As the financial services industry evolves, banks and credit unions continuously look to improve efficiencies with paperless workflows and ongoing digital transformation efforts. Many strive for process automation and rely on intelligent software solutions to drastically reduce manual, paper intensive efforts, but breaking away completely isn’t an overnight change.
An investment in a digital repository and in electronic document workflows is crucial. It’s figured that without one, 15% of one’s workday is devoted to searching for documents and other necessary work-related records rather than actual work productivity.
Banking executives have cited process automation as a top priority, and many have actively made changes within their institution to begin the shift from paper intensive workflows to the digital landscape knowing the tangible benefits. Inefficiencies as a result of manual operations can impact a bank’s or credit union’s bottom line in ways such as inadequate file tracking, costly labor, and inaccurate reporting. While paper systems had their place, manual efforts to manage these daily tasks only push overhead costs up and increase the time spent sorting information, looking for data, and correcting mistakes made along the way.
Gone are the days of exchanging paper files - ECM/EIM solutions allow for documents to be checked-in and out with the click of a button. The need to search for lost or misplaced documents becomes a concern of the past as digital journeys can be monitored instantly, access rights controlled, and each step a document makes across an institution tracked for compliance and security requirements.
Those that have undergone digital transformation projects have positioned themselves for success in today’s changing environment. Holistic views of institution-wide data and related information grant employees a greater degree of ease when accessing required files and documents. Combined with intelligent routing and indexing for added automation, banks and credit unions are set to deliver improved account holder services and boost internal efficiencies with lower overhead by granting access to information across multiple channels, both in the branch and from remote locations.
Convenience still reigns king for account holders and employees alike. Digital access to account holder documents or other internal data delivers timely services and access to business intelligence that can power reports without extensive, physical delay.
If your institution hasn’t taken the step towards digital workflows and is still managing processes manually, it’s time to explore the benefits of an enterprise content and information management (ECM/EIM) solution.
Built uniquely for the needs of banks and credit unions, FASTdocs is Alogent's cloud-ready ECM/EIM platform. Relieving the pressures of manual and paper intensive efforts, FASTdocs streamlines enterprise-wide workflows with data recognition and extraction, automatic document routing, and 360-degree document search capabilities. With an intuitive user experience and self-service features for both employees and account holders, FASTdocs brings near limitless flexibility and scalability to an institution with its web-based architecture and browser agnostic approach. Process automation has never been easier with FASTdocs.
DOWNLOAD AN EBOOK AND LEARN MORE