‘Trick out’ your core with ECM: Give your core processing system the enhancements it needs
Core banking providers have been taking over the headlines lately. It reminds me of how the geniuses at Cornerstone Advisors effectively used pop culture to urge financial institutions to overhaul their cores in their infamous “Pimp My Core” GonzoBanker article.
For those of you who gave up on MTV when it stopped playing videos, “Pimp My Ride” was a show that would, during each episode, take a car in poor condition, restore it and customize it. Really trick it out, so to speak.
With document management – also called enterprise content management (ECM) – you can do much the same with your core.
To remain competitive and provide better service, you need to enhance your core processing system with instant access to documents and information. This is at the heart of what document management does from a transactional content processing perspective.
When it comes to “tricking out your core” and selecting the right ancillary applications for your organization – document imaging, electronic workflow, electronic signatures, etc. – the focus should be on efficiency and execution.
Make information flow through your organization
The lifeblood of every financial institution is its information. Using a document management system gives you one single reference point to consult across departments, locations and processes. This makes it easier and more satisfying for customers and members to do business with you, because information is instantly available to employees from a central location with a few mouse-clicks.
Like a car with flat tires, your financial services organization should also consider implementing electronic workflow to speed processes. Within the industry, there is growing demand for workflow technology to automate the manual tasks that take employees’ attention away from your main focus – customers and members. Workflow solutions allow you to slash back office operations tasks like managing loan refinances and account changes, increasing your speed and accuracy while decreasing costs. They also enforce business processes to keep records management consistent and stay in compliance.
When making any technology selection, it’s important to take a close look at the viability of the vendor you select, especially for document
management. Is the vendor core agnostic? Can it work with any loan origination system? Does the solution integrate with your accounting software? Will the solution provide you with capabilities and services that will enable you to continue to evolve for the years to come?
As you take a closer look at enhancing your core, remember it’s not about being flashy. It’s about staying competitive and providing the service your customers and members deserve while partnering with a vendor who will remain stable and independent regardless of acquisitions in the core banking space. That’s the trick.