Article written by Stephanie Onofri
Document Imaging and Document Management are established must-haves in the world of banking. Across the financial services industry, banks and credit unions leverage mature technologies and services for image capture, storage and archival to create efficiencies, lower costs and improve workflows related to processing transactions, database management, and financial approvals. These services and solutions have long been offered by core banking solution providers as well as by independent Enterprise Content Management (ECM) providers.
Despite the prevalence of imaging solutions throughout the bank and credit union industries, most solutions aren’t effective at fulfilling the “Info Now” needs of the modern bank or credit union.
Let’s start by defining what “Info Now” in Financial Services SHOULD look like:
If you’re a fan of the syndicated sitcom, “Seinfeld”, you may recall an episode where the character George Costanza screams out a mantra of “Serenity Now!!!” as he sought to bring peace to his troubled existence. As with any good sitcom, we know that George’s pleadings failed miserably resulting in a hysterical show. In a way, “Info Now!!!” is quite similar, as we consider the myriad of bank and credit union customers we have come across who are often left begging for information that simply will not arrive – either because it’s lost, misfiled, inaccurate or just plain difficult to get to.
We coined “Info Now” to represent the combined business requirements and performance goals which, when achieved, empower bankers to have timely and secure access to accurate and complete data and documents. And access which is convenient and intuitive for bankers; using any device from anywhere inside or outside the enterprise.
5 Steps towards Attaining “Info Now”
- Optimizing Policies & Procedures: Having effective processes is the lynch-pin for a successful document management practice at any institution. Make sure you are developing and documenting your Document Management and Workflow Management operations, based upon current regulations and industry best-practices.
- Supporting Growth Through Mergers and Acquisitions: Mergers and acquisitions (M&A) can place a strain on banks and credit unions whose Operations and IT departments are often faced with complex projects, tight timelines and expectant stakeholders. Align yourself with the right partner that can streamline your conversion projects, with an emphasis on migrating legacy image files and archives, as well as core data conversions.
- Simplifying the Imaging Process: The process of scanning and indexing account files, captured items and supporting records happens each and every day in our industry. Unfortunately, the results that we occasionally see in the field can be less than ideal – resulting in missing document images, incorrect index values, poor search outcomes, high staff costs (if performed in-house) or poor turnaround times (if performed offsite by a vendor).
- Making Info Accessible Now: Bankers who provide services to customers/members expect the information that they need to be available when they need it. We help bankers achieve this step by delivering access to info, documents and data from a reliable and secure ECM solution that can be integrated with their core banking systems, their teller automation systems and other applications that they are typically working in. This all-important access extends to the on-the-go banker who may use a laptop, iPad, iPhone or other mobile device.
- Redefining Workflow Automation: The automation of antiquated or less-than-optimal procedures happens frequently in the banking world. Bankers are busy with daily business operations and often cannot find time to address workflow and process topics, despite the apparent need for it. Evaluate your operations, and workflows- aligning the right tools and the right people can ultimately improve a financial institution’s bottom-line.
Getting Started
Help your financial institution get on the path towards Info Now. Whether you have already started a process on your own, recently implemented a new tool, set of services or are working with a new vendor, you should still download our financial case study below!
