The Tremendous ECM Twosome for Financial Services: Records Management and Workflow

The Tremendous ECM Twosome for Financial Services-Records Management and WorkflowOne of the cool things about ECM software is that there are many components, and some benefit certain organizations more than others. Looking at this by industry, Michael Croal, Senior Director at Cornerstone Advisors, has done an amazing job of explaining what capabilities produce the best results for financial services. In his recent GonzoBanker article, The Other ERM – Electronic Records Management, he focuses on two ECM technologies – records management and workflow.

As he outlines, records management is essential in financial services as information assets are only growing and becoming more complex to retain, manage and comply with corporate, domestic and international records management standards. Add workflow to the mix, and you can automate processes like declaring documents as records, ensuring records are complete, facilitating record disposition and proving compliance through reporting.

If Michael’s article didn’t convince you to take another look at utilizing records management and workflow, maybe this example will.

Take a paper-based way of managing the retention of closed accounts and paid loan documentation, then apply records management and workflow. The closed loan and/or paid account reports that are generated by your core application are COLD processed into your ECM system. The ECM system reads the reports and parses out the individual loan/member numbers and generates a unique record for each number which is added to the appropriate managed folder.

Then, the unique record automatically enters the appropriate workflow. Workflow initiates the retention process at the managed folder level while records management controls the retention schedules. The appropriate administrators are prompted for the approval to purge a folder according to the financial institution’s set retention policies.

“Ta-da!” as my two-year old would say.  The tremendous twosome of records management and workflow has done it again, yielding the best ROI for financial services investing in ECM.

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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