Documents Used in Banks

5 Types of Business Documents A company uses documents to communicate, transact business and analyze its productivity. Since documents provide proof of an organization’s dealings and may be referred to for years to come, it is important that they be well written. Business documents range from brief email messages to complex legal agreements. Some documents are prepared by employees and business owners, while others are drafted by professionals from outside of the company, such as accountants and lawyers.

Emails and Memorandums Co-workers typically use email to convey information to each other. Before email became prevalent, memorandums were used for intraoffice messages. Memos are still used in situations where a message is meant to accompany a specific file and in cases that require more privacy than an email. Both a memo and an email identify the sender and recipient and contain a subject line. The text is formatted in one or more paragraphs.

Letters Business letters are used to communicate with individuals outside of the office. Recipients may include customers, colleagues in other businesses, service providers, professionals who advise the business, government officials and job applicants. A business letter is usually formatted in block style, in which all of the elements of the letter, except the letterhead, are aligned with the left margin. It can be emailed or delivered by mail. If a letter is sent in the text of an email, the sender includes his name, job title and contact information at the bottom of the email.

Reports Business reports convey information in a format that is more formal and usually longer than a letter. Reports cover a variety of topics, such as safety compliance, sales figures, financial data, feasibility studies and marketing plans. They may include statistics, charts, graphs, images, case studies and survey results. Some reports are published for the benefit of investors. If a report is periodic, such as a monthly sales report, a template is used for convenience and to enable comparison with previous reports.

Transactional Documents A company uses documents to transact business with its clients. To save time, these documents may be formatted as a form, such as an order form, transmittal page, invoice or receipt. The types of transactional documents used vary somewhat by the nature of a business. An insurance agent, for example, generates insurance applications and policies, while a lender uses loan applications and mortgage documents. In some fields, businesses enter into agreements and contracts with others; these documents might be drafted by the company’s lawyer.

Financial Documents A business uses financial documents to stay within its budget, prepare budget proposals and file tax returns. These documents include receipt records, payroll reports, paid bills, bank statements, income statements, balance sheets and tax reporting forms. These documents may be prepared by the company’s accountant. A business owner uses these documents to determine the financial success of the company and to identify areas that are unproductive. A department head might use financial documents to prepare a budget proposal. ViciDocs Enterprise Document Management System is a comprehensive multi-user Document

management and workflow automation solution and this will be extremely useful in Banks and Financial Institutions by helping them store, organize, index and retrieve various types of documents they deal with in their day-to-day work. Apart from meeting these generic DMS requirements of the Bank like correspondence, Board Minutes etc., ViciDocs Enterprise can be used in the following specific areas in a typical Banking organization. I. Circular Management

Banks need to publish and distribute a large number of circulars from sources like Reserve Bank of India; their own legal and HR departments etc. Most banks in India do it through hardcopy using postal mail. Given the huge number of branches, this implies substantial expenditure on dispatch, courier etc. Also users are deluged by the paper and will not be able to retrieve information easily. The Statute requires that banks retain the Circulars for at least 3 years. The main problem here is that of Categorization of circulars based on Subjects, Departments, and the Linkage of Circulars. In the absence of a proper storage system and classification, the time required to retrieve the document is very great and depends on Human intervention. Issues in traditional circular management Banks and Financial Institutions receive many circulars - both from external bodies like the Central Bank (like the Reserve Bank of India) and from internal departments. These circulars concern various operational areas like deposit accounts, credit policies, regulatory policies etc. and usually need to be distributed across all the branches and offices of the institution. Traditionally these circulars are distributed through post or courier, which has severe deficiencies:  

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Once the branch receives the circulars there too lot of manual effort is required to file the circulars and retrieve them. Retrieval is very difficult for users as for each topic they have to manually search through the documents. Also without circulars on same topic linked together, users face lot of problems as they have to manually go from one circular to another. Also without circulars on same topic linked together, users face lot of problems as they have to manually go from one circular to another. There is a possibility of the paper documents being damaged in transit or being lost entirely.

How ViciDocs can be used ViciDocs is ideal for such situations. Leveraging its rich features the following methodology can be adopted 

The circulars can be scanned into digital files which can be: o Hosted on a webserver accessible over intranet/internet. o Distributed in CDs with the content fully searchable.

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The scanning process is automated to a large extent with use of barcode for routing documents to the correct folder, automated creation of multipage image files etc. ViciDocs gives an interface to link multiple documents together so users can view documents related to each other. PDF files can be created out of scanned image files or WORD/EXCEL/HTML documents etc. for users to view richly formatted documents.

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Facilities to take backup etc. easily are provided.

ViciDocs is thus a great boon in this situation allowing the creation of a secure and searchable repository, which can be accessed through browsers over LAN/WAN. If the branches are not connected through a network, the relevant set of documents and index can be archived on a CD, which can be distributed allowing users to easily search for documents. A Facility of Integration of Regular circulars getting interfaced with the repository will make the system current and Dynamic. II. Business Credit Workflow

Various clients apply to a Bank's credit department for either new loans or to increase their Credit Limit. The processing of these applications can take days if done manually. ViciDocs can be implemented to automate the business process workflow for speedy online processing of these applications. All transactions related to these applications are entered into the Business Credit Approval Workflow and move from one person to another for approval. During the approval process the workflow activates a pre-designated path for the movement of the application to only specified people with security on annotations, notes etc. made by senior officers. The Current status of the Loan and disbursals can be monitored from the Head Office and the Categorization of loans will help Banks in Limiting the Disbursals in respective Limits and Guidelines of the Lead Bank.

III. Integration with banking application for customer relationship management

Banking applications typically contain a form which queries their database for Loan Account Number of certain customer based upon their name, document type and location. The documents related to the customer can be archived in ViciDocs indexed on Loan Account Number & Document Type. From the banking application the Loan Account Number and document type can be passed to ViciDocs, which fetches the image and shows to the user. This helps in faster customer service and higher efficiency of customer support personnel. It also prevents Multiple Loan disbursals to the same Client when Client approaches Banks for Loans from Different Branches. IV. Cheque Processing

Banks in India usually enter both inward and outbound cheques manually at each of the branches. This entry is done for every clearing session (generally two per working day). Manual entry is labor intensive and prone to errors. ViciDocs contains features for recognizing MICR and OCR for printed text with high accuracy so that cheques can be scanned and fields can be recognized automatically. V. Form Processing - Customer forms and signatures

Application forms for credit cards, bank accounts can be scanned using ViciDocs and specific regions like the signatures can be clipped by the system and stored in the database. This enables customer representatives to retrieve them easily and match the signatures. Also specific fields can be recognized using OCR, barcode recognition and thus manual effort can be reduced. VI. Demand draft cancellations and voucher retrieval

This is a very specific application that comes in handy in almost all branches, which issue DDs/Pay Orders. Typically, when any customer wishes to cancel a DD/PO issued by the branch, the branch officer is required to retrieve the physical voucher prepared and filed on the day of the DD/PO issue for comparing the signature of the person. This is a highly cumbersome and time-taking process that affects the productivity of the branch as well as the customer service levels. By having ViciDocs Enterprise DMS archive all the DD/Pay Order vouchers and by indexing them with the DD/PO number and date,

the DD cancellation process can be made extremely quick and efficient.

Conclusion All banking transactions are recorded only if the documentary evidence. Banking documents - is a written order to the client or the responsible officer of the bank to conduct monetary settlement operations or other operations in the bank. By appointment, they are divided into administrative, ie, contain permission to perform operations and executive. Documents received by the Bank from enterprises and institutions, other banks, as well as drawn directly from the bank and provide the necessary information about the nature of the operation, which allows you to check its validity and to carry out banking supervision. Thus, the document is written confirmation of the operation and the basis for its reflection in accounting. The document certifying the deal, called the primary. Based on primary documents can be prepared summary documents. The set of documents used by the bank for accounting and control of the banking documentation. Documents on the contents of the operations are divided into: cash, memorials, and other off-balance sheet cash documents drawn up operations for receiving and paying out cash. They share the revenue and expenditure. For pay-owned ad to make cash on hand, cash order receipt, etc., to the expenditure - cash a check for cash and expendable cash order. The memorial records being used for non-cash transfers in the accounts. This settlement documents provided by the bank customers.

Bibliography http://www.barclays.in/commercial/bus_bkg_docs.htm http://seminarprojects.com/s/collection-of-all-types-of-documents-used-in-the-banks-and-office colleged.info/find-collection-of-all-types-of-documents-used-in-bank-an... seminarprojects.net/t-collection-of-all-types-of-documents-used-in-bank-..