Knockout slow processes with ECM

knockout-paper-processes

Today’s consumers are conditioned to expect more and more information – quickly. This is changing their expectations. They want information anywhere they are and they expect it now.

Is your financial organization ready to deliver it?

The counterpunch
Time consuming, paper-based processes slow down branch operations and frustrate customers. But you can easily counter that with enterprise content management (ECM). ECM allows you to capture documents and information electronically and store it in a secure, central location. Users quickly access what they need with a few simple mouse-clicks. By breaking free from slow and inaccurate processes, your financial institution is empowered to deliver superior service.

And a knockout blow to the competition.

A one-two punch
Let’s take a look at a couple hooks you can deliver to put branch inefficiencies on the ropes:

1. Account set up   

  • ECM allows your financial institution to recreate paper-based forms into electronic forms that can be accessed through your intranet, web site and home banking platforms. This results in a reduction in overall processing time per transaction, a detailed account history and easy access for your customers.
  • Every transaction associated with account setup and maintenance produces documents that need to be stored by your organization. With an increase in regulations and compliance initiatives, you need a consistent way to process and manage these transactions – while lowering overall costs and speeding customer onboarding.

2. Wire transfers 

  • ECM enables your organization to minimize the amount of paper involved and create a consistent and repeatable process for every wire transfer request. Utilizing electronic forms to gather the necessary information and then routing them through the ECM’s workflow engine, you drastically cut the overall time to complete a request.
  • A wire transfer request and execution has a lot of variables in play that can affect the overall cost and time involved to complete the transaction. Everything from filling out the request document to errors in data entry to gathering the appropriate approvals can determine how much a single wire transfer costs.

The final round
In the initial rounds, ECM empowers you to capture documents – and information – electronically and store them in a secure, central location. By breaking free from the costs, risks and restraints of relying on paper and manual processes, your organization is empowered to deliver superior service.

But, to deliver the knockout punch, you need to integrate ECM not only with your core banking platform, but also other important systems across your institution such as your loan origination system or accounting software. This TKO eliminates the need to switch screens to find information – in every department of your financial institution. You decrease process times while increasing the ability to access important information from account maintenance to wire transfers and beyond.

Your customers and members will thank you as you hoist up that championship belt signifying your victory!

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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