3 Things Your Financial Institution Can Learn From Justin Bieber
Justin Bieber’s “Baby” has become the highest-certified single in music history, overtaking Sir Elton John’s “Candle in the Wind”. However, the teenage star has been in the news more frequently because of his behavior, rather than his musical talents. After a flurry of scandals over the past few months, Bieber has been defending himself from accusations in the press.
Here are three ways your financial institution can leverage enterprise content management (ECM) to avoid negative press and make your customers and members “Believers.” (For those of you without young daughters, devoted Bieber fans are called Beliebers.)
1. Exceed Expectations – Customers and members are at the heart of every financial institution’s purpose, but you don’t have to have a pet monkey – yes, Bieber really has a pet monkey – and some sweet dance moves like the Biebs to wow them. From branch visits to web site hits or even stops at an ATM, you can use ECM to make a difference to your customers and members by giving them what they want faster and more accurately – sometimes even before they realize they need it.
ECM – also called document management – ties together disjointed, cumbersome processes and systems across your organization. With ECM, you stop the paper deluge by capturing, accessing and storing it electronically, so you have time to make a difference to your customers and members. By using ECM, you share information across departments and branch offices and automate low-value, repetitive tasks. With instant access to information and processes that are faster and more accurate, your staff has more time to focus on superior service.
2. Reduce Risks – He has 8.5 million instagram followers, but Bieber’s recent bizarre behavior puts him at risk to alienate his extensive fan base. Your financial institution can maintain its loyal customer and membership base and reduce risks by decreasing the opportunity for misplaced documents or files. By not imaging loan files, servicers run the risk of information and documents becoming lost in the shuffle.
To mitigate this risk, you can set up an indexing strategy to automatically attach keywords, or metadata, to all documents and files. Capture and indexing capabilities enhance the searchability of databases and files because it ensures everything is saved correctly and can be easily found using agreed-upon search terms, such as customer or member number or last name. Multiple search words not only mitigates the risk of human error when naming files, but also increases file accountability across your organization, while enhancing communication among employees and between branches.
3. Have a Backup Plan – Like Bieber has backup dancers, your financial institution needs a backup plan. Storing business-critical data on paper leaves you vulnerable to data theft and/or natural disasters. Paper can easily be forgotten on someone’s desk, incur damage or be destroyed completely, necessitating the need to create multiple copies of loan files. Not only is this “back-up” system inefficient, it also makes theft much easier. If you have three to four copies of a loan file, will you notice if one goes missing? Probably not.
With ECM, you’re able to image, store and manage documents in a way that suits your individual business needs, ensuring greater document security and increasing efficiency.
The next time you hear the latest Justin Bieber drama, think about what you can learn from his mistakes. Putting your biggest fans – your customers and members – first and improving your processes with ECM will ensure they give you a standing ovation instead of booing you off the stage.