How to Optimize Banking with Comprehensive Document Management

Banking CIO Outlook | Thursday, June 25, 2020

Enterprise document management solutions help bankers make significant efficiency gains across the organization.

FREMONT, CA: Banking institutions around the world run smoothly, relying on critical data within their enterprise applications. However, massive quantities of structured and unstructured content like e-mails, documents, presentations, and audio recordings are also stored in numerous document management, collaboration, and archiving systems. This proliferation of data repositories in banking increases costs and IT complexity. But with a robust enterprise document management solution, banks can eliminate the multiple silos of unstructured data. It creates a comprehensive, auditable record of documents and allows employees to access required information faster for delivering better service to customers.

Document management solutions support content management tasks within an integrated architecture. With it, banks can capture documents like scanned copies of customer IDs or application forms and share them with employees. It also lets unstructured content link with transactional records within business applications. By eliminating silos of unmanaged documents scattered across the organization, the solution also supports records management. Archiving of banking interactions helps ensure a traceable audit trail in compliance with increasingly demanding best-practice banking guidelines.

Top 10 Banking Analytics Solution Companies - 2019In this era of customer-centric banking, people expect that the customer service representative they speak to will be aware of their transaction history and previous conversations with the bank. Failure to achieve a complete customer view can result in inefficient service and dissatisfaction on the part of the customers, eroding brand value. By using a comprehensive document management solution, customer service representatives can instantly view details of customer interactions. This will help them answer queries quickly and efficiently.

To up-sell or cross-sell to existing customers, banks need to formulate and communicate sales offers that are targeted and relevant to each individual. By harnessing detailed transactional information within a document management solution enables banks to do just that – personalizing communications for precisely targeted marketing campaigns. With a document management solution, banks can also make record management intuitive. As industry regulation becomes ever-more stringent in the light of high-profile financial scandals, this can be an essential step to avoid compliance risks.

In summary, using a comprehensive enterprise document management solution in banking can help manage, access, regulate, and store information effectively.

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