ECM in Financial Services
Content management is a vital part of all businesses, but if there is one sector that could particularly benefit from managing their unstructured data it is the Financial Services Industry.
I have lost count of the number of financial services companies that I have visited which have vast armies of personnel re-keying data. A typical example is where application forms are manually completed in branches and sent by snail mail to the HQ. These may well be accompanied by supporting documentation such as photocopies of driving licences, passports etc. A sensible solution involving ECM would enable forms to be completed online via a web interface in branches so that the data is captured once and does not need re-keying. The same interface would also permit supporting documents to be scanned and uploaded along with the application data. Upon receipt of an application the ECM system would automatically start a workflow to enable the efficient processing of the application in the HQ. Such a system would also enable the building of dossiers for customers so that they do not have to provide exactly the same information the next time they apply for credit/loan/mortgage etc. In addition, branch representatives (and customers) can track the progress of applications without having to telephone the HQ.
Another segment of the financial services industry that could benefit from having an integrated ECM solution are those departments who deal with the application of anti-money laundering regulations. From 'Know your customer' applications through to integration with IMOLIN and databases provided by Finance Intelligence Units. AML is not just about structured data, it is also about the unstructured data held in electronic and paper documents. A case management solution based on ECM enables ALL data to be brought together to provide the whole truth that is required for AML staff.
The bottom line is that SERVICE is a key differentiator in the Financial Services marketplace. Introducing effective ECM solutions will empower organisations to improve their efficiency and levels of service to customers. Those who don't will get left behind ...
