What are the advantages of an automated tickler system?

An automated tickler system is a popular software designed to work as a reminder system for users. It is mostly used by lawyers to keep track of certain dates and deadlines and also by bank employees to keep the lifecycle of both commercial and consumer loans. As the inspection by the auditors and loan growth increase, it has become hard to keep manual track of the loan file documents. Thus, many institutions have started implementing automated tickler systems. Here are some major advantages of having an automated tickler system in an institution.

Top 3 benefits of an automated tickler system

• Automated exception letters:

Most automated tickler software comes with an automated exception letter feature. This feature enables a user to automatically generate a letter to be sent to a respective customer within the expiration of the due date mentioned. This feature automates a once manual and time-comprehensive process. This feature comes in handy for people who are unable to keep track of their activities.

• File documentation exception tracking:

The users can automatically get alert messages of expiring documents that are required to be viewed and worked on in due time.

For example, assume a specific commercial loan borrower’s tax returns or personal financial statements are coming to the due date, and in such a situation monitoring the borrower’s ongoing ability to repay the loan is very important. Upon expiration of the customer’s due date, the loan officer will get an alert message to contact the customer.

• Management exception:

In any loan file document management, accountability is a key factor. Such accountability is not only limited to any other third parties or commercial borrowers to provide the related documents, but it also extends to the loan officer in charge.

The loan documentation exceptions should be addressed appropriately and timely, and the management should regularly review the loan documentation exception reports. An automated tickler system will allow the user institution to generate reports that are detailed by the loan officer in charge. Moreover, this software allows one to view and manage those reports consolidated in a single view screen.

Overall, automated ticker software can give you many benefits like increased efficiency, improved overall customer experience, and provides a streamlined process in an effective way. Likely, you can choose a professional service provider to get the benefits of exception tracking or tickler tracking. Along with this, you can also consider collateral planning software that can help to boost business.