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. Call it a look backwards, with a focus on the future.
The following major trends are going to continue, so the time to get acquainted with them is now:
- Adopting information technology
- Evolving compliance demands
- Utilizing mobile applications
- Continuing growth of new loan originations
- Increasing need for visibility and transparency
Reinforcing the importance of these trends, founder and chairman of Movenbank in New York City Brett King discussed them during his keynote address at the recent CUNA Technology Council Conference. King was able to bring experience to his discussion about why banking is quickly going electronic. He explained why checks are rapidly disappearing and cash is next, why mobile phones will soon replace wallets and how financial institutions must reinvent themselves or become irrelevant.
Essentially, King was talking about adapting to the new paperless world. And in the innovative electronic banking environment, behaviors are changing. Employees want immediate access to documents and information with the click of a mouse. Vendors want secure online access to documents and process status, decreasing the time it takes to finish business and resolve any disputes. Most importantly, customers and members no longer want to travel to branches to transact business; they’ve grown accustomed to the ease and convenience of using the Internet or their mobile devices.
Using information technology to take advantage of the latest developments
I believe the best way to adapt to these trends is by embracing the first one: adopting information technology. One of the most effective ways to do so is to use enterprise content management (ECM) – also known as document management – to capture documents and information electronically and reduce your dependency on paper. By freeing your organization from paper, the right ECM solution helps you address compliance issues, connect with information via mobile phones, handle increasing loan originations and gain visibility with real-time information.
Positively affecting the entire organization, using electronic documents and information increases process speed and accuracy while decreasing courier expenses, storage costs and time spent looking for information. But more than just getting paper out of the way, there are three key ways ECM enables you to do more with less:
- Capturing your documents – and information – electronically to securely store, instantly access, automatically route and systematically manage them
- Automating time consuming manual and paper-based processes to increase your speed, accuracy and visibility
- Integrating with the technologies you use every day to increase communication between them, making existing investments more powerful
Keeping up with information technology for the right reasons
Utilizing information technology correctly means your adopting it for a strategic purpose. With ECM providing a fast, secure foundation for you documents and information, your financial organization has the ability to proactively take advantage of trends, instead of reacting to them.
In part 2, we’ll take an in-depth look at how ECM empowers you to take advantage of the rest of the trends.