Community Bank Software - Not Just Check Imaging Anymore
Community Bank Software - Not Just Check Imaging Anymore
Among the various changes going on in the banking industry, community bank software continues to be a major investment among banks of all sizes. Historically, banks have thought of community bank software namely for its check imaging properties. Check imaging continues to be critically vital for community banks; however, community banks throughout the United States are beginning to see the full potential impacts of banking document management.
Community Bank Software Benefits
Many community banks today are relying on community bank software to manage a wide variety of important things such as: exception tracking, deposit tracking, and bank workflow. In addition, bank operations management is now streamlined, thanks to community bank software. Things such as trust departments, banking human resources, accounts payable approval, and compliance tracking are now made much easier.
Barriers to Loan Portfolio Software Saturation
For some community banks, going totally "paperless" via bank management software is still a foreign idea.Concerns about bank security, synchronization with existing bank core software, and integration with legacy banking software system technology have all prevented community banks from moving forward with paperless systems. However, due to great improvements in software development processes, community bank software with bank imaging features is a reality for banks of all sizes.
Return on Investment: Loan Portfolio Management Software
Many community banks still spend thousands of hours each year managing loan files and exception tracking processes. Bank document imaging systems, which are typically standard in many community banking software packages, can help community banks mitigate the cost of such labor intensive activities. Research has consistently shown that community bank software systems that feature bank imaging software have rapid return on investment and payback periods. As mentioned in a recent ICBA article called "To Scan or Not to Scan", Chris Gredig of AccuSystems LLC noted: "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".
Shopping for Community Bank Software
Shopping for a paperless loan management software is easier than ever, thanks to the miracle of the Internet. Search engines such as Google, Yahoo, Bing, and others have made searching for banking software companies simple. In addition, there are many other software directory sites that index important banking software vendors. An important directory that many banks reference for community bank software is http://www.capterra.com/banking-systems-software.
As a reference to your bank, "community bank software" can vary in definition, based on the vendor's offering. For starters, your bank should look for bank imaging, loan portfolio management, and some type of exception tracking. It is wise to take a deep look at your financial institution's specific needs when making determinations about the number of features your community bank software should have. Instead of starting with an extensive search for banking software solutions, perhaps your organization should begin with an evaluation of its current processes and needs. This will certainly make the search process much smoother for your bank.
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