How to Decrease Costs & Simplify Compliance Across the Financial Enterprise
In many industries, managing paper is a thing of the past. Employees at companies that have long since digitized most of their processes can hardly imagine wasting time digging for records or important documents in rooms filled with filing cabinets or stacked in piles on their desks. Remember interoffice mail? Me neither. But many people do, because it’s still around!
Some organizations, including many banks, credit unions, and financial institutions, still rely on paper to drive processes such as mortgage processing, customer on-boarding, commercial lending, and more. Not only do these paper-based processes drive up costs, but they also present a significant risk. Much of the paperwork that financial institutions manage contains personally identifiable information (PII) that can easily be misplaced or worse, placed in the wrong hands during transport from desk-to-desk or branch-to-branch.
That’s where enterprise content management (ECM) can help.
Reduce Paper, Increase Productivity, Improve Service
No longer do employees have to risk losing or misplacing the important documents and information they need to close loans or set up new accounts. With ECM, your institution immediately captures that data and makes it instantly available to authorized employees with a click, touch, or tap from within the applications they use most often.
No more searching through file cabinets, desks, or storage rooms.
Customer and member service is becoming the driving force in the industry. Financial institutions that are using electronic records to streamline paper processes not only improve their service, they increase their competitiveness — all while improving compliance.
Yet, many financial institutions have not yet made this critical transition.
For those that haven’t, the solution to make managing paper history in your organization is enterprise content management (ECM) software. ECM is an umbrella term for the technologies, strategies, and methods that are used to capture, manage, access, integrate, and store all of an organization’s information. Documents are managed quickly and seamlessly, increasing the speed and accuracy of processing.
Productivity skyrockets. Audits are a piece of cake. And the costs and risk of paper disappear.
Download the E-Book
To learn more about how financial services institutions are leveraging ECM to reduce operating expenses while simplifying compliance, check out the e-book by OnBase by Hyland. OnBase had humble beginnings as a way for a local bank in Wisconsin to reduce paper. Years later, it is one of the foremost ECM technologies in the financial services industry.
“Our mortgage files are huge – at least 100 pages. We knew if we eliminated some of that paper, we could increase the speed of our lending process and improve service to our clients.”
– Denise Merkel, Assistant Vice President of Data & Financial Services
Why should Banks & Credit Unions Adopt ECM Software?
The right ECM product serves as an enterprise-wide platform for financial institutions to better manage documents and data to improve readiness and reporting for compliance audits. With ECM, you can even utilize records management capabilities that save or destroy documentation according to retention schedules that you easily set, helping you take a proactive approach to regulation compliance.
The e-book will show you:
- The six components of a robust ECM solution: Capture, process, access, integrate, measure, store
- How integrating systems allows your systems to communicate
- How you can leverage workflow management to increase visibility and optimize processes
- How to leverage your solution across multiple departments or the entire enterprise
- How to use ECM to decrease costs and simplify compliance
It’s never too late to improve your processes. The first step is a click away.
MTS Software Solutions can tailor this flexible product to meet the specific needs of your organization and industry. Our Professional Services team designs and deploys the solution to best meet your business process while allowing for growth and flexibility – whether you start with just one department or the entire enterprise. We can also help you manage and optimize your existing ECM implementation. Click or tap the button below to read more about how you could be leveraging your ECM, and then contact us to make it happen!Check out the e-Book!