Modernizing a financial institution’s information management environment can be a big project, which is why some IT organizations simply maintain the status quo.
At Alogent, we believe the long-term benefits of digital transformation far outweigh the upfront effort. Let’s examine the challenges facing IT leaders and why our FASTdocs platform might be a good fit for your bank or credit union.
Keeping Pace with Your Financial Institution’s Information Management Needs
IT leaders at financial institutions are under considerable pressure to deliver scalable systems that balance the need for productivity, security, and compliance. Migrating years of existing documentation to a new environment can seem risky when trying to guarantee:
Retention and Compliance
Banks and credit unions must comply with a variety of retention requirements, especially when it comes to accountholder information. Traditionally, financial institutions have relied on manual processes that are error-prone. However, modern technology is opening the door to automated workflows that support compliance.
How FASTdocs Helps: FASTdocs document templates with predefined retention rules allow IT leaders to automate time-consuming, tedious processes—saving staff time and bolstering compliance.
Efficient Information Organization
Digitization of records makes it possible for multiple users to access the same information simultaneously. Without an enforceable information hierarchy, however, documents can still be misplaced and stored in the wrong location. And that frustrates end users and IT staff alike.
How FASTdocs Helps: With File Import Studio for FASTdocs, IT leaders can automate document ingestion from a variety of source systems. Automated and OCR document classification ensures information is stored to the correct location with less manual effort.
Accessibility and Control
Front-line staff need on-demand access to support accountholders and borrowers. That said, some information (like certain demographic details) must be carefully protected and controlled. In addition, financial institutions need a reliable way to demonstrate which documents are accessed, modified, viewed, and deleted.
How FASTdocs Helps: Information in FASTdocs is organized into a logical, folder-based hierarchy. Staff with appropriate user group membership can easily explore departmental and customer/member folders. Document-specific controls and redaction make it possible to restrict access to sensitive information. Activity in FASTdocs is also reportable for audit purposes.
Self-Service
Customers and members are increasingly reliant on digital statements, tax forms, and other electronic documentation. Providing a self-service digital banking experience makes life easier for accountholders while reducing reliance on email or third-party portals.
How FASTdocs Helps: WebShare for FASTdocs enables a two-way document exchange with accountholders through a digital banking integration.
Authentication Framework Integration
Managing a consistent authentication policy through an identity and access solution is becoming an IT best practice. Fewer passwords means less busywork for IT teams and streamlined access for employees.
How FASTdocs Helps: FASTdocs users can be mapped and authenticated to your digital identity provider.
Cloud Strategy Alignment
As seen in other industries, a growing number of financial institutions are shifting to a cloud-first strategy. Securely deploying and hosting applications in the cloud unlocks numerous benefits for IT teams, including less administration and, in many cases, enhanced security.
How FASTdocs Helps: FASTdocs can be deployed in a hosted environment including the Alogent Cloud, our private cloud environment.
On-Time Migration
Last, but not least, switching to a “best fit” ECM solution doesn’t make sense when the vendor refuses to commit to reasonable timelines. Spinning your wheels for 18+ months (or years) turns an excellent opportunity into a miserable mistake.
How FASTdocs Helps: Alogent has deep experience migrating financial institutions from legacy systems, including “end of life” ECM products.
IT Leaders, Let’s Discuss Your ECM Strategy
Contact us to schedule a technical review of FASTdocs. Learn more about our suite of ECM solutions for banks and credit unions.
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