Gartner Magic Quadrant highlights Hyland for Financial Services

OnBase-Magic-Quadrant

Gartner has published a Financial Services Context report as part of its 2014 Gartner Magic Quadrant for Enterprise Content Management (ECM). The supplemental report outlines the top ECM vendors with proven experience delivering successful solutions that help banks, credit unions and lenders stay competitive, meet stringent regulatory requirements and automate manual processes to operate more efficiently.

I’m proud to announce that Hyland, creator of OnBase, is one of only seven vendors highlighted in the report.

Gartner based its selections on analyst opinions and successful customer references that validate effective technology implementations and valuable solutions. Notable vendors included on the list demonstrated one or more of the following characteristics:

  • The banking/financial services industry is their largest targeted vertical market or accounts for a significant percentage of their total revenue
  • They provide packaged applications or solutions frameworks for specific content-centric applications
  • They integrate well with core banking and financial applications

ECM: From nice to have to need to have

Since Hyland’s inception in 1991, ECM has transitioned from a “nice to have” technology, to a foundational piece of financial service organizations’ IT plans. Lately, I’m seeing more and more of our financial services prospects and customers interested in embracing innovative solutions. They’re looking for cloud and mobile applications to move toward a digitized environment that empowers employees with the ability to access information and keep processes moving, wherever they are.

Financial services organizations are also looking to utilize analytics, electronic forms and digital signatures to improve process efficiency and compliance, as Gartner points out in the report.

But it all starts with depending less on paper. Not only does going paperless increase your speed and accuracy, it decreases costs and risks. And with automated retention and records management, ECM gives you complete, secure control over all your documents and information – including un-editable audit trails. That means you can proactively manage regulations while easily preparing for audits.

And, with the right solution, you can grant auditors online access to only the documentation they need, saving the time and energy that go into on-site audits.

Guidance by Gartner

Before you choose a vendor, there are many questions you should ask. To get you started compiling your list, here are Gartner’s top questions to ask:

  • Can the vendor support your company’s requirements from a scalability perspective?
  • Does the provider offer applications with prebuilt processes to jump-start the implementation?
  • How well does the proposed solution integrate with your core banking applications?
  • Does the provider meet the capabilities around records management and compliance standards or certifications?

While this isn’t a full list of questions, it’s a great start.

But here’s one question I’d like to ask you. Do your employees have enough time to focus on current and prospective customers or members, or are they busy searching for the right information?

If they’re busy looking in file cabinets, banker’s boxes or storage rooms, I think you know what I’m going to say.

Michelle Harbinak Shapiro

Michelle Harbinak Shapiro

Michelle Shapiro brings more than 15 years of experience in the banking industry to her role as Financial Services marketing portfolio manager at Hyland. Her mission is to share best practices and evangelize the power of ECM as a tool for banks, credit unions and lenders to help automate paper-based processes and proactively manage regulations.

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