Bank on Wipfli - Blog and Podcast


I Need to Listen to My Own Words

Feb 15, 2017
Financial Institutions

I recently went to lunch with a coworker, and she paid for her meal using her debit card. When we sat down at our table, she pulled out her cell phone, and when I asked what she was doing, she explained she was recording the purchase using an app on her cell phone. Hmmm…I am still using a checkbook register to record my debit card purchases. I’m the one who tells our clients how much the phrase, “I’ve always done it that way,” bothers me. And here I am still recording my checks and deposits and reconciling my monthly statements to my checkbook register because I’ve always done it that way!

Some of you may snicker, but we still find financial institutions that record loan payments on the note, log IRA transactions on manual ledgers, and continue to issue savings passbooks and record transactions in them. While these may be more extreme examples, we come upon so many manual processes that continue to occur rather than using the technology we have available from our core processing systems or ancillary software because we’ve always done it that way. Some other examples may be manual reconciliation of your correspondent bank accounts, official check reconciliations, prepaids and accruals that are manually logged, and the quarterly call reports. You recently finished preparing your year-end call report; we find a client’s existing technology can oftentimes be used to further automate that process. Since all financial institutions are preparing this report, canned reports are typically available.

What manual lists do we continue to maintain rather than using electronic reports that are already available from our core processor or that we could generate using the report writer?

I have disclosed my antiquated process that I continue to perform because I’ve always done it that way…what processes continue to be performed in your financial institution that could be automated? We would like to work with your employees to discover and update your processes to make your financial institution more efficient. Contact your relationship executive or visit our website for more information.


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