With the growing number of loans and regulatory requirements, traditional techniques of using excel have become time consuming and burdensome. Tracking loan exceptions electronically is not only cost effective but easy to setup. An added bonus is improved customer experience with a customer exception portal and timely notifications.
Loan Exception Tracking is becoming a bigger challenge to manage with rise in lending and regulatory requirements. There are a number of reasons for this but we won’t get into those in this article. With more lending shifting online, banks can expect to see a rising number of regulatory requirements, especially during the holidays.
To make the management of loan exceptions easier, banks are automating their exception tracking process. An overview of the steps needed to deploy an effective system are as follows:
Step 1: Create a list of products and related exceptions by customer or loan.
Step 2: Identify deadlines and dates to calculate deadlines on.
Step 3: Sign-up for FINBOA Loan Exception Tracking.
Step 4: Import your list of products and exception definitions.
Step 5: Raise exceptions as they are identified.
Step 6: Review open exceptions regularly and prioritize as needed.
Step 1 avoids duplicate exceptions and organizes them into the correct category.
Step 2 setups up important deadlines so they can be easily setup.
Step 3 saves you money over more costly solutions that are hard to use. In addition, FINBOA can be setup within a few minutes.
Step 4 setup FINBOA so you can easily and quickly raise exceptions.
Step 5 means you can rest easier knowing that your exceptions have been captured and assigned to the responsible person.
Step 6 keeps your bank compliant and ensures exceptions are addressed in a timely manner.
I hope this article was useful. I look forward to your feedback and questions. You can also reach me at firstname.lastname@example.org.
FINBOA™ is headquartered out of Houston Texas. FINBOA™ helps community banks automate their compliance and regulatory needs. FINBOA™ delivers cloud based solutions that is accessible to both office and mobile users. By building a solution that conforms to both the desktop and mobile devices, FINBOA™ creates significant value for banks through the single platform solution. FINBOA™ is backed by Financial Software Solutions and FSSI, an angel investment company.
About Dheeraj “Raj” Singal
Raj has been writing and managing financial service software applications for banks and money lenders for over 20 years. He as a bachelors and masters in computer science in addition to an MBA. Raj is an expert in creating secure SAAS solutions for financial institutions. Raj works directly with customers to ensure solutions meet their requirements, and uses a “minimum number of clicks” to create and enhance the user experience in his applications.