Document Management for Banks

If you’re in charge of managing a bank, then you’re aware of the immense number of documents that must be managed on a regular basis. Not only must numerous documents be managed on an ongoing basis, but this must be performed in an accurate and efficient manner. Bank documents almost always contain sensitive information, which is why it is imperative that the document management for banks management of them meets or exceeds certain standards. 

Primary Bank Document Management Duties

The primary task involved in bank document management encompasses obtaining the various required signatures. These signatures must be obtained both electronically as well as written, which is also referred to as “wet.” Once the appropriate signatures have been obtained, then they must be organized properly so that they’re easily attainable, since you may never know when these documents will be requested. 

In addition to managing this documentation, all files are required to be tracked and reserved for a specific amount of time. Even after accounts have been closed, these files must be retained. Once a certain period of time has passed, financial institutions must properly dispose of all files in order to maintain privacy. 

The Management of Customer Account Documents

The many customers that are likely to do business at your bank are likely to require a significant number of documents. These documents can be anything from deposit and withdrawal slips to loan applications, and everything in-between. It is imperative that all these documents are filed properly. There is an abundant number of extremely sensitive documents, such as social security numbers, marriage licenses, birth certificates, and much more that a bank must retain and protect on an ongoing basis. 

The proper filing, protection, and accessing of a variety of financial documents is vital in regard to normal banking. However, when it comes to more in-depth processes such as mortgages, collections, and much more, even greater security and care needs to be performed to ensure proper management of all relevant documents.

Back Office Document Management

Just because back-office tasks don’t require direct interaction with customers doesn’t mean that they’re any less important. In fact, back-office tasks are just as important as other types of bank documentation, which means that these documents must be properly managed, just like all other documents. These back-office documents could include accounts payable transactions, overdraft issues, wire transfers, and a great deal more. Bank staff who work in the back office must also monitor various types of activities performed by customers, and even by staff from other departments. 

Assistance With Bank Document Management

For bank managers who feel the need to focus on other tasks that don’t involve the management of doctors, there is a way to delegate these tasks. Instead of assigning the management of these tasks to other staff within the bank, many bank managers opt to hire a third party who provides outsourcing services. These third-party companies provide services such as document scanning, word processing, forms processing, data capturing, digital mailrooms, among many others. 

While many bank managers believe that such third-party servicers are costly, others realize that it actually saves a company money by opting to partner with such a company. How does choosing to work with an outsourcer who will manage some or all of your bank’s document management help a bank save money?

First of all, an entire department of staff could be eliminated or placed in other areas of the bank where they can be more useful. Therefore, there is no need to continue to maintain the equipment in this area, and it could save you a significant amount. If you hire an outsourcing agency to manage your mail processing, then you will no longer need a mailroom. There are many other ways that banks can save money by opting for outsourcing services. 

You might be feeling overwhelmed about managing the documents at your financial institution that you’re in charge of, or you may simply need more time to devote to other tasks. Either way, you have the option of hiring a professional outside party who can manage one or more aspects of document management for you. The Tab Service Company is an experienced professional third-party that can provide any services to your financial institution that you desire. The Tab Service Company prides itself on increasing the efficiency in which banks and other types of businesses are run by assisting them with various outsourcing tasks. So, if you’re ready to stop stressing over the overwhelming number of documents that you must manage on a daily basis, then give The Tab Service Company a call today.