Over the past month or so, I’ve covered a lot of the “why’s” of an Enterprise Content Management solution for financial services, but not so much the “where’s” or “how’s”. If you’re hearing a tiny angelic voice in your head that’s nudging you towards business process improvement (and you’ve already ruled out schizophrenia), you may be starting to wonder what the best ways are to accomplish your efficiency goals with ECM. Sometimes it helps to look off someone’s paper and see what they did that worked. Don’t worry – it’s not considered cheating when your teacher hands you said paper like we’re about to.
So, what are some areas in which ECM has worked in the past that might work for you, too?
This is one of the most common places for a financial services ECM implementation, as it is one of the most paper-intensive processes in the industry. All of the paperwork new customers are required to fill out literally piles up, so it’s no wonder many of our financial services clients make that a large part of their solution. Once this paperwork is scanned into your ECM solution, it is automatically sorted for easy retrieval and routed to the appropriate employees for approval.
Your ECM should have a comprehensive Check 21 solution that will help you lower check processing costs, provide customers with faster and more convenient service, and help you meet all Check 21 requirements. Our Check 21 solutions are easily managed so you can own all of your checking data without having to pay and rely on a third-party’s assistance.
The importance of compliance in financial services is notoriously high, and the industry comes with a rule book that could crush a small child. As a result, audit costs are high and compliance is complicated. Even if your policies are well-defined, executing them effectively can be expensive and time-consuming. ECM eases these processes by automatically notifying designated employees of items that require attention and providing complete audit trails and document histories.
The thing that makes manual Order Processing a pain is the large amount of steps required from start to finish and the lack of transparency into the whole thing. Finding information about an order is slow and difficult when someone has to rifle through the ream of documents under which their desk is slowly and sadly crumbling, but not when it’s at your fingertips in electronic form. After implementing ECM, one of our clients reported a 33% increase in productivity for every processor.
Enterprise content management solutions are flexible enough to work in a lot of different ways – there’s more than just this small list. If you’d like some more information, check out our Ultimate Guide to ECM below!