A banking resolution: No more courier costs
To me, couriers are to electronic information sharing as telegrams are to e-mail. They’re outdated. Ineffective. Expensive. And it’s time to get rid of them.
As Michael Croal, Senior Director at Cornerstone Advisors, stated in his recent GonzoBanker article, The Year of the Rabbit, “Shame on the bank that still has couriers schlepping interoffice mail and loan documents back and forth.” I couldn’t have put this any better.
It’s not a matter of the tools being available. They are. It’s more of a matter of banks making sure they’re using the right tools, the right way.
In the case of enterprise content management systems, there are many ways to do this, such as:
- Small manageable workflows to eliminate shipping costs between the branch and home office.
- Branch capture to scan and transmit check images directly from the branch to a processing site –without having to physically transport checks for processing.
- All inbound mail can be scanned, and the ECM system can automatically notify the intended recipient that there is an image of information they might be interested in.
Going forward, the bank would only need to use a weekly FedEx type service for those high-maintenance documents that need to be signed and have the original document saved. More efficient, and less costly.
While this may seem like an oversimplified way to look at the benefits of today’s technologies in financial services, it’s not. Banks are in a time now where they’re questioning if their core and other systems are actually getting the job done. And, if these systems can’t be used to eliminate something like courier costs, their time is running out.
To that point, maybe it’s not “shame on banks.” It’s “shame on the technology providers” for not offering a flexible solution to answer the very real, day-to-day needs of banks.