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.

What is Document Exchange?

Document exchange involves the sharing of information between two or more parties. In banking, financial institutions regularly exchange documents with a variety of account holders, borrowers, applicants, employees, and third parties. Although similar to document collection, document exchange implies the potential for two-way information sharing.

From Paper Documents to Electronic Information Sharing

Since the early days of banking, financial institutions have needed a reliable way to request, collect, and share documents with stakeholders. For decades, document exchange revolved around the movement of paper via U.S. Mail, courier service, or in-person interactions. Advancements in technology have led many individuals, businesses, and financial institutions to embrace electronic recordkeeping. Digitized documents can be backed up to reduce the risk of information loss, but, without the right technology, familiar challenges still exist. Examples include:

Security Risks

Sending a financial statement via email is incredibly convenient, but doing so exposes the sender and receiver to security risks. Guaranteeing information privacy is practically impossible when emails can be easily “forwarded.” In addition, hackers are always looking for new ways to access sensitive information in users’ inboxes.

Tracking Issues

Expired and missing documents lead to exceptions, which must be promptly resolved. Distributing notices letters and notice emails, generating exception reports, and tracking due diligence can require considerable effort, especially when relying on unstructured repositories and shadow files.

Delayed Access to Info

Staff require rapid access to reliable documentation to make lending decisions, recommend banking products, and understand customer or member needs. Aimlessly searching through emails, directories, and filing cabinets inhibits efficiency and erodes the account holder experience. 

Streamlining Document Exchange with Purpose-Built Solutions

Technology companies like Alogent provide purpose-built solutions to help financial institutions securely and efficiently exchange documents. FASTdocs WebShare and Alogent Document Portal are two such solutions.

FASTdocs WebShare: Connecting FASTdocs to your digital banking platform via WebShare enables secure, two-way document exchange with account holders. As a result, account holders enjoy a secure self-service experience for viewing, uploading, downloading, printing, and sharing documents.

Alogent Document Portal: Unlike general-purpose solutions, Alogent Document Portal was built specifically for the needs of regulated banking environments. Identity-based access controls ensure secure interactions between the document provider and receiver.

Learn more about Alogent's ECM solutions for financial institutions. Visit the Innovation Hub for additional free resources.

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