Financial Services Trends From 2012 That Will Affect 2013: Part 2
As the year draws to a close, it’s the perfect time to take a look at the most important trends we saw in 2012 that will still affect banks, credit unions and lenders in 2013.
This is an exercise we began in our Part 1, where we focused on how adopting enterprise content management (ECM) allows you to embrace information technology by using electronic documents and information instead of paper.
Today we want to take a look at other trends from 2012 that will continue to affect financial organizations in 2013, including:
- Evolving compliance demands
- Utilizing mobile applications
- Continuing growth of new loan originations
- Increasing need for visibility and transparency
Addressing evolving compliance demands
Regulations are here to stay. And with watchdogs like the Consumer Financial Protection Board already making a big splash, the best way to adhere to new regulations is to take a proactive approach.
By leveraging an ECM solution across your organization, you have the tools to ensure consistent record keeping while guaranteeing the right information is available to the right people. It also gives you the ability to automate document retention in a secure system, provide consistent disposition and immediately respond to legal concerns and audit requests. You control document revisions and instantly track changes to records, making traceability a non-issue. And your systems are secure, auditable and flexible enough to quickly adapt to evolving regulations.
Using mobile solutions to keep everyone connected, regardless of location
Mobile is the future. So it’s time to offer your customers or members the services they want, like the ability to access their accounts and make transactions with their phones. While you may have a really nice lobby, unfortunately, many people no longer want to set foot in it. Don’t take it personally, use it as inspiration to make the leap to mobile.
Mobile ECM solutions also help keep business going when employees are out of the office by giving them the ability to:
- Stay connected to documents and information
- Keep processes moving no matter where people are located
- Access transactions to stay current
Managing increasing loan originations
The bad news is you have to be able to handle these spikes in business, or people will look for alternatives. With an ECM solution freeing your employees from paper to make faster and more accurate decisions, you can accommodate growth and continue to focus on providing superior customer or member service. And you can take that speed and accuracy to another level by using electronic document workflow to automatically route documents like loan packages through the approval process.
Increasing need for visibility and transparency
Transparency and visibility shouldn’t just be buzz words. Without them, you don’t know how fast things are moving – or not moving. And you can’t provide a clear picture of your situation to external stakeholders.
ECM gives you increased transparency into documents, information and processes. Executives and managers gain improved visibility with a dashboard that presents an overview of critical information in one easy to read screen, so they see how processes are working in real time. Not only does this increase your ability to share information internally and externally, it also helps identify roadblocks and gauges the effectiveness of processes. By measuring key performance indicators and process statistics, management optimizes processes and creates a competitive advantage in the marketplace.
Leveraging technology, focusing on customers and members
Technology is great, but it’s a means to an end. And that end is making sure current and prospective customers or members love doing business with you. By using ECM to decrease your reliance on paper, you increase the speed and accuracy of your processes and make information instantly available.
That makes life easier for your employees, better for your customers and members and will set you up for a great 2013!