6 Ways the Right Records Management Solution Can Streamline Financial Services Operations
By Joman Kwong, Strategic Solutions Manager at Laserfiche
With various regulations in place that stipulate how and when financial institutions collect, keep and dispose of customer data, back-office employees are often left to manually manage large volumes of records. Complex and tedious tasks of this nature can bog down staff and take away time that should be dedicated to more valuable activities. Fortunately, leading records management solutions can address regulatory requirements while also supporting streamlined experiences for both staff and customers.
Pinning Down the Pain Points
Every customer account includes large amounts of sensitive data and information. Many financial institutions struggle to manage costs and regulations while maintaining that level of data accessibility and security. But when it comes to record handling, any breakdown within these categories could be costly in both the monetary and reputational sense.
Data shows that financial institutions experience the second-highest average cost per data breach. The average $5.97 million loss would be detrimental to any business, and for organizations in the financial sector — which are built on the foundation of customer trust — the added reputational damage would be even more devastating. Record disorganization and misuse can lead to fines as well as put institutions at operational and regulatory risk when the next audit comes around.
Additionally, not only will dispersed information frustrate employees who are tasked with locating records, it will also have an adverse effect on the customer experience, where confidence and trust are paramount. With advanced and easy-to-use records management solutions available, there’s no reason to risk penalties or overburden your employees with scattered records and stacks of paper.
Leveraging the Power of Records Management
An excellent records management solution is a key part of this modernization journey. Content services technology is highly beneficial, streamlining operations across business units and simplifying larger strategies.
Here are six key advantages of converting paper or digitized records to an improved centralized information and records management platform:
- Reduce operational costs. There’s only so much space to store physical records — when information is instead kept and protected in digital vaults made specifically to house sensitive information, organizations can eliminate space as well as storage costs.
- Improve data accessibility. Having enhanced visibility into recordkeeping significantly reduces the time spent searching for and requesting access to information across core business applications. Records management solutions allow organizations to sort folders and files in the hierarchies and groups that work best for their needs, thus optimizing productivity. Integrations can further improve visibility and streamline information sharing across the organization.
- Support business continuity. To reduce friction for employees, records must be easily accessible at any time and from any location, especially given today’s distributed workforce. However, convenience must not come at the expense of security. Records management solutions offer security tools in a scalable, resilient database.
- Address compliance requirements. Industry compliance rules can often shift unpredictably — records management solutions empower pivotal adjustments to address emerging regulations.
- Support audits. Audits are huge undertakings. Records management systems offer robust features like audit trails, tagging, document history, and system activity, which help simplify the process.
- Improve customer experience and drive faster revenue generation. Today, customers expect seamless, digital, and quick services. The faster customer service representatives can access the information they need, the quicker customers can do business with the institution, ultimately accelerating revenue generation.
Cleaning Up the Digital Realm
Investing in centralized content services technologies should improve experiences for both employees and customers while boosting the bottom line. A single source of truth eliminates pesky guesswork and makes it easier for back-office employees, legal personnel, and customer service representatives to leverage information across business systems.
Digitized records have, for the most part, replaced paper documentation. However, the old disorganization habits have transferred to the digital realm. Luckily, records management technology is a breeze to set up, use and maintain, empowering financial institutions to focus on what matters most: customers. For more information about records management and to see it in action, check out the webinar “Streamlining Records Management for Banks and Credit Unions with Laserfiche” and more curated resources on our financial solutions page.
