Future-proofing your data infrastructure
There’s much discussion on the current state of banking and how financial institutions will evolve with the rise of FinTech and AI. It’s not enough to simply focus on digital transformation – banks and credit unions need to be building for the future, not just keeping up with today’s technology. One critical component of this is the data infrastructure of the modern bank – you have your core system, but does you have a solid foundation for how your take is ingested, implemented, maintained, and shared?
Here are 5 core pieces that we’ll explore further in this series on building a content services strategy for the future of banking.
Where you are today
In the digital age, banks are tasked with not only managing financial transactions but also delivering seamless, personalized experiences to their clients. To achieve this, an efficient and robust data infrastructure is paramount. At DataBank, we work with Financial Institutions using Hyland OnBase to maximize the platform’s potential and reshape data management strategies to enhance client interactions
Unified Client Experience
In an era where customer-centricity is the driving force of business success, providing a unified client experience is imperative for banks. With a content platform like OnBase, you’re empowered to consolidate client data from disparate sources into a single, centralized repository. This empowers customer service representatives to access a comprehensive view of each client’s financial history and interactions, resulting in more informed and personalized interactions. Whether clients engage through mobile apps, online banking, or in-branch visits, a unified client experience enhances satisfaction and loyalty.
Cloud Hosting for Scalability and Accessibility
The cloud has revolutionized the way businesses manage data. Cloud hosting solutions for OnBase provide banks with scalability, flexibility, and accessibility. With cloud hosting, banks can expand their data infrastructure as their customer base grows, without the need for extensive hardware investments. Furthermore, cloud-hosted solutions enable secure access to data from anywhere, ensuring that bank staff can provide efficient service whether they’re in the office, at home, or on the go.
Content platforms like Hyland OnBase are popular with financial institutions, but often require a heavy investment and significant training and support to work well – a tall order when IT and bank staff are already stretched then. Still, it’s an investment that’s critical to your operations, and there are options and strategies to get the support you need, even in a competitive job market.
Many financial institutions are turning to outsourced system administration for platforms like OnBase. This allows bank employees to focus on more value-added tasks, such as relationship-building and strategic decision-making. By automating data entry, document processing, and compliance checks, banks can reduce errors, minimize operational costs, and optimize resource allocation.
The banking sector involves numerous processes that require accuracy, speed, and compliance. Hyland OnBase’s process automation capabilities enable banks to design and implement workflow solutions tailored to their specific needs. Whether it’s loan approval, account opening, or regulatory compliance, automation ensures consistent execution and reduces manual intervention. This not only accelerates processes but also mitigates the risk of human errors, enhancing overall operational efficiency.
AI-Powered Document Processing
The integration of artificial intelligence (AI) has the potential to revolutionize document processing in the banking sector. AI-powered document processing automates document classification, data extraction, and validation. Through machine learning algorithms, the platform can identify key information within documents and verify its accuracy. The implementation of IDP not only accelerates data entry but also contributes to improved data quality, enhancing decision-making processes and reducing the risk of errors. Oh yeah, and it helps if your OnBase provider can also handle your document processing, too.
What’s next for financial services
As the banking landscape continues to evolve, data infrastructure remains a pivotal component of success. We’re partnering with financial institutions across the US to create a unified client experience and maximize their investment in content services. The result is improved efficiency, enhanced customer satisfaction, and the ability to stay competitive in an ever-changing financial landscape.
Next up: Stacking your OnBase team for success