Benefits of Enterprise Content Management for Financial Institutions

Competition, mergers, and regulation within the financial services industry have led to dramatic changes in the way that banks and credit unions conduct business. Historically, transactions were the main priority of lending institutions. Now, banks, brokers, mortgage companies, and credit unions find themselves responding to constantly changing customer needs. Institutions are likely to concentrate on activities that strengthen the customer relationship.
To be successful in a competitive marketplace, lending institutions require tools that enable them to gain a complete overview of their customer transactions. Organisations with paper-based processes are at a severe disadvantage when it comes to efficiency and productivity. Fortunately, enterprise content management (ECM) software has evolved to serve the needs of banking and finance organisations in their efforts to optimise customer service, address regulatory responsibilities, and improve accessibility to information. Here are some of the benefits of Enterprise content management for banks.

1. Eliminate Loan Processing Bottlenecks
* Capture new client data in electronic forms that can be digitally routed through origination, closing and funding.
* Use document versioning to ensure that loan officers, branch managers and underwriters are working with the most accurate loan documents.
* Reduce manual data entry by automatically pulling information from existing databases, records and forms.

2. Improve Back-Office Productivity
* Centralise customer records and make information available to all authorised branch employees on demand.
* Retrieve documents instantly based on loan number, CIF number, SSN, EID or document type.
* Eliminate time wasted tracking down physical documents.

3. Create More Responsive Client Service
* Enable simultaneous access to documents to allow customer service reps to efficiently answer customer questions.
* Create workflows that automate suitability approval and exception handling.
* Create online portals where customers can securely access and submit forms and review agreements and supporting documents.

4. Reduce The Cost and Complexity of Compliance
* Provide auditors with instant digital access to records.
* Reduce the cost of storing and transferring paper records.
* Automate document retention to eliminate lost documents and associated fines.
* Constantly monitor document access and retrieval to maintain the highest standards of security.


For more information on Enterprise Content Management Solution ECM, Electronic Document Management Solutions, Business Process Management Solutions call Julius/Fidelis on 08020619478/08062539412 or Visit www.tecres.com.ng

Starter Guide Tips On Document Management

Have you ever stopped to consider how much time you spend looking for a particular document? Could your file-managing habits be one of the reasons you are not productive? Do you think your filing habit needs improvements?

If you work on a computer every other day, it is very easy to drown in a pool of digital formats. You create presentations, write essays, analyse spreadsheets and edit images and at one point all these gets stored and saved. This goes a long way to prove that document management is behind almost everything we do electronically.  We have an understanding that document management can be one of the most tedious and time-consuming tasks of an individual life so we have put together a guide on some basics to keep in mind that can help you improve any digital documentation routine.

1.      Organise Email Attachments and Documents

Organising email attachment is a great place to start. Your email is a powerful tool which is unintentionally used as a document management tool. You use your email to send and receive emails on a daily basis all of which is easily but digging them up on the other hand isn’t. For a situation like this, it is best you download your attachment in bulk with a tool. Doing so can help you transfer and organise file attachments into your document system smoothly. With this, you can extract and download email attachment from all your emailing platforms, filter the files types and specify download location and other specifics.

2.      Integrate Cloud Storage Into Your Routine: The Web has grown into a cloud computing platform that makes everything accessible online.  Yet this approach can create more stress than they are worth if you don’t plan how you will be using them. Upload files wisely by integrating them with your working habits. Here are a few methods to consider:

·   For mobile work, automate your apps to upload files from your device straight to the cloud.

·   Use dedicated services for different formats of documents.

·   Create a designated cloud folder to download things you won’t need permanently. It will keep your local folders free from junks.

3.      Create A Nested Folder System: 

A structured system is reflective of how you remember information. It can literally point you in the right direction with every level you click through. All you need to do is make sure that your folders have a logical hierarchy. Start off with the main folder and then create subfolders to filter out files. The major thing is to remember to label folders according to your work process.

4.      Use A Standard Naming Convention: 

Use a consistent and logical naming process. Make sure your files include things like date, document status, names, and other details that can pinpoint and categorise the file’s contents. File names should be scannable, naturally ordered and highly descriptive. Remember to decide on the formats you would use for the d i.e. DD-MM-YY or first names.

5.      Separate Your Files By Format:

 Sometimes file names won’t come to mind easily as the format will. If this is the case with you, you might want to organise your files by format. If you use this method along with nested folders, it can be a faster way to find a file. You don’t have to resort through a folder full of different file formats.

6.      Archive and Delete Files Regularly: 

The worst part of creating documents is the fact that they can quickly get outdated or obsolete especially with files created with ad hoc. Set up a time frame to delete files regularly to keep them from piling up. 

With the way file management and creation is constantly evolving, knowing just a few of your habits can go a long way in creating a document management system that works for you. 

How to Know The Best Electronic Document Management Solution

You are likely considering an EDM/ECM/BPM solution that will suit your organisation or you are probably thinking about it as a future undertaking. The truth is that if your organization still receives, generates physical documents frequently or your staff still spend considerable time trying to get those documents, or your auditors, customers/clients, workers still have to depend on business processes that are manual routines for service delivery, you are wasting resources and time running your business.
Whether you are considering it now or in the future, EDM/ECM/BPM solution creates a smarter way to be more efficient and effective in a cruelly competitive business era. Let me warn you that not all EDM/ECM/BPM solutions can meet your need; hence you need, at worst, a suitable one or at best a custom-built/flexible suit.
At worst, an EDM/ECM/BPM solution should be an easy-to-use yet extremely powerful integrated document and workflow management system. It should be able to capture, organise, and share any type of digital or paper-based document within a secure, central repository. Usage should be easy, document retrieval instant, integration with existing applications seamless, with an ability to support as few or as many enterprise users as your firm requires.
The solution should enable your privileged staff gain instant access to critical documents and files 24/7, regardless of their physical location. Documents scanned should be made available to secured, authorised staff via an EDM/ECM/BPM solution with highly secure electronic versioning capabilities.
Not only should an EDM/ECM/BPM solution be able to easily track and control client-sensitive information but also stores all of your firm's most critical content in a highly secure repository and provides comprehensive audit trail capabilities, including date/time stamps, task originators/descriptions, and related document activities such as who worked on or reviewed the document. Ability to manage privileges such as viewing (read-only), printing, editing, deleting, storing should be basic functionalities. This would virtually eliminate any possibility that the documents stored in your system will be altered without detection, ensuring the undisputed authenticity of records.
At best, an EDM/ECM/BPM solution should be custom-built or has the flexibility for such. Good EDM/ECM/BPM solution comes with Software Development Kits (SDK) which would enable your IT department (if you have one) adjust the solution and build on it to suit your firm or integrate it to the most ‘stubborn’ applications ever developed. Integration with existing applications as well as support is very important. Some EDM/ECM/BPM solutions come with web-based forms that enable firms capture and work with information. These forms could also be used to automate basic business processes using Business Process Model and Notation, and enable participation to users beyond your organisation

Central to all these, if not the deciding factor, is the cost of purchase and maintenance thereafter. No good EDM/ECM/BPM solution comes cheap – nothing good comes cheap after all. Continuous usage should not be contingent on supports from the developer as this can be financially draining at the long run. You should have the option to choose when to pay for supports.
Requests for a Proof of Concept (PoC) and visits to existing users of the solutions would enable you to conduct comprehensive comparative analyses.