Expert Article: How To Evaluate Banking Software Companies

So your bank has decided to start the process of acquiring a new type of software.  This can be quite overwhelming, especially if the software will impact an existing business process.  Knowing where to start can be one of the most challenging steps.  A recent article published by AccuSystems LLC's very own Alan Wooldridge, takes a look at some practical steps your financial institution should consider when evaluating banking software companies.  To read the entire article, click here.  Feel free to post your questions here and Alan will answer them for you.

Original Article URL:  http://ezinearticles.com/?Vendor-Selection---6-Steps-For-Evaluating-Banking-Software-Companies&id=6245753

Happy reading!

Expert Article: Bye-Bye To Paper Documents

The digital revolution in banks and other financial institutions is now challenging long-held operational processes.  With many of the recent changes in regulations, namely those relating to document tracking, banks are beginning to re-evaluate every angle of their information technology systems.

With such developing trends, many financial institutions are turning to software that enables some form of bank-wide imaging.  Alan Wooldridge of AccuSystems LLC recently published an article that looks at the different options banks may consider when "going paperless".  The article takes a look at the following topics:

• What Is An Imaging System? - Allows organizations to scan and store electronic versions of files

• Document Management For Banks -  Provides document tracking and workflow features; often has built-in imaging system

• Imaging Systems vs. Document Management Systems - Typically, document management systems are more advanced than imaging-only systems

To learn more about how your bank can digitize bank documents, please click the following link and read the original article in its entirety.  http://ezinearticles.com/?Paper-Bank-Documents-No-More?&id=6198820.

Expert Article: Paper vs. Electronic Loan Files

Banks continue to search for ways to optimize workflow processes.  Within the last decade, there has been considerable growth in the integration of digital imaging systems to manage loan files and other important documents.  Such systems have been shown to reduce administrative costs and enhance bank operations. 

Alan Wooldridge, Co-President of AccuSystems, recently published an article called "Loan Files - Automation Through Digitization at Banks".  In this article, Mr. Wooldridge provides a banking software vendor's perspective for evaluating loan file systems.  For banks considering document management systems, this resource could serve as a valuable tool.  The following topics are covered in this article about loan files:

• FAQs About Loan Files - Common questions banks should consider before "going paperless"

• Digitizing the Loan Approval Process - Banks can streamline all aspects of the loan management process through imaging, including approvals.

• Customization Is Key - Setting up loan files to match your workflow needs is important.  This can be automated through with imaging systems.

To read the article in its entirety, click here or visit the original URL below.

http://ezinearticles.com/?Loan-Files---Automation-Through-Digitization-at-Banks&id=6097203

Expert Article: Banking Software System - What to Look For

AccuSystems' Co-President, Alan Wooldridge, recently published an interesting article that weighs the features and benefits of implementing a banking software system at community banks.  The article provides helpful tips for banks of all sizes that are considering such a system.

In summary, the article takes a bank through a typical buying process.  Mr. Wooldridge suggests it is wise to first "take a look in the mirror", by evaluating your bank's current internal processes.  Once such processes are understood and roughly documented, then your bank can begin the search for a banking software system.

In addition to providing helpful tips, the article also provides a brief background of how banking software systems have evolved in banking environments.  Many banks assume that such banking software solutions are limited to check imaging technology.  On the contrary, Mr. Wooldridge points out that newer banking software systems can include a wide variety of features, including:  compliance tracking, bank operations management, deposit tracking, and loan tracking.  

To read the article in its entirety, please visit:  http://ezinearticles.com/?Banking-Software-System---Top-3-Features-to-Look-For&id=5927504

Bank Imaging Article: AccuSystems Featured by ICBA - "To Scan or Not to Scan"

The ICBA (Independent Community Bankers of America) recently featured an article called “To Scan or Not to Scan” in its monthly publication, Independent Banker. The article weighs the pros and cons of a bank imaging system and is a great read for any community bank considering a banking document management system. The article begins on page 59 of the magazine and can be viewed for free by visiting the AccuSystems News page or by visiting http://online.qmags.com/IB0211.

Bank Imaging Article

The Independent Community Bankers of America has approximately 5,000 members and is committed to pursuing the interests of community banks throughout the United States. The ICBA’s Independent Banker magazine is a monthly publication that is read by top decision-makers at community banks nationwide. On average, more than 54,000 community banking leaders see each issue.

Here is a brief excerpt of the article, as written by Katie Kuehner-Herbert in Independent Banker Magazine, February 2011 (page 59:

"Community banks might well get an early return on their investment in document imaging systems.  But before they compare the current costs with the potential savings of such a move, they must first detail exactly what they intend to accomplish, document imaging providers say.

If banks merely want to digitize existing paper documents, simple scanners and similar devices might be sufficient.  But to get the best bang for their technology buck, they should consider investing in document imaging solutions that are part of an enterprise content management (ECM) system that creates and indexes electronic documents.

'If you want to integrate imaging with your core loan origination system so you can be more efficient, have a tickler system for loan monitoring and increase lender accessibility, then a more sophisticated document imaging solution will be needed - one that assigns bar codes, electronic signatures, that make the document imaging solution more interactive,' says Chris Gredig, co-president of Accusystems LLC, a document imaging system provider in Pueblo, Colorado.

Banks can potentially boost 'return on investment' even further if they expand the use of such a system to virtually every department of the bank - which can then create a whole new layer of efficiencies and help officers better monitor performance, system providers say."

To read the entire article, visit the AccuSystems News page.

Bank Loan Management Today - Bank Imaging Continues Growth

Over the past few years, technological advances in the banking industry have allowed banks to better accommodate customers’ needs and wants.  These new innovations have given many community banks the tools they need to successfully implement such things as on-line banking and branch capture of checks.  While achieving a high level of customer satisfaction should always be a top priority, banks must also focus on streamlining behind the scene operations and reducing risk.  To accomplish these goals, community banks are beginning to invest in and implement bank loan management technologies to increase long-term efficiency.  According to a report ‘Top 10 Banking Trends for 2010’ from the Aite Group, financial institutions are now turning to bank imaging systems to eliminate the manual loan file management systems that banks have relied on for hundreds of years.  Purchasing an effective bank loan management software to image, organize, and store loan documents is an affordable investment that can significantly improve a banks overall workflow.

Before the financial crisis hit the global economy in 2008, many banks had already made the decision to implement bank loan management technologies.  Unfortunately, the economic unrest forced financial institutions to focus internally on cost-cutting which delayed the start of most of these decisions to move forward with bank imaging.  However, in 2011, banks may have an added sense of urgency to shift their focus back on achieving long-term efficiencies with bank loan management.  In fact, a study conducted by financial analysis software company Sageworks, showed that 57.2% of the banks surveyed plan to make more or significantly more commercial loans in 2011 than they did in 2010; 31.4% said they plan to make the same number of loans.  Without proper bank imaging software, an increase in the volume of loans could leave financial institutions with the inability to efficiently manage loan portfolios, track and cure exceptions timely, and appease auditors and examiners by their inability to identify and grade loans.

While the benefits of implementing bank loan management software are unsurpassed, many community banks have yet to make the transition and are still relying on the manual paper based filing systems to manage their loan portfolios.  This lengthy process begins as soon as a consumer or commercial loan is booked.  When the loan is booked, documents are put in a physical paper file folder with 6 to 10 tabs and filed away in a filing cabinet.  When additional documents such as annual insurance/financial updates and collateral or perfection documents arrive, they are processed and the file is pulled from the filing cabinet.  These documents are, hopefully, placed under the coordinating tab within the file and then re-filed back into the filing cabinet.  This cycle continues for the life of the loan.  Bank imaging is alike in the concept and has a similar workflow as the paper based process with a few technological advances.  Bank imaging software creates an electronic “file room” where all documents associated with the loan are scanned and saved on the bank’s server after booking in an electronic “document repository.”  The document repository has the same basic tab structure as that of the paper file, making it easy to organize and scan in new documents. 

Overall, bank loan management software automates the lending process and gives financial institutions a more efficient and long-term solution to increase productivity and reduce risk.  Banks looking to move away from the dated paper based system should seriously consider bank imaging and all it has to offer.

How many banks out there have moved beyond simple check imaging to a completely paperless bank imaging system?  We'd love to hear your feedback and experiences - comment below!

AccuSystems Launches New Interactive Bank Imaging Site

AccuSystems is proud to unveil its new web 2.0 site.  In an effort to better serve our customers, we have completely redesigned our site.  Please spend some time going through our interactive tours sections, downloading free white papers, and finding us on interactive platforms such as Facebook, Twitter, LinkedIn, Youtube, and Blogger.  We look forward to serving your bank with oustanding bank imaging and bank document management software.