Why Financial Services Should Use ECM
Companies that quit relying on paper are able to access information much more efficiently and instantaneously. There are three important reasons that Financial Services should be utilizing enterprise content management. Learn more about these aspects when considering implementing ECM systems.
Captures documents electronically to establish lean practices
Lean practices are business activities that decrease the use of paper and lower your storage and shipping costs of paper. This may not have a large impact on smaller companies who do not deal with large volumes of documents; but for financial services, who deal with hundreds if not thousands of documents each day, an efficient ECM establishes proper processes and practices in document management.
Automates processes to increase speed, accuracy and visibility
Gone is the age of manually re-typing information from each individual document. Staying ahead of your competition involves automating your processes to save on time and labor costs. By using ECM technology, “Alliant Credit Union reduced accounts payable processing tie by more than 70 percent” and “A top online lender achieved a 100 percent increase in speed for the post-closing process”. Companies have seen how much time and resources can be saved by not having to look for physical files and emails.
Integrates systems to increase communication.
ECM is able to integrate with the systems you use daily. Core banking solutions can be tied to this system and employees are able to access information remotely. By having a unified system, employees are able to coordinate and communicate better and with clearer information.
“Doing more with less doesn’t have to be painful. You just need to make that first step, and stop relying on paper.” Consider an ECM solution for your financial service company today!
References: (1) OnBase by Hyland article "Leaner, faster, more accurate with enterprise content management"
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