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