Increase Your Transparency, Increase Your Profits with ECM
“Transparency and governance go hand in hand,” says Barbara Rehm in American Banker. “A bank has to be able to put its figurative hands on data to have a fighting chance of managing its risks. Too many firms haven’t comprehensively integrated information systems, especially after acquisitions.”
I agree. Transparency shouldn’t be just a buzz word. Without it, you don’t know how fast things are moving – or not moving. And you may not even be aware of upcoming roadblocks. Not only is it difficult to manage business processes, it also makes it challenging to comply with local, state and federal regulations – especially if important systems can’t communicate with each other.
That’s where enterprise content management (ECM) solutions help. ECM gives organizations increased transparency into documents, information and processes. Executives and managers gain improved visibility using a dashboard that presents an overview of critical information in one easy-to-read screen so they see how processes work in real time. Not only does it 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, creating a competitive advantage in the marketplace.
With ECM, you capture and store documents and the important information that surrounds them as digital images that are immediately available for viewing. Electronic document workflow then automatically routes that documentation through processes, notifying key stakeholders along the way. For example, when you route loan packages through the process, you make decisions faster than your competition, making you an easy choice for consumers.
By automating time-consuming manual tasks, you shorten process times and make them more cost effective. With faster and more accurate processes that grant visibility into exactly what’s happening now - including audit trails that document when and why activities occurred – employees spend minimal time looking for what they need and are free to focus on profit-increasing activities like generating new business.
Further affecting the bottom line, by using ECM to automate processes, you reduce your reliance on paper, saving money on storage and shipping costs. And by using an ECM solution to integrate the systems you use every day – like your core banking platform, loan origination system or almost any other software – you increase the value of technology investments by giving them the ability to communicate with each other. You may even be able to replace wasteful legacy IT systems.
Using an ECM solution to manage documents and information provides:
- Increased transparency of documents, information and processes
- Improved availability of accurate information
- Enhanced communication between systems through integration
Not only does the right ECM solution enable faster access to information, but it also guarantees consistent and timely management and disposition of documents and information. With increased visibility and automated document management, you streamline your compliance efforts, making them a natural extension of business processes. When you proactively comply with regulations, you reduce the risk of incurring fines, work stoppages or bad press.
“Clearly, data that is pulled from a consistent source, has a high degree of integrity, and is readily available, benefits [banks] on a number of fronts,” says Rehm. “There is increased transparency within the firm as to business performance, a higher degree of confidence in decisions made, management and board reports with greater accuracy and over time a greater degree of trust by the investment community in the company’s numbers.”
When you use ECM to securely manage documents and information, you give your bank a central, secure repository – exactly the consistent source with a high degree of integrity that Rehm calls for. You also increase your transparency internally and externally – making you a best-case scenario for regulators and an easy choice for consumers.