2 keys to Financial Services success: Stopping sprawl and smashing silos at #CommunityLIVE

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Our Financial Services customers have been eagerly anticipating CommunityLIVE for months. The #FSVOGUE activity on Twitter was in full force while I packed my suitcase to head out to Vegas to join all the action.

Now that I’m here, I have been fortunate enough to interact with many of our financial services customers. While attendees are training on our latest software release and connecting with their peers, there have been two resounding rally cries unifying the financial services space: Stop software sprawl and eliminate information silos!

Why are our customers so excited to get together? And why are they issuing rally cries? Yes, they know that relying on paper to power processes is an archaic approach to succeed in today’s banking world. But that’s not all.

As these financial institutions know, it’s imperative that their systems communicate and easily share information – because the industry is increasingly dependent on technology. Meanwhile, growing consumer expectations and today’s compliance demands are forcing all financial institutions to re-evaluate their product offerings and processes. Oftentimes, that leads to adding new software into the mix.

This is what we’ve been talking about all week.

Less is more

Instead of buying more software, organizations should be exploring more efficient ways to integrate their existing systems and reduce the mounting pressure on IT staff. The best solutions will help you do more with less by connecting your important systems and giving you a single place to store and manage information.

For example, when any process, using any system, is finished, OnBase automatically stores all necessary documentation in its secure, central repository. Then, it updates the applicable lines of business (LOBs) – all without any additional work from employees. It’s that simple.

And simple is better. Because the more systems financial institutions rely on, the more time-consuming upgrades they have to deal with. This week, there has been a lot of focus on incremental parallel upgrades to deal with this issue.

That’s why we made OnBase flexible. You can upgrade only the departments you need to, or even start by upgrading one super user first. With parallel upgrades, we do away with incompatability. You can incrementally work through your entire enterprise. Test, stand one user up, verify, then move on.

The banks and credit unions who are doing this have happy IT staffs as well as happy customers and members.

Because with the growing number of people using mobile devices to do their banking, customers and members want immediate information, answers and results. If frontline employees can’t access information quickly to provide those answers because you’re having issues with an upgrade or your systems can’t communicate, you’re going to lose those customers and members.

Increasing communication

Technology is always evolving, that’s why you need an ECM system that has the ability to adapt and grow with you, one that easily integrates with any core banking solution and over 500 different applications without custom coding. It ensures you have an ECM solution that will evolve with you – even if you decide to switch cores or do find the need to install new software in the future.

That’s what our customers were so anxious to get to CommunityLIVE. They were ready to learn and share with their peers. They know that fighting software sprawl and connecting their systems are two keys to their long-term success.

And they’re here to find the best way to do it.

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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