How the Right Treasury Management System Can Boost Your Title Agency's Productivity

Having worked in banking for over 30 years, I've learned that treasury management systems are way more complicated than they need to be. Especially in the title insurance industry, poorly designed technology can really take a toll on operational efficiency and overall effectiveness.

At Luminate Bank, we’ve worked hard to understand the pain points that title companies and their banking administrators experience within treasury management systems. After hundreds of conversations, we've learned that a painful user experience is often the result of a system built poorly, causing the following impacts:

• Basic tasks feel like a burden because outdated security measures require extra, unnecessary steps;
• Manual errors are common because title software and treasury management systems (TMS) are not integrated;
• Important priorities are missed because the TMS is confusing and not easy for the closer to use.

In today's world, a treasury management system doesn't need to be so complicated. If you have access to a tech stack that streamlines and optimizes processes, you can expect your title agency’s workflow to be more efficient and productive.

If you’re looking for a new treasury management system to better support your agents’ productivity, here’s what I’d recommend you prioritize with a TMS:

Secure, yet efficient software that protects your business operations without impacting agent productivity. 

Many banks require callbacks for wire confirmation, forcing closers to wait at the bank’s convenience. This places an unnecessary burden on title companies, slowing down closer efficiency and causing unnecessary delays.

Look for a treasury management system that prioritizes efficiency without compromising on security. For example, Luminate’s system relies on uniquely serialized tokens to determine what users can access and the actions they can perform in their account—and what they can’t.

Interestingly, we found that this approach enhances security while eliminating the need for banking admins to navigate outdated security measures before they can move forward with their tasks.

It is possible to have both efficient and secure software. Ask your banking representatives about what security measures are in place within their treasury management systems and how they enhance, rather than inhibit, productivity.

Direct integration with title production software to reduce the likelihood of manual errors. 

Many TMS are not integrated with title production software, forcing closers to constantly switch between platforms to complete their work. This friction results in unnecessary manual errors that could be avoided with better integration.

A TMS that is directly integrated with title software allows agents to operate seamlessly within their familiar environment, simplifying tasks like sending wires and drafting checks.

This not only streamlines processes for closers but also decreases the likelihood of errors by eliminating the manual entry of account numbers or beneficiaries.

Ask your banking representative whether their TMS directly integrates with title production software and what your team can expect from this integration.

A user-friendly platform with optimized workflows to boost your agency’s efficiency. 

Many TMS lack user-friendly interfaces, making it difficult for closers to perform basic tasks. Unfortunately, complicated systems not only slow down a title agency’s productivity but also divert valuable attention from the more crucial aspects of their operation.

Ask your banking representative to give you a thorough demonstration of their TMS—and invite a few closers to sit in on the demonstration. Pay close attention to its usability as that will have a direct impact on your agency’s productivity.

We’ve provided a way to streamline internal account transfers and allow for multiple transfers in a single operation—saving closers several minutes on each transaction.

Without it, the process becomes cumbersome and time-consuming, forcing closers to perform one transfer at a time and ultimately impeding their productivity.

At Luminate Bank, we strive to better understand the pain points of our customers and build a more secure, yet efficient treasury management system.

If you own or handle banking functions for a title company, I’d love to hear your thoughts about what you like or dislike about your current TMS. Drop a note in the comments below or shoot me a private message!

You can also learn more about our tech stack at luminate.bank/treasury-management.