Banks are kind of like hospitals in that we just give them our most important assets and sensitive information for them to do with as they please. People want to be reasonably sure their doctor isn’t actually a homeless man in a lab coat injecting them with his latest experimental hallucinogenic just like they want to know their banker isn’t throwing toga parties where the togas are made of their money. Given the amount of trust that this requires from pretty much the entire population, the way people view the healthcare and financial services industries weighs particularly heavily. In the midst of the economic situations of the past several years, the public opinion of financial institutions could benefit from some good PR.
This feat of external communication should start with a strong internal foundation of business collaboration that eventually leads to increased transparency and good decision making. Effectively and efficiently working together across an organization can be a major challenge, especially if employees are in many different locations and your process rely heavily on paper. It’s hard to justify those kinds of processes when we have technology available to us that allows us to approve documents electronically faster than the printer can even spit them out, and that’s why many organizations are turning to Enterprise Content Management to streamline their processes.
ECM is a robust software solution that provides a combination of document management and automated workflow tools such as electronic forms processing and document routing. ECM creates an online digital content library for all your organization’s information, making it immediately accessible to anyone regardless of location. Every time information is updated, the files in your ECM solution will reflect that, giving everyone the same version of important documents and making it easier for employees to work together remotely. This document workflow management keeps employees well-informed and aware of the progress of their processes, and when they know what’s going on, they can effectively relay that information to customers.
When banks can keep their customers in the know, no one is left wondering what’s going on, and that breeds trust and confidence in the place where people are storing their money. ECM process automation and document management increases the flow of information and fills holes in communication to not only improve business process and reduce costs, but also to increase transparency into process to the benefit of both customers and employees.
To learn more about using ECM in financial service, download our Ultimate Guide to ECM below.
