A banking resolution: No more courier costs

A banking resolution-Use enterprise software to eliminate courier costsYes, it’s true. Banks still use couriers – and have to deal with the costs that go along with them.

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 They’re outdated.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.

Sam Mazzola

What do you get when you mix a certified Microsoft trainer, five years of experience at a large banking institution and an MBA in Information Systems? The answer – you get Sam Mazzola, Hyland Software's director of financial services solutions. He's been a part Hyland’s team for ten years, specifically focused on financial services. If you have a question about PCI compliance, the latest FDIC regulation or how to battle a seven-footer in the post, contact him at Sam.Mazzola@onbase.com.

1 Response

  1. Anonymous says:

    Sam

    You make it sound so easy!

    Is it perhaps …. MAGIC and FREE?

    Cary McGovern
    FileMan

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