ECM: the constant in core banking conversions and digital transformations

The digital transformation era is upon us. Cultivating better engagement with customers and improving the overall customer experience is a goal of every bank. To differentiate your institution from the competition, not only do you need to focus on the customer experience, but you need to be strategic about the way your technology supports your employees in this quest.

You need to empower your employees with the customer information they need, when they need it – immediately.

While on their digital transformation journeys, many financial institutions are reevaluating their existing technologies, including their core banking platforms, and are connecting different data siloes across the bank. It’s no secret, converting from an existing core banking platform, or even just upgrading, is a major project that impacts the entire bank and its customers.

And we all know it’s painful for the institution.

Like, root canal without Novocain painful. Fieldtrip bound, trapped on an old, hot school bus with 30 screaming kids after a long night of celebrating the Cavs’ playoff victory painful. Having your mother-in-law visit for months painful.

Ease the pain

What does a core banking platform change mean for banks’ other systems? Does it change their enterprise content management (ECM) platform and strategy? Should it?

The questions I am getting from banks are all along the lines of “If I change my core, can I still integrate my existing ECM with the new system?”

At this point in the ECM game, integrations seem like a basic thing to offer. However, what’s causing many banks a lot of angst right now is just that – if they change their core, they have to rethink ECM, too.

But, maybe that’s not such a bad thing. If banks don’t have a true ECM system, they’re probably up against a wall with a core provider’s document imaging component. If they decide to switch cores, or have to consolidate and share content from multiple acquired banks, it is impossible to do so without an independent ECM solution that can grow and evolve with other technology improvements.

So, while the drive for digital transformation and enhanced customer service is causing many to take another look at their cores, in the long-term, it also makes sense to consider how to evolve their content management strategy. They’re growing and changing, and making sure they’re investing in a flexible ECM solution that can grow and change with them is imperative.

Your bank simply can’t afford to have your data held captive in silos. Especially if you’re trying to improve your customer experience.

* Originally published on cbinsight.com.

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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