The evolution and adoption of content services by financial organizations

content services

The year was 1991. Bryan Adams’ “(Everything I Do) I Do It for You” was blaring from every radio. The internet was made available for unrestricted commercial use. It was also the year that Hyland was founded and launched its enterprise content management (ECM) solution to help a community bank reclaim storage costs by imaging documents.

Fast forward to 2018. Cardi B and Drake are at the top of iTunes. The internet drives our business transactions – as well as many aspects of our personal lives. Hyland now has more than 5,500 financial services customers in 60 counties. Smart phones and the internet of things have influenced financial institutions to provide a seamless, 24/7 banking experience.

Information transformation

The information management landscape has also changed, impacting the way today’s financial organizations collect and manage information. Users are now looking to conduct business via on-demand, tailored and contextual content experiences.

Ten years ago, when Steve Jobs unveiled the first iPhone, few predicted it would become the primary platform customers use to interact with their banks. But it did. Now, other technologies are rapidly changing the way customers consume all of their products and services, and the financial industry is not immune.

Streamlined, online experiences offered by innovative tech companies are setting customer expectations. And if you can’t deliver those experiences, consumers will look elsewhere.

Bye bye ECM, hello content services

Historically, most financial institutions looked at ECM just for imaging and reclaiming storage costs by simply digitizing documents. But there is so much more they can do in addition to just scanning, storing and retrieving signature cards and loan applications. ECM accomplished this by quickly providing online access to information that was previously only available on paper, microfilm, or microfiche.

As financial services organizations achieved significant productivity improvements due to these departmental solutions, they deployed even more departmental solutions. But they lacked connectivity and integration. Multiple departments could not share in the knowledge and information achieved by one department.

Retail branch operations did not speak to card services. Card services did not speak to consumer lending. Consumer lending did not speak to treasury.

It was a domino effect of lost productivity due to information silos.

That’s why innovative ECM vendors got ahead of the curve and adapted their approaches, moving away from the concept of monolithic repositories that dominate the IT landscape. The reality is – and always has been – that organizations rely on multiple repositories and solutions to manage content.

Thus, the transformation of ECM into content services – where the focus is now on connecting those systems so users not only find the information they need where they need it, but use it in innovative ways to deliver the service and experiences consumers are demanding.

In the years to come, financial organizations still embracing only a traditional ECM approach will fall short. To get ahead of the competition, they need to embrace a content services approach.

Because we should all be telling our customers and members, “Everything we do, we do it for you.”

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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