Financial Services is a data-driven industry and change is here. As financial organizations struggle to stay ahead of technology challenges, they must update technology, comply with federal regulations, and keep up with ever-changing consumer demands. Digital transformation is necessary in order to stay competitive.
Investing in technology such as Enterprise Content Management (ECM) software can take financial institutions to the next level. ECM technology can be combined with robotic process automation (RPA) and artificial intelligence (AI) to improve customer service while reducing costs across the entire organization.
As technology changes, banks are struggling to keep up and it is getting harder and harder for them to maintain the systems they have in place. In this competitive industry, banks have no choice but to make the digital transformation in order to keep up with consumer demands. With the right ECM solution:
- banks reduce costs and increase customer satisfaction as a single interface provides multiple layers of security and enables compliance with federal regulations;
- improve customer service with instant access to account information and effortlessly cross-reference between line-of-business (LOB) applications to unify multiple systems;
- eliminate manual data entry tasks by utilizing artificial intelligence (AI) engines to classify and extract critical data from documents automatically;
- apply Robotic Process Automation (RPA) to routine business tasks to speed up document processing times;
- eliminate the expense of document storage fees by minimizing paper use;
- reduce operational expenses and eliminate hardware and IT costs by managing records in the cloud
- streamline organizational decision-making for faster results;
- securely manage data to ensure compliance with federal regulation requirements such as Gramm-Leach-Bliley Act (GLBA) and Sarbanes-Oxley Act (SOX);
- ensure customer’s private information is securely protected 100% of the time with document encryption during transmission and at rest;
- move sensitive business data from vulnerable paper files into a password-protected electronic format.
What the Experts Say
According to Accenture, “30% of all retail banking jobs can be automated by 2025 and automation will reduce the cost of work by 40-80%.” This automation will increase capacity and free employees to focus on higher-value projects. To capture the opportunity, banks must take a strategic, rather than tactical, approach.
McKinsey sees “a second wave of automation and AI emerging in the next few years, in which machines will do up to 10 to 25 percent of work across bank functions, increasing capacity and freeing employees to focus on higher-value tasks and projects.”
For banks and other financial institutions to take advantage of the opportunities that automation presents, they must augment big-picture strategies designed to keep them competitive. There is much more at stake than simple technology updates. New ways of thinking and new ways of doing business must take priority. New processes that are optimized for digital automation rather than for people and paper are required.
Problems Solved by ECM, AI and Robotics
Financial organizations stay on top of compliance issues while also achieving financial goals when they invest in technology to free up workforce hours and save money. By automating tasks and ensuring compliance in one ECM solution that integrates multiple platforms, financial institutions boost their success while maintaining strict security standards and saving money. Robotics automatically classify and extract critical information from financial documents and streamline business processes across the entire organization. AI intelligently locates customer data fast. Customer experience exceeds expectations. Scalable systems grow as your organization grows.
Paper Alternative Solutions cloud-based service minimizes IT burden by outsourcing hardware, software, and maintenance costs. ImageSilo® offers sophisticated organizational efficiencies while maintaining complex security requirements and lowers the overall cost of managing financial information. Files are protected in accordance with federal regulations. Under GLBA, SOX, and other regulations, organizations must securely protect customer data from unauthorized access. With Paper Alternative ECM you ensure that your customer’s private information is protected with document encryption.