In the consumer sphere, mobile devices have already had a significant impact on the finance sector: smartphones have accelerated the growth in mobile banking whilst 2012 is set to be the year that the ‘tabletisation’ of banking becomes a reality. However, mobile devices are not just for consumers, armed with enterprise content management (ECM) software and apps they can make workers and institutions significantly more efficient, says Hyland Softwaresenior industry manager, Charles Hanna
The benefits of ECM are clear: the streamlining of processes, more efficient customer service, better data management and business continuity to name just a few. More specifically, for the banking and finance sector, which is still heavily reliant on paper-based processes, realising the potential of mobile ECM makes good business sense at a time when efficiency, return on investment and better customer service are imperative for institutions wanting to thrive, rather than just survive.
Greater organisational productivity and document accuracy
Many banks are still reliant on time consuming paper-based processes, despite the fact, it is now much easier to move away from paper procedures. By moving to one central ECM system that can be accessed via a mobile device,employees can become more productive as they can work with all the real-time information and documentation they need anytime, anywhere.
Document management and version/revision control also becomes a thing of the past asa mobile ECM app offers offline synchronisation. This ensures that remote users accessonly the most up-to-date version of the document. As a result, workers cancomplete faster, more accurate business decisions.
The traditional time consuming process of filling out a paper form is also totally eliminated as remote and field workers can capture large amounts of data electronically. This eradicates wasteful, unproductive steps from operational and administrative processesas data does not have to be re-entered at multiple points, leaving staff free to concentrate on key business tasks.
In fact, ECMoffers more than just easy access to scanned documents, it can import and organise content, no matter how or where it originates and it can electronically movedocuments through approval and review processes. ECM also routes documents with automated workflows to the right people,which streamlines a whole host of business processes from a loan application to a mortgage form.
Using mobile ECM, directors are able to analyse real-time activity reports from any location. As a result, faster business decisions can be made. The reports electronically interact with a range of systems, reducing the need for human interaction makes the data more accurate.
Managersusing ECM also typically become more efficient. The ability to access real-time activity reports, givesgreater visibility across the organisation at any point in time. This transparent viewenables managers to keep real-time tabs on staff activity and flag up any pain points fast and effectively, in turn improving productivity.
Ultimately, an ECM system is a repository for data and abank can save sensitive information, such as the details needed to underwrite a loan all in one secure place. By enabling mobile workers to access this data via a web portal, the information remains more secure than a paper alternative as it does not have to be sent through the post or scanned and emailed.
With today’s ECM technology, digital ‘wet signatures’ caneven guarantee the integrity of the electronic document and the identity and intent of the signer. If changes are made to the digital document after it has been electronically signed, the signature becomes invalid therefore the document is more securely protected from tampering than a paper alternative.
Greater compliance and security
It is vital that banks and other financial firms take advantage of the benefits that ECM technology has to offer in terms of compliance. To remain compliant, a bank has to keep documents for an allocated amount of time and an ECM system can help to efficiently manage this process by either deleting the data or alerting the right people when its time is up.
By using an ECM solution it also becomes much easier to provide a unified view of content to organisations such as the FSA and meet regulatory and compliance standards as in-depth audit trails are automatically kept for each document captured.
Protecting customers’ non-public information and controlling how it’s collected, secured and used is a top priority for any financial institution. ECM technology provides the comprehensive security settings required to protect information throughout the document lifecycle. The accuracy of the electronic document archives enables the bank to have confidence in their information system.
The full business benefits of implementing an ECM system can be truly realised when integrating a mobile app into the work place. By leveraging a worker’s existing technology the bank or financial firm will maximise IT investment, while the app itself is changing business processes for the better.
Embrace mobile ECM
By using ECM technology there exists a valuable opportunity for workers to become more productive and carry-out day-to-day processes more efficiently. In addition, it offers banks and financial firms enhanced data security and a more effective way to meet FSA compliance regulations.
Global Banking & Finance Review
Why waste money on news and opinions when you can access them for free?
Take advantage of our newsletter subscription and stay informed on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Top Stories2 days ago
Nestle misses sales estimates as price hikes deter shoppers
Finance4 days ago
Leading a different kind of charge: Financial Institutions as climate change activists
Business4 days ago
Behind the Patents: Personal Insights from Alexander Galitsky
Investing4 days ago
Why Vintage Rolex Watches could be your next investment