Document Retention in ODP Manager

As part of the daily use of the hosted ODP Manager software, users may generate or review documents such as letters or reports. ODP Manager includes features that make it easier for these documents to be retained for future reference.

Each time a user generates a letter, a PDF of the letter is saved and linked to the account’s event history. This makes it easy for letters to be retrieved by customer account or by date and letter type.

The ODP Manager solution allows you to export and save your institution’s reports as Excel or PDF files. The most up-to-date information is always viewable under the Reports section. Users are also able to access reports from the most recent seven As of Dates.

If past reports are retained for additional analysis, there is an alternative to manually exporting and saving copies of reports. If requested, Strunk can set up a Report Archive that includes any of the reports available in ODP Manager. The requested reports will be automatically archived after each import.

Once the Report Archive has been created, PDF files are automatically saved within ODP Manager after each import of the daily extract file. Archived reports are organized by As of Date and retrieved from the Archived Reports section. If your institution would rather download the reports from the archive to save to a network drive instead, a Download Archives link can be set up as an alternative.

Let the document retention features in ODP Manager streamline your ODP letters and report retention! Please contact Strunk Support at support@strunkaccess.com with any questions or to find out more about using these features.

Bankers: How can help your Small Business Customers Increase Sales?

Many small businesses would like to do more business with their community bank to help their customers finance large purchases. Unfortunately, digital lending programs from the Fintech’s have made bank’s lending products for customers of your small businesses a secondary choice.

Companies like GreenSky (now owned by Goldman Sachs) and CareCredit are providing a source of financing for consumers that purchase services from your small business customers. Take the HVAC or home improvement customer and see where their customer’s are getting financing. How about the local dentist or vet when a consumer has an unexpected emergency that makes it difficult to pay for those services out of pocket?

Using your bank’s underwriting criteria you now have an answer to the question with Quilo…quick installment loan. Quilo is a digital lending platform (personal computer or smart phone) that provides instant access to funds from your bank. It takes about 20 seconds once the consumer applies for the loan to have the funds ready for your small business customer to get paid.

It is simple and easy to manage and the interest rate is about half what credit card rates would be. Furthermore, your small business customer gets 100% of the sales price, not a discount like they receive now when providing financing via the Fintech’s to pay for the purchase. Industry experts say that all small businesses will have a buy now pay over time solution by the end of 2023. Quilo will allow your bank to compete in this space and help increase sales for your small businesses.

To see how Quilo will work for your bank contact Strunk at info@strunkaccess.com for a 45 minute web demo.

Monitor Fresh Start Loan Repayment Schedules using ODP Manager

After the daily import of information in the extract file from your core processor, the Letters, Reports, and Account Inquiry sections of ODP Manager are updated. In addition to this updated information, the hosted software also allows you to add additional information about repayment plans manually to facilitate monitoring of account’s Fresh Start Loan payments.

If you choose to use the Fresh Start Loan repayment plan feature, after completing your Fresh Start Repayment Plan assessment and approval process, you can enter the repayment schedule information directly in ODP Manager. The data in this schedule can be used to fill in your Fresh Start Loan agreement and will make it easier to generate the document to be signed by your customer.

Once the repayment schedule has been created, Strunk’s Reminder feature will create reminders for each payment. Your Strunk software users will be able to monitor each day whether any FSL payments are due and can then check your core system to see if the payments have been made as agreed. After verifying that a payment was received, your users will track the payment date and amount in the ODP Manager software. The repayment schedule is then updated to show the payments made and the outstanding balance on the Fresh Start Loan.

Repayment plans can be viewed not only for each account, but also on a summary list that can be exported to PDF or Excel for reporting purposes. The repayment plan tracking feature in ODP Manager can help your users streamline Repayment Plan Agreement generation, Fresh Start Loan payment tracking, and repayment plan reporting.

Please contact Strunk Support at support@strunkaccess.com with any questions or to find out more about using this feature.

Strunk at the 2022 IBA, NBA, OBA & WBA Annual Convention

Strunk was pleased to attend the 2022 Idaho Bankers Association, Nevada Bankers Association, Oregon Bankers Association & Washington Bankers Association Annual Convention celebrating everyday heroes at the beautiful Coeur d’Alene Resort in Coeur d’Alene, Idaho July 11-13. These four state associations joined forces to put on what was an exciting and informative event, set in the most idyllic of locations.

In addition to the many engaging sessions presented by the association, attendees were able to enjoy activities at the resort which included a golf outing on Coeur d’Alene’s famous course with a floating green. Strunk team members enjoyed catching up with familiar faces and meeting many new ones. The highlight of the week was certainly the boat ride across the Coeur d’Alene lake to attend dinner as a group on the final evening.

Strunk introduced Quilo to this audience for the first time. Quilo is an all-digital loan and payment platform for community banks to offer POS financing direct to their account holders. Additionally, there is a merchant component of the program that allows banks to provide Quilo to their merchant customers as an additional revenue stream.

Customers will experience stress-free, instant access to funds via the digital experience online and on mobile devices, while banks will enjoy an ROA up to 5%. Bankers were excited to learn about this new program that is truly a win-win for account holders and bankers alike.

For more information on Quilo, visit https://strunkaccess.com/landing-pages/quilo/.

How can vendor risk tiering improve vendor risk management?

Understanding which providers represent the greatest “threat criticality” is an essential feature of any effective vendor risk management program, which is necessary to reduce risk and preserve business continuity. Vendor tiering allows for the implementation of this rating system that classifies vendors and doing so also imposes tighter security requirements on them.

You may improve your vendor risk management program, increase security, and build a more resilient business with the aid of vendor tiering. Vendor risk tiering improves vendor security and compliance. It makes it possible for your vendor management team to identify the vendors that offer the most risk and devote more time and effort to enhancing compliance. This enables them to streamline vendor risk management and concentrate on the areas that need the most attention, all the while making sure that any vendors you engage with adhere to the controls that need to be put in place.

Vendor risk tiering will also improve the onboarding process by incorporating vendor risk management in the onboarding process. Vendor risk tiering is essential for achieving your goals because it gives organizational structure and makes it simpler to evaluate vendors and guarantees that an efficient vendor risk management is in place.

 

Installment Lending Made Easy for Banks

How easy is it for your customers to get an unsecured loan from your bank using your underwriting criteria? Many banks provide an online application form for consumers to fill out that can be four to six pages long. Then someone at the bank reviews the data, pulls a credit bureau report, and decides whether or not the loan will be made and on what terms. This process is cumbersome, inefficient, and very costly. So costly that many banks don’t even make loans for less than $2,000.

Industry reports show that 75% of consumers want to borrow money between 5:00 pm and 9:00 am each day…when your bank is closed. So how can the underwriting, funding, collection and reporting process be automated to make these loans profitably when consumers want the money?

Bring on Quilo…Quick Installment Loans. Quilo is a lending tool that allows your bank to make instant installment loans easily and profitably right from your website. The turnkey solution is easy to implement, monitor, and it will generate new customers as well. When was the last time you had a lending solution that provided a huge competitive advantage over your competition? How about Quilo for small businesses as well?

To see how Quilo will work for your bank contact Strunk at info@strunkaccess.com or 816-225-8793 for a 45 minute web demo.

Don’t Take Your Eye off of your Overdraft Program

With all that is going on in our world, it is more important than ever before for the community financial institution to stay focused on the overdraft programs they offer. Account holders that utilize these programs and follow the guidelines properly should not fear that they will lose access to a valuable benefit of their checking account. There are several things that should be considered when administering an overdraft program.

Strunk’s ODP Manager offers helpful information that your organization can use to properly run a successful program. The Status Tracking report has information on the annual dollar amount of overdraft fees charged per active checking account and the annual amount of NSF fees charged per active checking account. Your organization is able to separate out OD fees from NSF fees through the daily file that is uploaded into the software. The program is also able to track waives and refunds so that your organization may track fees charged versus fees received. This would also help to capture the total annual dollar amount consumers receive in overdraft coverage compared to the amount of fees charged.

Strunk Heavy OD Users report will illustrate the prevalence of frequent users of overdraft. The Utilization Analysis and Opt-In Impact reports show the share of active checking accounts that are opted into overdraft programs for ATM and one-time debit transactions and those that have limits on their accounts.

Please contact Strunk at support@strunkaccess.com to see how ODP Manager might assist your organization in running a more effective and efficient overdraft program.

 

How Can Strunk’s Vendor Manager software help you understand which vendors receive customer data and what type of data they receiv

Vendor Management has been a concerning issue for financial institutions for some time.  Regulatory agencies such as the Federal Trade Commission, the Office of Foreign Assets Control, and the Federal Financial Institutions Examination Council are scrutinizing how financial institutions (FIs) manage their outsourced vendors.

The Federal Deposit Insurance Corporation (FDIC) has declared that an institution can “outsource a service, but not the duty,” implying that financial institutions have the responsibility for compliance.  Because of this, it makes proper vendor management a critical duty for financial institutions, which must hold vendors to certain requirements.  It is important to understand which vendors that you engage with will have access to your customers data and what type of data will they have access to.

Risk is always present, recognizing and controlling the hazards associated with the vendor with whom a financial institution does business necessitates regular monitoring and review.  Strunk has created an area to capture what type of data that each one of your vendors collect.  Strunk’s Vendor Manager software also helps you mitigate your exposure by capturing the threat, likelihood of the threat, risk, and what control does the vendor have for that risk.  Monitoring these areas effectively will help prevent from operational disruptions, reputational loss, matters requiring attention, consent orders, litigations, and fines.

Automatic Uploads to ODP Manager

ODP Manager depends on updated information from an extract file created by your core processor. This daily file is imported and updates the hosted ODP Manager software so that letters can be generated, and reports reviewed. Each user of the software can manually import this extract file by selecting the file to upload and committing the account data. In addition to this option, Strunk also allows institutions to set up an automatic upload process.

If your institution has the core extract file set up to generate automatically, you may be eligible to use the Automatic Upload. In addition to your extract file generating each day automatically to a specific location, there is a one-time setup process. During setup, a client that performs the upload will be installed and the user and file variables specific to your institution will be configured. Then a scheduled task will be created to initiate the import process after the extract file is updated and before your users go to work.

Your users will still retain the ability to manually import the daily data file if the scheduled process does not run as expected. Once the import has completed, the Automatic Upload process will send an email to your users – alerts can be sent to specific individuals or to a specified group email address.

Making this change should make your file import process more efficient. Get ready to benefit from immediate access to the updated ODP Manager information as soon as your users start their day. Please contact Strunk Support at support@strunkaccess.com with any questions or to find out more about using this feature.

Quick Installment Loans

Does your bank receive small dollar loan requests from time to time and you have to pass on them due to the unprofitable nature of making them? Do your customers have to fill out a 3-4 page loan application form online or at your bank for an unsecured debt consolidation loan, a home improvement loan, or a loan for a vacation? Do you manually pull the credit bureau report, review the report and application, and then decide whether or not to loan your customer the money?

Quilo does this for you all inside a smartphone app. With basic information like name, address, DOB, and social security number, the Quilo solution does a soft pull of the customer’s credit bureau report, decides whether to make the loan, at what interest rate, and for how much all in a matter of a few seconds. Quilo accommodates non-customers as well. The consumer just takes a picture of their driver’s license and a selfie and the app ensures the Patriot Act and KYC is covered before deciding to make the loan.

Millennials and Gen Z’s are already using this technology, just not with your bank. After a small set up fee the solution is paid for by the consumer when borrowing. No monthly minimums to worry about. Quilo for your small business customers is a tremendous new way to help them make sales to consumers.

To see how Quilo can be a huge competitive advantage for your bank contact Strunk at info@strunkaccess.com for a 45 minute web demo.