The financial and banking industry has seen its fair share of problems over the past few years, and, according to an eBook by FierceFinance, many banks and other businesses are looking to automate their services in an effort to improve business functions and save cash.
|“The amount of information is not only ever increasing, but the options for sharing that information means that corporate information is being spread more widely than ever before,” says Bud Porter-Roth, founder and principal consultant for Porter-Roth Associates.|
Robert Tommy Jr., director of product management for global payment solutions at Fiserv, said ECM programs are now critical to banking, with automation extremely valuable for any of the companies that are considering adoption of the technology.
Addressing compliance concerns, records management needs, cost reduction, improved customer service-there are a myriad of benefits to be gained with the right technology.
What Should I Save?
Many companies think saving everything in their organization can be a good way to go, but having too much information can lead to compliance issues.
Too much information can mean chaos, even with a great document management system, so companies should look to clear out old, unnecessary documents regularly.
Preparing for Growth
In a piece that appeared on BobsGuide, one enterprise content management professional said banks and financial institutions are looking for ways to accomplish growth goals, please customers and improve technology while reducing risk and costs.
Thus, banks and financial institutions are aiming for a better way to manage and store content, while still maintaining compliance and minimizing costs and potential risk.
Although this isn’t an easy task, the right technology can allow these companies to have the opportunity to add efficiency and still appropriately address budget concerns. In fact, it can actually help address compliance and risk responsibilities of this increasingly strict industry through automation and enhanced reporting capabilities.
|“No matter how you juggle the numbers, the return on investment for a document management system is going to be somewhere in the neighborhood of six months or less,” says John Heckman, president of Heckman Consulting. “As one client put it to me, he came to realize that without such a system he was just ‘hemorrhaging money.’”|
Ultimately, the right tools and technology will help the organizations that opt to invest become more efficient and offer much better customer service, two things the industry needs to help with the economic recovery.