IMAGING PROBLEMS
Before covid-19 we visited several banks a month. Some were not happy with their existing imaging systems. They commented on various Document Imaging Shortfalls. My first position in banking was reviewing documentation daily as a regulator. I am sympathetic to anyone that has to deal with a less than ideal system. Here are the major complaints that have been reported to me over the last two years.
SLOW PERFORMANCE
One bank reported retrieval times around thirty seconds per page after waiting two minutes to log on to the imaging system. I have been subjected to microfilm/microfiche research in some problem exams in the past. I would not wish this torture on anyone. This sounds like the equivalent.
This is a larger problem since many banks prevent access to the files once imaging is installed. This is at least a severe beat down to anyone in the bank that has to deal with slow performance. It also encourages shortcuts of skipping document verification when needed. This costs the bank possible future loan losses if key documents have problems and are not caught in time.
LQAS has the ability to retrieve images quickly. One nationwide client retrieves images in one second to any location. We also have an iPad app that can retrieve images in less than two seconds while visiting the borrower at their location as long as there is an LTE signal.
IMPROPER DOCUMENT NAMES
A few systems that we have converted did not have any rules about naming documents. This means back office user number 1 uses Financial Statement, user 2 Balance Sheet, user 3 FS and so on. The front end lending staff plays a guessing game every time they need to retrieve a document. Another tremendous waste of time and reason to refrain from checking documents when they should.
LQAS is checklist driven. The bank’s loan committee approves the required document list for the entire bank. LQAS instructs the end user where to scan the documents.
SEVERAL DOCUMENTS COMBINED
The back office scanned several documents as miscellaneous. This could be in excess of fifty pages. The person retrieving this pile has to review every page to find what is needed. Once again could discourage reviewing docs.
Since our system is checklist driven each document is scanned into the proper document name. This saves hours and complexity for the lenders.
INDEXING PROBLEMS
Most systems scan various documents first then either OCR or pay back office people to associate the image with the actual document. This is a common point of failure since again there are no rules on where to put the document. Document experts may be left out of this step completely.
LQAS indexes all documents automatically and can import images from all sources including the newer paperless origination systems.
DIFFICULT FORWARDING TO EXAMINERS
Each set of documents must be found and copied to a folder to ship to a remote examiner, or worse printed so they can have a hard copy. One bank informed me that they use all credit analysts to print copies from images for the sample. This was a six week project.
LQAS defines the review sample in about a minute for the entire bank. The sample is available for review in a remote exam instantly. Prep for an exam is reduced to minutes. Testing on our demo bank we did sample selection, line sheet creation, report submission and image availability in five minutes.
A complete list of major LQAS functions are found here.
You can see that there is a quick and easy remedy to Document Imaging Shortfalls. Visit LQAS.com to learn more and schedule a demonstration.