5 Benefits A Document Management System Can Provide Your Financial Institution
March 16, 2020 | Blog
In 2020, as PPP Loans were being processed around the clock by community banks and credit unions, many financial institutions still managing paper documents or tickler systems recognized the need to go all in with a full document management system to reap the many benefits.
WHAT IS A DOCUMENT MANAGEMENT SYSTEM?
A document management system is a software application used to acquire paper or electronic documents, track, manage and store in an electronic format. It can also be referred to as an enterprise content management (ECM) system. A document management system should not limit file types. It should should accept files saved in numerous formats such as PDF, Word, Excel, digital images, etc. Once documents have been imaged, users can benefit from quick research capabilities, powerful reporting tools, reduced expenditures, securing data, virtual audits, and workflow.
5 BENEFITS A DOCUMENT MANAGEMENT SOLUTION CAN PROVIDE YOUR FINANCIAL INSTITUTION
1. CREATE EFFICIENCIES: Quickly import documents in any format to gain instant access to documents via research tools; eliminate time wasted searching for a paper file. Many document management systems add convenience by integrating via API’s with third party vendors such as your core solution provider, e-sign platforms, etc. Powerful reporting tools alert users regarding technical exceptions by providing easy-to-read automated reports that detail exceptions and watch list documents. Take advantage of the time saved by not having to manually manage spreadsheets and tickler files.
2. REDUCE COSTS: Reduce the need to print, eliminate budget spending for filing cabinets and free up usable storage space, all while enjoying time savings from the efficiencies created. Let the software work for you; don’t work for the software.
3. SECURE DATA: Our browser-based document management system is designed for users to access encrypted documents and reports securely. Financial institutions can utilize our Electronic Filing Cabinets (EFC’s) to securely store, encrypt and restrict access to board minutes, financial statements or security videos.
4. AUDIT PROFICIENCY: Document Imaging furthers efficiency by swiftly searching, filtering and adding specified documents to custom audit queues. Once the queue has been properly compiled of only the documents the auditor has requested, users can securely export documents to the Federal Reserve in a matter of minutes utilizing the Fed’s new standardized viewer to streamline the audit process. Enjoy the efficiencies a virtual audit creates!
5. AUTOMATE WORKFLOW: Identify, analyze and streamline daily processes and procedures. Workflow speeds up the manual transfer of paper documents by identifying processes and procedures to electronically move documents through all channels. Achieve due diligence and efficiently route documents electronically.
If your financial institution is ready to take the plunge and go paperless or you’re ready to take advantage of the benefits a document management solution can provide, contact us today to schedule a demo!
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