Banks that are focused on great digital customer experience combined with excellent service delivery are the ones that will evolve into the future.” – Adam Blue, Forbes.
The tools that financial institutions choose to use in order to achieve optimum success for their customers service and delivery continues to be a point of interest among innovative industry leaders who find themselves transitioning to a new, modern way of working.
Professionals who work on-the-go, with greater mobility, are flourishing, but the rapid jolt towards a “new normal” has not been smooth sailing for all. Bosses have realized that unleashing flexibility in the where and when we work is now a key consideration when it comes to attracting the best talent; however, it also causes problems with data security, particularly in financial organizations. Brokers, accountants, and clerks view, edit, and send confidential data that must be handled delicately while complying with industry regulations. Yet, with the volume of data on the rise, this task is becoming increasingly difficult without the appropriate technology. If businesses choose to cut corners and data leaks occur, the cost of a data breach can be irreparable.
Consequently, business leaders in financial services are searching for digital tools that combine their team’s versatility and remote working with the increasing security threats posed to data. Spin-off benefits will include increased customer satisfaction and reduced costs.
Enterprise content management (ECM) software is a holistic approach to managing unstructured data such as emails, physical documents, presentations, and audio files. While the type of ECM solutions vary, the underlying motivation is the same: getting data under control so that staff can work in a more agile and secure way.
ECM solutions create a fluid information ecosystem within organizations."
“Traditional banks are in for a rude awakening in the next few years, and simple upgrades such as ‘digitization’ will not help them retain or gain customers. To remain relevant, they need to change their culture, embrace new technologies and understand what is valuable to their users." – Forbes.
ECM solutions are fundamental to creating a fluid information ecosystem within an organization. In today’s digital world, this equates to laying down the foundations of a house. Without a solid base, everything else is likely to get out of control.
Here are just some of the benefits of ECM solutions:
Some argue that today, data is the most valuable asset for most companies. Thus, for organizations, it is vital to keep files and documents secure, particularly because "financial institutions are among the most targeted verticals for cyberattacks." Yet, there is no need to fear; financial institutions can work securely using an ECM solution. These digital tools securely store data in an encrypted platform that users can only view with the correct credentials. The layers of encryption also mean users can work safely, alleviating any security burdens, which The Economist details will improve the performance.
Many professionals now have the freedom to work in a variety of ways: on-site, in a brick-and-mortar office, off-site in a remote workplace that suits their requirements, or a more hybrid approach. Therefore, to work together, users must send, save, and resend digital documents securely. That’s where an ECM platform comes in. Professionals can use file sharing tools to collaborate, editing documents in real-time; the real-time feature gives users the peace of mind that they are interacting with the latest version of files.
On-site servers have always been popular. Yet, this is changing thanks to cloud-based ECM options. Businesses can handle more data while reducing the cost of maintaining and guarding on-site servers. Therefore, businesses can quickly scale up when the time suits them without having to expand their storage facilities, saving them space and money.
Nevertheless, it’s not just server costs that institutions can save; failure to comply with regulations can cost financial institutions up to the greater of $25 million or 4% of annual revenue. But, perhaps worse, the reputational damage can cause clients to jump ship, costing businesses even more money. ECM software is complex and provides an extra layer of comfort for organizations striving to be as compliant as possible. The program can be easily managed to follow worldwide compliance regulations, such as removing end-of-life data before required, viewing timestamps of people accessing documents, and storing files that follow compliance rules.
The Economist interviewed more than 300 industry leaders for their Reshaping Productivity report, with nearly 50% detailing that performance, when remote working, improved thanks to digital solutions. ECM solutions are intuitive platforms that can generally be set up without complex training; as such, new professionals and remote workers can hit the ground running when using this tool.
Furthermore, for your customers, ECM helps them to be more productive. Online banking is a modern phenomenon that billions of people use every day. Nonetheless, it can be complicated for your business to handle large threads of data. An ECM tool combines different data sources in central archives that are easily accessible for those who have access. Consequently, your business can improve productivity and its customer satisfaction rating.
ECM tools meet and exceed the demands of both your customers and your team. The versatility of these platforms means that a wide range of financial organizations, from investment banks to accountancy firms, can leverage the security, productivity, and monetary benefits of this program. The question leaders must ask themselves is not if, but when, they will begin their ECM journey.