Document Routing Workflows
Some documents require the review or approval of multiple people, which may necessitate routing from one location to another. Document routing workflows include the steps to successfully move documents between various parties.
Financial institutions rely heavily on a variety of documents and, as a result, employ multiple document routing workflows.
Document Routing Workflows in Banking
Document routing workflows vary among financial institutions, but the following examples are common in banking.
- Invoice processing and approval: Receiving a vendor’s invoice, sharing it with decision-makers, gaining approval or disapproval, issuing payment for approved invoices, and marking the invoice as either “paid” or “rejected.”
- Compliance document routing: Capturing SARs (suspicious activity reports) and other compliance documents, passing documents to supervisors for review, and associating documents with the correct customers and members.
- Resume routing: Collecting applicants’ resumes, sharing them with hiring manager(s), and retaining or discarding resumes in accordance with hiring decisions.
- Loan file routing: Organizing customer financials, collateral, and loan documentation, sharing relevant information with underwriting and approval staff, and providing auditors and examiners with as-needed access.
- New customer application routing: Accepting a completed application from a new customer, routing the application for a supervisor’s review, saving the approved application in the correct location, dealing with incomplete or errant applications.
Simplifying Document Routing via Digitization and Automation
Financial institutions have traditionally relied on paper-intensive document routing workflows, which pose a number of challenges. Paper documents can only be in one place at a time, inhibiting collaboration and efficiency. Courier services represent a tangible cost that erodes bottom-line performance. Misplaced and lost documents expose financial institutions to unnecessary risk.
To avoid these challenges, some financial institutions have exchanged paper-based workflows for scalable technology, such as Alogent’s ECM suite of solutions. AccuAccount, Alogent’s ECM that’s optimized for commercial lending, practically eliminates the need to “route” commercial loan files. Information is easily accessible by authorized users with just a few clicks of the mouse. In addition, FASTdocs from Alogent offers event-driven workflows to streamline everything from invoice processing to resume routing and compliance documentation reviews.
Explore Alogent’s ECM software for banks and credit unions or read more banking definitions.
