Banks and Credit Unions have many documents that need to be retained for personal lines and loans and credit cards. Without proper retention and documentation, customer service suffers. Banks must maintain lending agreements and ensure that proper documentation is kept and recorded for each credit application received. It is not enough to simply keep the credit agreements, banks can be fined for non-compliance in the application process. From Reg Z to HOEPA to TILA, maintaining complete documentation and fast access is essential. eFileCabinet provides the best solution for securing documents while maintaining easy order and retrieval of documents. EFileCabinet provides role based security so that employees can access documents based on a job function need to know basis. Role based access and function can be assigned in mass according to job title or on a granular basis. Complete audit logs make auditing and monitoring of all activity within eFileCabinet transparent. Encryption at 256bit Encryption keeps your data secure at all times.
Due to all the laws and regulations regarding ‘protected information,’ we were being overrun with paperwork, and physical storage space was becoming a real issue. Also, new laws require a more secure and paperless method of keeping PI documents so we needed to look for options that meet requirements of industry. Being a small business, our resources are much more limited than the larger healthcare providers and many of the options were too far out of our price range to be viable. Our IT consultant recommended eFileCabinet and worked to make sure that it could be adapted for our industry. The most fantastic part of eFileCabinet so far is getting rid of all the hard copies of documents and thus clearing out tons of stuff that has taken up so much physical space! Secondly, since eFileCabinet is already in compliance with federal and state guidelines for storing protected information, I did not have to create our own separate procedures for this. The documentation that eFileCabinet provides in terms of compliance was greatly helpful! We are now able to scan our documents into the system in a very timely manner and provide customers with a much more efficient turn-around time for the data summary.
We have probably scanned in more than 10,000 pages so you can imagine the physical space all those docs were taking up! I think the biggest economic impact for us will be in maintaining current customers and attracting new customers because we are in total compliance with all new laws and regulations.
eFileCabinet Helps Banks and Credit Unions Manage:
Customer Identifying Information
Consumer Loan Agreements
Deeds of Trust
Home Equity Agreements and Disclosure Statements
Agreements to Provide Insurance
Dealer Request Letters
Truth in Lending Statements
Right of Rescission Declarations
and more . . .