Jun 8, 2022
enterprise content management solutions

Four Critical Inefficiencies Solved with Enterprise Content Management | For Banks and Credit Unions

IN THIS ARTICLE | Learn how to solve four critical inefficiencies at your bank or credit union by installing and maintaining an Enterprise Content Management System.

Why is Enterprise Content Management Important for your Financial Institution?

Enterprise Content Management is the foundation of operational effectiveness at your bank or credit union.

well-organized ECM application can directly impact a bank or credit union’s efficiency ratio and productivity by reducing the time and effort involved in daily tasks needed to serve customers, members, and their accounts. An ECM solution should contain the building blocks to improve processes across business lines and across the institution as a whole.

What is Enterprise Content Management?

At its core, it’s workflow management software built within and around the document management system. Rather than a basic archival system made simply for the long-term storage of documents, enterprise content management systems focus on the workflow, tasks, and management associated with the documents.

Enterprise Content Management is your document management system. ECM is sometimes called your document imaging or document archival system. But, enterprise content management should go beyond a basic archival of historical documents.

Key Components of ECM Systems

  • It’s the day-to-day business processes, tools, and workflows surrounding your document imaging system used for daily operations through various business functions across many lines of business.
  • An ECM platform represents an application or group or solutions that allow bank or credit union employees to work efficiently and effectively with the millions of documents that are retained on customers, members, loans, deposits, collateral, and guaranty records.
  • It encompasses methodologies and processes for managing documents through the financial institution’s document retention policies.
  • ECM supports the institution’s ability to request, collect, retrieve, approve, share, and archive new documents from customers via secure digital channels.

In short, the best enterprise content management systems should organize and store content in a way that optimizes it for daily business processes. Why? Because connected workflow solutions can automate and streamline day-to-day activities.

ECM | The building blocks for banks and credit unions.

The features and functions of a mature enterprise content management fall into the falling key areas:

  • INGESTION: ECM products should offer many flexible ways to ingest digital and paper content into the system. This should include scanning; automated document imports to your core and ancillary systems; desktop drag and drop, importing, or scanning; barcode ingestion; and more.
  • RETENTION MANAGEMENT: Look for a product that can oversee document destruction and retention with the granularity of your document retention policy, including the ability to retain customer-level documents until all accounts are closed and the retention term is met.
  • CENTRALIZED CUSTOMER VIEWS: ECM should go beyond basic document indexing. Look for an ECM solution that also features customer-centric overviews of their entire relationship. You should be able to see a snapshot of the customer record, including associated documents, in a centralized solution to streamline work.
  • EXCEPTION MANAGEMENT: Connect two often-siloed processes: exception management and document tracking. A connected solution, where exception tracking is powered by document management, can clear exceptions based on the presence and status of documents.
  • DOCUMENT REVIEW: An ECM solution should allow you to streamline business processes like routing incoming documents to work queues for quality assurance and approval.
  • REPORTING: Your ECM application should offer robust reporting in order to properly manage the flow of information.
  • FILE-SHARING: An ECM should support the financial institution’s ability to request, collect, review, and archive digital or paper content from clients in a secure and efficient manner.

Accelerate Operations by Solving Four Critical ECM Inefficiencies at your Institution

 

Exception Management powered by Document Imaging

Exception Management powered by Document Imaging

Connect exception tracking with document imaging, the core, and all ancillary systems to automate workflow, work queues, and reporting.

Clear exceptions based on the presence and status of a document  – marrying two previous siloed business tasks. By connecting these two processes, our enterprise content management solution provides ready-to-use on-demand exception work queues that show exceptions with up-to-the-minute accuracy. Users can even upload documents to the work queue to clear exceptions in real-time. New documents can be automatically routed to obtain higher approval. This functionality means that management reporting is also integrated. This eliminates time spent manually massaging and cleaning up weekly or monthly reports. All this functionality is ready to use in our enterprise content management application.

 

File Sharing + eForms + eSign driven by Document and Exception Tracking

File Sharing + eForms + eSign

Our customer document and data collection application is built specifically for financial institutions which means that it automates the generation of secure, digital requests to customers. The service then automatically collects those documents, forms, or signatures and routes them for review and archival. There is no need to construct a multi-step workflow process for this. Our solution is ready to go.

Customizable and Robust – An unmatched Collateral Tracking System

Collateral Tracking SystemAn ECM product that brings together data, from your core and ancillary systems, documents, and exception management is well poised to offer enhanced collateral management tools. We turn conventional collateral tracking on its head with our enhanced collateral management with unlimited data mining, customized tracking, and clearly managed collateral portfolios.

 

 

Document Management optimized for Automation and Collaboration

Document Management

It’s the point we have been making this entire article. A well-run document imaging and enterprise content management system is the foundation for process automation and workflow. Our solutions set the stage to accelerate your business process efficiency.

 

About PROFORMANCE

Founded in 1985 to design and implement systems that improve efficiencies and collaboration around paper-intensive operations for banks and credit unions, we know a thing or two about enterprise content management solutions for financial institutions. Learn more about our solutions and the level of support we offer to accelerate operations in your institution.

Leave a comment

Recent Posts

Topics

Document Management

  • Integrated Exception Tracking
  • Automated Customer Notices
  • Document Review Queues
  • Easy User Uploads

Request your on-demand video, now.


Request your on-demand video, now.

Collateral Management

  • Granular, structured collateral tracking
  • Monitoring
  • Custom Data Collection
  • Reporting
  • and so much more

Customer Requests

  • Document collection driven by exception tracking
  • DMS integration
  • File-sharing, eForms, and eSign
  • DocuSign Integration

Request your on-demand video, now.

Exception + Document

  • Upload a document
  • Clear an exception.
  • Update work queues and management
    reports - simultaneously.
Great choice!
Where should we send it?

    For PROFORMANCE support, please email support@pf-inc.com or call (281) 292-9000.
    Please reach out if we can assist you in any way.
    Wayne Whaley, Chairman and President, wwhaley@pf-inc.com
    Tracey Sims, Chief Operations Officer and Product Manager, tsims@pf-inc.com
    Dora Compis, Systems Engineer Manager, dcompis@pf-inc.com
    Sign up yourself or your coworkers for our quarterly newsletters, InfoNews, to get
    the latest announcements, tips, tricks, and enhancement news.

    Additional user accounts may be requested by emailing Jill at jlococo@pf-inc.com