3 goals for every financial institution in 2017

Couple at the bank

It’s that time of year again: The beginning.

It’s also the time when most of us set goals and plan for the future. For me, as a self-diagnosed “planaholic,” it doesn’t get any better than this. Now is the perfect time for financial services leaders to reflect on the year that was and outline key drivers for success in the year ahead. To remain competitive, many of those plans and goals will focus on process improvements or technology enhancements that benefit customers and members.

In fact, nearly 70 percent of chief information officers said they plan to spend between one and 10 percent more on technology next year compared to previous years, according to a recent survey published by SourceMedia Research. The other third of the 300 respondents from various financial institutions intend on growing their IT budgets by even more!

That’s fantastic news. Because the world is becoming more digital by the day. And the financial sector needs to keep up.

The big 3

Looking ahead, here are three things I believe financial institutions should focus on in 2017:

1. Improve records management

Banking compliance certainly isn’t a new topic for banks and credit unions. But it isn’t a simple process for them. In order to keep up with the growing number of regulations involving documents and records to avoid fines and bad press, institutions should be setting records management functionality as a priority in 2017.

Once digital, records management capabilities use predefined rules to automate records management processes, from record declaration through final disposition. Users can then place holds on those records to automatically destroy or purge them from the system, staying in compliance with the exact amount of time records need to be held and avoiding the risks associated with unsuccessful audits.

2. Know your customers and members

To support today’s crucial customer and member-centric banking strategies, banks and credit unions should utilize technology such as enterprise content management (ECM). With electronic documents and information stored in a secure, central system, employees are able to access customer and member information and documents directly through their core banking systems or line-of-business interfaces without having to switch screens or applications.

With a simple mouse click or finger tap, employees immediately know everything they need to.

3. Wow your customers and members

Instant access also means employees are focusing on customers and members, not looking for information. By integrating core banking software with ECM, customer service representatives have that instant access to relevant information. This empowers them to provide fast, accurate answers when a customer or member needs help – the true “core” of your business. This is not only a great time to make a lasting impact on your customers, but also capture sales information, generate leads, make offers or create new sales.

Going even further, ECM solutions also provide several mechanisms for customized, automated statement delivery. You can deliver compound statements with check images via email, fax or posting on the internet and then customize them to include specific marketing messages. You can also provide secure online access to documents, enhancing the customer and member experience as well as reducing the workload on service representatives.

Good luck in 2017. And don’t forget to enjoy this most wonderful time of the year!

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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