. But here's what's I think is the best part of all of this. So we actually have it filtered by a customer, officer right now, but I can also group it by an exception name. And I can even do maybe, the tab name if I wanted so you can group and then share this this report with your, with your end users, your lenders. They have the ability to come in here, review this information. You can even set them where they can't change any of the format, but just sharing the information. These are real time reports as well. So if you're doing any type of cleanup, you update information in here. It will actually update information, immediately, and then they'll be able to take it off their report. Alright. Let's go back over to the slideshow here. We did a demo. Okay. We're gonna do another poll. I would love for you to answer my reporting, poll here. So, there, it's open now. So I'll give you just a minute here how how long it might take you to do your reports today. Alright. I'll give it just a a minute longer so we can make sure we get everybody's answer. Alright. Okay. We're we're gonna go ahead and close the poll. Alright. Alright. So, it looks like it looks like most were between six to ten hours or ten plus plus hours, which doesn't surprise me. It does it's quite consuming to build reports, for end users. So let's talk a little bit about what type of reporting we offer through Accu account. We have standard exception reports. So today, we have eleven standard exception reports through SQL reporting services that we share with you. Dynamic reporting, that was what I showed you. That gives you the possibilities of building any type of reporting, and you saw how easy it is to pick the field. You can drag and drop and move those around. You can group. You can sort, do all types of things, very quickly, and then share those reports. The nice thing about the dynamic reports is this they do not have to be specific to exception reports. They can be data and exception reports, any type of reporting that you need to get out of the system. Then we have, outside of the exception reports, we offer several document reports. You can get documents, reports by status so you can see what was waived. You can get a QC for approved and rejected documents. You can get comment reports. So a lot of different document reporting available. We even have, the pipeline reporting that you can get if you utilize the accuapproval, which is the front end paperless application process. And then we also offer a lot of audit logging within our product. So what that is is is that's that reporting that, shows you what changes were made to documents within the system, what, documents were deleted. You can even see in there who's viewed certain documents. So there's even some some logging on that information. And then, obviously, we have a user setup, which is very important to examiners. So that's the type of, reporting that we have available within our products. Alright. Let's just hit on this, Alligent implementation real quick, and then we'll get to some q and a here. We can implement AccuAccount throughout your financial institution within twelve to sixteen weeks. This includes, you know, getting data files from the core, massaging that data, verifying that data is correct, building out your your customized, or standard doc structures. You can utilize our our templates. We can show you how to move those around, or we can work with you one on one and build out exactly how you wanna see it. We have subject matter experts in this field. We've been doing this for a really long time, so we're pretty confident in in really being able to build this within that twelve to six week timeline. And that is doing your customized doc structures or utilizing our default doc structure. So completely up to you how you wanna do that. This does not include an image conversion. We tack on about four weeks for an image conversion. So if you're coming out of another system, just know there's an additional about four weeks to do that that conversion, but we're well rehearsed in those as well, and you can be up and going really within within sixteen to twenty weeks if you have a conversion coming out of another system. Alright. So with our last three minutes, we're gonna go ahead and we're gonna take some questions. I'm gonna actually, bring Carol back on and she's gonna read those out to me. Thank you so much. Yeah. It looks like we had a couple rolling through the chat throughout the presentation. First one, can I build a one time exception for a customer or account? Oh, that's a good question. You can. We actually because we know that not everything fits into a box, especially with commercial lending, you absolutely have the ability to build a a stand alone exception. It could be a document exception, a task exception on a customer loan or collateral. No problem at all. Thank you. Next one that I see. Can I get a report of exceptions before they become an exception? Yes. I I would say that is kind of a tricky question, which can. What I would suggest is is we have something called grace periods, and so you can actually, add grace periods to any document exception in the system, whether it's missing or expired. And then you can get a report that shows you anything that was pending that we kinda saw there on that, certificate of good standing. That same idea would be the missing documents. They would say a title policy is a good example. You can set it out for thirty days. You can get it on a report before it actually becomes an exception, and that is possible to pull that report by exception or even by a time frame. So how far they how far out they are. Awesome. It looks like we just have one more here in the chat. Does the system come with prebuilt exceptions? Yes. So I talked a little bit about the implementation there at the end. When we build this with you, we, again, can have default, document structures with default exceptions, or we can customize it to your doc structures and then we can also customize those exceptions. But it does come out of the box with the document, structures and, with those exceptions as well. Well, thank you so much. That, that seems like it was our last question. And thank you everybody for joining us today. If you have any additional questions, please feel free to reach out to marketing at alligent dot com or through the website. Make sure to check out our events page for all future webinars. We appreciate your time with us this afternoon and we hope you have a great day. Thank you, everybody.