The Revolution of Enterprise Content Management in Financial Institutions

1. The Revolution of Enterprise Content Management in Financial Institutions The Revolution of Enterprise Content Management in Financial Institutions To gain a better understanding of evolution and the recent revolution, financial institutions are working on how to manage the sheer volume of documents and other content flowing throughout their organizations. “Enterprise content management in financial institutions rose to take configuration in the 1980s. The boom in check-writing led to large electronic image archival systems that could process and retrieve check images and statements.” Go to small, internal management archives where banks can store other documents related to core account processing, such as unchecked images such as cards.

2. Document management technology continues to mature, adding the ability to manage different document types, assign retention periods, and archive documents. Other technologies will soon be added to magnify functionality such as capture and optical character recognition, business process management, and digital distribution. With this maturity, document management transformed into enterprise content management — and it soon branched out across companies, from businesses such as lending and insurance to internal operations such as compliance and human resources. The definition of ECM has been evolving in recent times as financial institutions face ever- increasing volumes of information, more compliance orders, and subsequently more demands on their enterprise IT departments to handle these requirements. “Financial institutions see enterprise content management as a document management archive that must be provided to the core account processing platform.” That is changing, as more and more financial institutions are approaching ECM as an integrated platform sitting in the middle of the enterprise. Only the definition of ECM does not change. The following are three trends that could affect the future of ECM: “The CFPB [Consumer Financial Protection Bureau] now requires some financial institutions to maintain records of all customer communications, such as records of emails, voicemails, social media, and other correspondence. “Workflow automation, data filtering, and dashboard reporting tools are built into more robust ECM products that allow you to create layered applications on an already installed base ECM infrastructure,” he said. Some experts point out that many financial institutions start by changing a paper-intensive

3. business process such as debt processing, payable accounts, or commercial customer onboarding, and then quickly grasp the potential value to other areas and move on to address other business processes. 1. It’s not just about the documents. 1. It’s not just about the documents. It’s about managing complex content and processes related to content throughout the enterprise. Where financial institutions started storing and retrieving check images, they now have to manage a wide variety of content in a variety of formats. These involve PDFs, Microsoft Office files, audio, XML, video, HTML, annotations, checklists, workflow logs, physical record locators, and content history. 2. ECM as application infrastructure. 2. ECM as application infrastructure. Strategic ECM solutions provide the infrastructure to develop and deliver applications that automate and streamline content-intensive end-to-end business processes. 3. The “use” of IT changed the game. 3. The “use” of IT changed the game. Consumers and employees are comfortable with the user experience on their tablets and smartphones — and instant access to information — they want simpler, clearer, paperless processes from their financial institutions. This is true regardless of whether they are interacting through handheld devices, desktop web browsers, kiosks, or the teller window. Consumption is also boosting the requirement for mobile ECM. Access to ECM content and tasks is now an expectation wherever the user is — and users are away from their desk and connecting via mobile devices. As ECM platforms emerge, they are increasingly supporting the next engendering of apps that connect to the documents, content, and information that financial consumers and workers need.

4. Finally, take the time to review the various options available in the market. Make sure the Finally, take the time to review the various options available in the market. Make sure the ECM solution you choose can measure future growth and expansion. After all, you don’t ECM solution you choose can measure future growth and expansion. After all, you don’t want to take everything to another solution when your busines want to take everything to another solution when your business is too big for a solution you s is too big for a solution you have already implemented. For that have already implemented. For that BENEVOLENCE TECHNOLOGIES BENEVOLENCE TECHNOLOGIES is the right choice is the right choice for affordable and high for affordable and high- -security Ecm software. security Ecm software.