| For financial institutions to be viable, they must be | | | | are slow, expensive, and fairly ineffective at reducing |
| cost efficient. Even high-profile giants aren't immune | | | | fraud. (Financial institutions spend roughly $300 million |
| to closures, mergers, and takeovers if they neglect | | | | annually for poor results, according to a recent |
| to control costs. Competition today is fierce; only the | | | | Financial Management Institute study.1) |
| fittest survive. | | | | Solution: Automating alerts regarding unusual account |
| If you read industry literature, you've noticed the | | | | activity and scanning bar codes on returned mail |
| plethora of information about streamlining and | | | | dramatically reduce manual review time, errors, and |
| automation, from banking journals highlighting | | | | mailing expenses. |
| productivity tools to technologies that enhance credit | | | | Financial reviews and audits: Tax documentation |
| unions' member services, or the benefits of going | | | | stored in Excel sheets, emails, and correspondence |
| paperless for tax preparers and accounting firms. Yet | | | | are typically only accessible by logging in and out of |
| despite the focus on streamlining and automation, | | | | separate software systems, resulting in cumbersome |
| many financial institutions continue to overlook the | | | | and time-consuming reviews. |
| fundamental barrier to cost efficiency: cumbersome | | | | Solution: BPM gathers required supporting |
| access to the information they need. Why? Because | | | | documentation, flags missing files, launches separate |
| they lack an integrated approach to the digital | | | | follow-up processes, and verifies documentation is |
| workplace. | | | | complete. Integration enables seamless access from |
| Digital capture and storage make information easily | | | | tax return PDFs to related documents for instant |
| retrievable and useful, but don't necessarily enable | | | | review, saving time. |
| enterprise-wide efficiency. Data housed in customer | | | | Customer service: Customers frequently have to |
| relationship management (CRM) software, accounting, | | | | wait for callbacks on questions requiring research and |
| human resources, and other applications has limited | | | | access to information stored in diverse systems. |
| value if it's not reused efficiently everywhere it's | | | | Solution: EDM integration between accounting |
| needed. The solution? Instant, secure, central access | | | | systems, CRM, and portals ensures payments are |
| to all of your digital content. A work management | | | | recorded instantly and check images are available |
| system that systematically drives work forward, | | | | securely on each customer's mini-portal. Self service |
| drawing on your business systems for pertinent | | | | increases. Customer representatives can answer |
| documents and information. Electronic document | | | | remaining inquiries instantly and confidently. |
| management (EDM) and business process | | | | Work distribution: Staff struggle to balance regulatory |
| management (BPM) do both and more, unleashing | | | | demands, customer service inquiries, managerial |
| great power by connecting people with information | | | | expectations, and SLAs with stringent timelines. Poor |
| and transforming both service and institutional | | | | judgment, mistakes, unexpected work absences, and |
| performance. | | | | turnover result in costly delays and stiff fines. |
| EDM: an integrated approach to information access | | | | Solution: Managers increase control by establishing |
| Extensive information gets trapped daily in business | | | | hierarchies for document approvals; distributing work |
| systems, mostly in unstructured documents and | | | | by job role, common queue, etc.; and reassigning |
| communications systems such as email. Employees | | | | work based on vacation schedules, work volumes, or |
| who don't use the applications or can't access the | | | | other criteria. SLAs or other deadlines at risk of not |
| email accounts where work-related information | | | | being met can be sent to priority queues or given |
| resides are challenged with limited access to | | | | managerial attention, keeping work on track and |
| information as they make decisions. Sometimes, they | | | | minimizing penalties. |
| might as well work blindfolded. | | | | Compliance: Proving compliance-one of the greatest |
| Stringent regulations require adherence to strict | | | | drivers of automation-typically means querying and |
| policies regarding information access, complicating | | | | reporting from disparate systems. Compliance |
| organizational connectivity. EDM makes it easier, | | | | demands can distract staff from focusing on |
| allowing or blocking access according to | | | | customers and revenue-generating business. |
| preestablished rules. Whether data is stored in legacy | | | | Solution: Whether employees are experienced or |
| software or line-of-business applications, with EDM it | | | | new, trustworthy or undependable, EDM and BPM |
| can be imported, extracted, viewed, and manipulated | | | | facilitate their compliance. Digital rules enforce |
| according to permissions. Thorough indexing ensures | | | | consistent information gathering, file access, and |
| workers with different needs find answers. Efficiency | | | | routine processing. By integrating multiple systems, |
| and productivity rise without compromising security. | | | | you avoid duplication and errors, and unify your |
| Today, browser-based EDM is the standard, enabling | | | | approach to governance, risk and compliance. |
| 24/7 access to information and projects via | | | | Centralized searches let auditors see every file |
| desktops, laptops, and mobile devices anywhere | | | | interaction, facilitating audits and electronic discovery. |
| around the world. If you're using anything less, you | | | | Automation keeps your staff focused on |
| aren't leveraging your business information, | | | | customers-not buried in tedious search. |
| maximizing your staff's talents, or offering the | | | | Integrated EDM and BPM gives everyone the ability |
| service your customers deserve. | | | | to make quick and informed work decisions, from the |
| BPM: an integrated approach to work management | | | | top to the bottom of your enterprise. |
| The typical tangle of business processes resembles a | | | | Connectivity: 24/7 access means more than |
| spider web in 3D, with many intersecting points, | | | | convenience |
| spin-offs, and possible outcomes for each routine | | | | Web services-now a mature technology and the |
| process. Late payments, loan defaults, or a customer | | | | standard for robust integration-have replaced |
| opening an additional account affect multiple | | | | hardcoded software integrations that existed for |
| processes and require information from several | | | | years. Browser-based products completely |
| sources. | | | | underwritten in Web services have several distinct |
| To automate effectively, you must navigate the | | | | advantages: |
| complex web of processes that drive your institution, | | | | Instant access to additional functionality offered by |
| understand their interaction, and leverage stored | | | | your EDM and BPM vendor by adding on-screen |
| information wherever it has potential value. | | | | buttons or drop-down choices; Access to work, |
| Integrating line-of-business systems and adding | | | | wherever your workers are, whenever they need it; |
| browser-based electronic BPM opens the gate to | | | | Added power at users' fingertips without the need to |
| true efficiency, mechanically pushing and pulling | | | | learn new software. 24/7 access to information and |
| documents and stored data to wherever they're | | | | work provides far more than convenience. It results |
| needed, following your business rules. Rather than | | | | in increased productivity, time and cost savings, a |
| spending 25-35% of their time looking for | | | | stronger bottom line, and dramatically enhanced |
| information, staff can view tasks and documents as | | | | customer service. |
| they're needed. No more delays and errors from | | | | Dressing for success versus being successful |
| missing information or duplicated data. Employees | | | | Make sure your EDM and BPM solution is truly |
| process more work, but with less hassle. Task | | | | enterprise capable and possesses more than good |
| distribution and reallocation follows business rules. Jobs | | | | looks. Misguided expectations and uninformed buying |
| are automatically prioritized, timelines are met, and | | | | inevitably lead to costly implementations and |
| service is consistent. | | | | disappointing results. A modern, flexible interface is |
| EDM, BPM, and integration redefine connectivity and | | | | valuable only when it's matched by robust features, |
| enable substantial savings: | | | | functionality, and services that will ensure the product |
| Loan applications: Contact information isolated in CRM | | | | will grow and change with your institution. Even |
| must be re-keyed by staff or applicants. Data | | | | carefully designed processes are bound to change: |
| replication wastes time, causes costly delays, and | | | | New ways of doing business emerge, requiring new |
| results in errors. | | | | processes. Regulations change, requiring process |
| Solution: Customer data is pulled automatically into | | | | re-engineering. Institutions grow, requiring more touch |
| loan applications from CRM and other software | | | | points for integration and demanding that staff handle |
| systems when a unique identifier is entered on each | | | | increased volumes of information efficiently. |
| form, eliminating mistakes and saving considerable | | | | If you have a clear vision for your institution, a good |
| time. | | | | understanding of what you expect to achieve with |
| Late payment notifications: Cumbersome processing | | | | ECM, and experienced vendors who take ownership |
| of loan payments inevitably results in inappropriate | | | | in their clients' success and deliver on expectations, |
| penalty notifications. Inefficiency wastes time and | | | | you're off to a good start. By developing an |
| negatively affects customer relationships. | | | | integrated approach to digital information |
| Solution: Integration with receivables software | | | | management, you can hit the ground running, |
| ensures receipts are logged instantly, ensuring late | | | | experiencing the power of true connectivity, |
| payment letters are accurate. Staff saves time. | | | | significant cost savings, and improved service. Your |
| Service improves. | | | | institution will not only survive-it will flourish. |
| Address confirmations: Manual address confirmations | | | | |