Why Financial Institutions Need GPS Tracking

With difficult economic conditions still at the forefront of most consumers’ financial existence it is harder for lending institutions to justify giving out loans. Credit scores are lower than they have been in a long time which means that it is difficult for buyers to get good rates and keep their payments low. This means that any new loans are an added stress on most home budgets.

It is important that financial institutions that specialize in consumer loans take extra precautions to insure their loans. One of the ways that this can be done is with the use of GPS Tracking devices in vehicles and other large moveable objects.

Protect Loans

The primary reason for using GPS Tracking devices in this manner is to be able to protect their risk in the loan process. With loan defaults at a high level and jobs easily lost, lenders can find themselves on the losing end of a default situation where a customer skips out on payments and then hides the asset in an attempt to keep using it.

Extra Layer of Protection

With GPS Tracking, lenders can track, for instance, a vehicle that is financed through their organization. High risk customers can be monitored via a device called a Smart Tracker. These units are not activated and put into use until there the customer defaults on the loan. Then, if the asset is hidden, it can be found via activation of the device.

Win-Win

The lending institution is able to keep a close watch on assets that are financed should there be a problem. Customers are aided by being held accountable. Using tracking devices in this way allows lenders to make sure that large sums of money are not lost because of risky loans. Recovery and sale of those assets is an important part of the process to help mitigate losses.

The time is right for GPS Tracking to be implemented by lenders. The way to make it happen is to incorporate these into the appropriate loan settings. It is well worth the investment of time and money.

Records Management Tips For Financial Institutions

Financial institutions have a unique set of challenges when it comes to managing customer data. In addition to organizational requirements, records for account holders are subject to a broad range of complex state, local, and federal regulations that govern their use. With the addition of privacy legislations, storage constraints, and costly litigation, financial institutions have a lot at stake. It’s imperative that they implement a comprehensive financial records management solution to protect their interests and prevent a customer data breach.

How Financial Institutions Benefit from Records Management

A reputable records management company can help your financial institution manage electronic and physical records from cradle to grave. From moving to storage to destruction, you want to ensure your solution uses innovative technologies and best practices designed specifically for institutions in the financial industry. The right plan helps you:

• Maintain and consolidate all client account records
• Exceed all IRS, state tax commission, and local tax authority requirements
• Improve employee productivity, increase efficiency, and make bank departments more accountable
• Establish records retention schedules for all paper and electronic documents-including the development of a classification system that helps quickly identify where financial records fall in the retention schedule
• Improve workflow and ensure 100 percent compliance with all transaction processes and records
• Track required certifications and training records for state, federal, or local compliance laws
• Easily manage deposit, withdrawal, and loan records
• Reduce the liability risks of transferring physical documents between two branches
• Increase the speed of credit and loan decisions by giving bank managers quick access to records and client information

How to Evaluate a Reliable Records Solution

A records management system must be as comprehensive as it is nimble to adapt to the changing demands of the financial services industry. From staying up-to-date with compliance requirements to making records retrieval fast and easy, your financial institution needs to be able to rely on a solution that consistently meets all of your needs. Since not all records systems are created the same, look for quality indicators such as:

• Consolidation: Physical and electronic records should be easily managed in a single, user-friendly system. A records management company can consolidate all of your paper and electronic records into one system for faster access and better efficiency.
• Customization: While consolidation into one system is important, remember that there’s no such thing as a one-size-fits-all records solution. You only want to work with a management company that truly understands your needs and goals, and then designs a solution that is tailored for your business. Scalability is also important so your records management system can easily grow with you.
• Security: A reputable records management company strives to reduce the amount of liability your financial institution takes on at every turn. From conducting employee background checks to providing offsite storage, you should be able to depend on the records company to secure all physical and electronic records at every step of the process.

A breach of customer records can cripple a financial institution overnight. If you don’t have the right systems in place, you’re bound to become another statistic. If your financial institution has been searching for a secure and compliant records system, look no further than Admiral Records Management. Admiral offers customized solutions designed to better manage financial records throughout their life cycle. From creation to archiving to secure disposal, Admiral provides your institution with the records services you need to thrive.

Business Process Management Software – Provides the Mainstay for Several Financial Institutions

The concept of business process has lived for many years, but it was not until the 1990s that it manifested itself in its true expression called Business process management software, to take the markets by storm. The software enjoys wide application across the four corners of the world, not only for its tracking techniques, but also for improving their quality and efficiency. This software provides the mainstay for several financial institutions in their daily organization of events. Here we are trying to understand the very basics of the software and the benefits they earn for the Financial Institutions.

Tracking

The Business process management software provides Financial Institutions with a technology driven platform from where they can assess the processes and their efficiency quotients. Financial Institutions apply billing program to track the innumerable processes in a daily operation. If, for example, you consider an application made to a bank branch for a card, someone has to punch this information into the software program. The program will now track the particular employee accessing the data and the specific targeted information, before passing it on to the next step in the process flow, thereby ensuring you vet all tasks through the system, document and monitor them thoroughly.

Reporting

The profound ability of tracking each sub-task within a single process facilitates the Financial Institutions to review the real contribution of these to the task in totality, and study the areas that need improvement. The software has the useful facility for advance reporting, which helps managers to identify the successful processes and simultaneously locate the bottlenecks that slow down other processes. For the financial institutions, accurate reporting of information such as the normal time for scrutinizing a simple account or details of manual processes that take time, are very useful inputs for their continuous improvement and automation program.

Improvement/Automation

Today, automation plays a great part in the progress and improvement of the activities of any organization. After their assessment of the processes that require fine-tuning, the organizations now turn to automation to foster the culture of fast and unswerving decisions universally across the organization, improving the steadfast quality of its decisions and enhancing adherence to lending regulations that do not encourage a biased credit policy. Automation serves the financial institutions in a dual capacity; the consumer has easy access to the financial products when and where they want it, and secondly, it considerably reduces the overheads.

The creative billing program restructures your improvements and the quick elimination of inefficient operations saves you considerable time and investment. The Business process management software plays its part in raising levels of efficiency of the financial institutions by factoring in precise reporting and improvement and going for automation for enhancing their efficiency levels.