In many ways, the financial services industry is still adapting to the digital age.
One in eight banking transactions now occur online.
Foot traffic to branch locations is down across the industry, and banks in the United States eliminated 1,600 locations last year in response to that decline, according to SNL Financial. Customers can access their accounts from anywhere and have come to expect more from their banks, making it imperative for banks to be more nimble, responsive and personal in the way they communicate with them.
Banks need to manage large volumes of documents and deliver them efficiently across multiple channels—all while maintaining brand consistency. Here are six common problems banks often encounter and how to resolve them.
1. Employees Can’t Access the Documents They Need
Between digital and physical locations, there’s never a shortage of places for documents to get lost. Email folders, hard drives, file cabinets, cloud storage and the drawers of every desk – all of these spots may hold the files your employees need. Different departments may also have multiple copies of any given document, the latest version of which is anyone’s guess.
Can your employees actually find what they’re looking for? More importantly, is a lack of access keeping them from relaying critical information to colleagues and customers? If the answer is yes, you’ll need to find a way to reduce or eliminate those silos and create a central, digital repository for critical documents.
2. Your Storage Spending Continues to Increase
Relying too heavily on paper-based document storage wastes substantial time and resources. Warehousing costs rise fast as information grows, and filing and retrieval practically require a separate staff. In fact, employees spend an average of almost 20 percent of their workweek just searching for documents, according to a 2012 McKinsey report.
If this sounds familiar, your data storage may need a digital overhaul.
3. You Can’t Properly Secure Sensitive Documents
A bank’s sensitive documents demand secure storage. If your bank is relying on paper records, you could be compromising your customers’ personal information.
4. Document Approvals Take Too Long
A “hurry up and wait” mindset among your employees is indicative of an inefficient document management process. Banks often encounter this hurdle due to the high volume of regulatory documents—including terms and conditions—that need to be created and distributed to customers. The need to customize these documents according to account type or location and obtain the necessary approvals can slow down the process. And there’s no room for error. When documents need to be delivered quickly and accurately, relying on email threads to manage approvals can slow down the process.
Using a system specifically designed to automate and manage regulatory communications can streamline the process, shorten turnaround time and allow employees to focus on other priorities.
5. Your Data Lacks Mobility
Whether you’re traveling to a client’s office or working remotely, you and your employees need to be able to access critical information from a variety of devices and locations. Paper clearly won’t do the job, but neither will purely on-premise storage systems. For maximum mobility, you need storage space in the cloud.
6. Your Team Is Anxious About Audits
Last but certainly not least, you know your document management process is broken when the thought of an audit is cause for concern among your team. If you can’t find the documents necessary to balance your books and prove your regulatory compliance, your company isn’t likely to have a successful audit.
DATA Communications Management has the technology and expertise your need to streamline and manage all of your customer data, content and communications across multiple channels. We can manage the entire process, ensuring the highest level of security, and just-in-time delivery. At the same time, we offer inventory continuity and oversight that reduces obsolescence and related costs, and improves efficiency through e-statement distribution.
To learn more about how our solutions can help your financial institution streamline your print supply chain, request a consultation today.