Build a Seamless, Integrated New Account Opening Solution with Laserfiche
Opening a new account has traditionally been a cumbersome process within the financial services sector, burdened by paperwork and time-consuming steps. Firms have sought to improve this process by either building their own workflows with existing technology tools or deploying new point solutions. However, these approaches often lack the true automation needed, as they involve manual and repetitive procedures and are disconnected among line-of-business systems.
Join this complimentary webinar to discover an end-to-end integrated solution for new account opening using Laserfiche process automation, coupled with integration tools that enhance the client experience, reduce operational costs, and address compliance challenges.
The webinar will cover the following topics:
Trends for the new account opening process in the wealth management industry.
A live demonstration of an automated new account opening solution in Laserfiche.
Real-world use cases from the global Laserfiche financial services community.
Dismantling the Dysfunction: Reinforcing Trust, Confidence, and Accuracy in Records Management
Physical documents can easily get lost or destroyed without proper storage and tracking. This exposes your organization to expensive risks from inconsistent disposition, over-retention or poor auditing practices.
Furthermore, by law, organizations like yours are often required to retain physical records and make them accessible for on-demand retrieval. Securing and granting access to these items can be a time-consuming, burdensome process. This is especially true if you’ve inherited a disjointed legacy software system, or are still tracking files with Excel spreadsheets.
To help solve these problems, you can leverage solutions that provide management of physical documents while making those records available to search and view digitally. Combining physical tracking with digital integration allows you to locate documents easily while maintaining the integrity of the original items.
Laserfiche + Gimmal have worked together to integrate our existing digital and physical systems into one seamless solution. Join us on Thursday, November 9 at 10:00 AM PT | 1:00 PM ET to see how this integration works and how your peers have benefitted from streamlining this technology in their own organizations.
During this session, you will learn how to:
Digitize and auto-classify in one single/centralized and unified system
Improve access and response times when locating vital documents and data
Simplify retention and disposition so that you can defensibly expunge unnecessary records
Replicate lessons learned from real-world examples and success stories you can take back and apply to your own records management program
• The university needed to retire a legacy document management system
• Content needed to be migrated to a system that offered information management and process automation
SOLUTION
• Improved information retrieval time and efficiency
• Automated processes accelerated response times and increased transparency
• Enhanced student, staff and faculty experience
The American University in Cairo (AUC) is a leading English-language, U.S.-accredited institution of higher education. With a diverse community of students, faculty, alumni, trustees and supporters representing more than 60 countries, the university prides itself on being a crossroads for the world’s cultures and a vibrant forum for reasoned argument and spirited debate.
While the university is over 100 years old, it has prioritized offering a modern student experience. Its New Cairo campus features a state-of-the-art facility for advanced research, innovative teaching, lifelong learning and civic engagement. Recently, the university’s technology solutions team set out to modernize technology systems and processes to better align with its students, faculty and staff’s needs and expectations.
“Before Laserfiche, we were facing many challenges in managing a legacy content management system,” said Soumaia Al Ayyat, Ph.D., lead applications development analyst at AUC. “We had an overflow of paper-based documents and student records stored in our warehouse.”
The technology solutions team worked with BMB, a Laserfiche solution provider with locations across the Middle East, North Africa and Europe, to implement Laserfiche as a modern way to manage information and automate processes campuswide.
Building a Strong Information Governance Framework
AUC outlined its requirements for a new system for managing content. The technology solutions team had the vision to go beyond traditional document management and implement a full content services platform.
“We were looking for a centralized content management system for improving process automation and enforcing governance rules on the content,” Al Ayyat said. The technology solution team selected Laserfiche for its ease-of-use, flexibility and integration capabilities.
The plan was to migrate content from the legacy system to Laserfiche with documents’ respective template fields, and implement access controls and forms-based audit reports of the legacy system’s actions. The team also embraced Laserfiche’s records management capabilities by applying retention polices on the migrated content as well as new content.
“All departments reported a noticeable improvement in retrieval time and efficiency due to the accompanied metadata and proper access rights,” Al Ayyat said, adding that documents for over 25,000 students were successfully migrated. “We’ve saved a great amount of paper, time and budget with Laserfiche records management.”
Early Adopters: Automating Enrollment and Admissions Processes
Once the team had brought content over from the legacy system, they turned their focus to automation for four different user personas: for students, staff, faculty and external users (such as visitors). One of the most pressing needs was streamlining the admissions process.
“Just before COVID-19, the university was transforming into a paperless and cashless campus,” said Mohamed El Fadly, technology solutions director at AUC. “One of its main goals was to enhance and automate the admissions process, so that students could submit their files online and track their documents at any time.”
Before using Laserfiche, students were required to submit around 10 types of documents — including grades, birth certificates, national IDs, photos, etc. — in physical form.
“The Enrollment and Admissions Office was our early adopter of Laserfiche Forms to automate the admissions checklist process,” El Fadly added. The office launched a Laserfiche form that enabled students to submit documents online and routed the information automatically to admissions and related departments for review, approval and follow-up. Students can track the progress of their applications at any time in the process.
Students can also opt to visit AUC’s Student Service Center to submit documents. For in-person submission, students sign a signature pad, whose system is integrated with the Laserfiche form so that it may be stored in the repository for future reference.
An API integration between Laserfiche and AUC’s student information system, Ellucian Banner, streamlines information sharing and the creation of students’ Laserfiche accounts once accepted.
Since the success of the admissions checklist, AUC has also used Laserfiche Forms for a number of other student-facing processes including:
Scholarship checklists
Research grants
Overload requests
Withdrawal requests
Leave of absence requests
“Any of these automated processes enable students to submit academic and administrative documents online, receive approval quickly and track their status,” said El Fadly. “We’re able to offer these responsive student services because we’re using Laserfiche as a campus-wide solution.”
Campus-wide Process Automation and Modernization
“Laserfiche’s ease of use and integration capabilities with our core systems like Banner and SAP enable the university to quickly extend its workflow and online forms solution capabilities to other campus departments, including the Registrar office, the Provost office, the security office and the Controller office,” said El Fadly.
For faculty and staff, AUC has automated processes that previously required many manual, repetitive tasks and physical copies, including:
Faculty grants
Faculty report requests
Faculty grade change requests
Clearance requests
Visitors to the campus, too, use Laserfiche as part of the visitor request process. Once a request is submitted, Laserfiche generates a QR code with dynamic information extracted from the request form, which is presented at the entrance gates. An integration with the CodeREADr app enables security guards to scan the codes with the app and record check-in and check-out.
“These modern, automated processes have enabled AUC to manage increased information flow without additional burden on students, faculty and staff. Adopting Laserfiche in the Enrollment and Admissions office has led to the migration of over 1 million admissions records and the processing of over 320,000 records in two years, while AUC has also managed over 350 School of Continuing Education petition submission, 1,000 visitor requests and nearly 200 clearance requests in the same amount of time. Additionally, the use of Laserfiche aligns well with AUC’s sustainability goals. “We’ve eliminated the use of millions of paper documents,” Al Ayyat said. “Laserfiche has helped us to achieve our paperless goal and go green.”
Today, the technology solutions team continues to optimize operations and digitize more departments’ content. The team has more than 20 business processes in their queue for automation.
“The smart process automation in Laserfiche and its capabilities to design very complex processes facilitated the improvement of AUC’s internal processes and enhanced the student experience,” said Al Ayyat. “Laserfiche provides efficiency via intelligent forms with the proper workflow and the proper repository access rights. The smart reporting and analytics of Laserfiche empower the stakeholders in monitoring and identifying process bottlenecks. Overall, Laserfiche enables us to offer our services more quickly and with greater accessibility.”
Don’t Get Fined – Stay Away from Unstructured File Sharing Tools!
The SEC and FINRA continue to levy steep fines on wealth management firms for failing to comply with book-
keeping and records retention rules, such as storing and tracking records with an audit trail system or in a Write-
Once-Read-Many (WORM) format, including meta-data and other compliance requirements. Advisors are held to
maintain particularly high standards of liability in respect of precise records management, not to mention the
proliferation of hybrid workplaces and the usage of non-compliant platforms for client communication – making
the need to advanced document management technology critical. The bad news is that many advisory firms are
taking shortcuts and using non-compliant file sharing tools that open them up to regulatory exposure, fines and
cyber-security breaches and reputational risk.
Join this complimentary webinar to learn the latest from a compliance and product expert-led discussion regarding best practices and key considerations for seeking out proven solutions.
You will learn:
SEC Rules 17a-f – Explanation of the books and records retention rules in detail and new updates.
How unstructured file sharing tools are violating regulatory responsibilities and bringing costly enforcement actions
How Laserfiche Enterprise Content Management and Vault support advisors in complying with SEC Rules 17a-f
Powerful workflow automation tools that can streamline compliance and insulate firms from regulatory actions
While the feature set of a records management system can be robust, it’s not always easy to identify where and how to use the tools effectively. Below are a few use cases that highlight the benefits of implementing electronic records management within your organization.
Use Cases for Finance Departments
A highly regulated part of any business, a finance department can find many benefits in implementing electronic records management:
Customer invoicing: Keep a historical record of invoices and purchase orders for as long as they’re needed or required.
Compliance: Automate reminders to perform records management actions, such as archival and disposal, to promote regulatory compliance.
General ledger: Support transparency in your organization’s reporting practices with properly stored and kept evidence of transactions.
Use Cases for HR Departments
As the department responsible for employee onboarding and support, human resources manages many records that contain sensitive and regulated information. Here are a few electronic records management use cases for HR:
Employee information protection: Get automatic reminders to dispose of or archive information, so your organization can keep employee information for only as long as required by regulatory bodies.
Status changes: Develop a referenceable system of record that tracks status changes as employees onboard, offboard and change roles.
Use Cases for Legal and Compliance Departments
For legal and finance departments, accuracy and efficiency is an essential part of conducting business, and helping to ensure audits of their organizations go smoothly. Below are some common electronic records management use cases for these departments.
Retention schedules: Set reminders for records managers to dispose of or archive records in alignment with their retention schedules.
Legal holds: Change and keep track of legal hold statuses for records that are involved in ongoing litigation.
Regulatory compliance: Stay In good standing with regulators using a system that enables proper adherence to retention schedules and other information governance guidelines.
eDiscovery: Keep content for as long as legally necessary, to support your organization’s efforts to fulfill its duties during the discovery process.
Use Cases for Business Continuity
Whether an individual unit or a group of individual experts across multiple departments, teams need effective tools to mitigate the risk that comes with disruptions to business. Here are a couple of ways electronic records management can assist your organization in its efforts to create a more resilient enterprise:
Remote access to records: When your office is inaccessible, host a cloud repository that enables access to records as needed for internal use, litigation or audits.
Data security and privacy: Records management tools can help ensure your organization keeps records for only as long as needed, reducing the amount of data vulnerable to security and privacy breaches if they occur.
Customer Spotlight: City of Ithaca/Tompkins County
Learn how one county in New York reduced the time to furnish records in response to FOIA requests by more than half.
Streamlining Records Management in Financial Services with Laserfiche
Managing records across all business units poses a complex and daunting task for banks and credit unions. In the highly regulated banking industry, these institutions must handle a large volume of sensitive and confidential records, such as customer information and financial transactions. To meet regulatory requirements, they need a centralized, secure, and traceable platform. The ever-changing landscape of regulatory compliance from entities like the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA) and Bank Secrecy Act (BSA), presents a significant challenge. Non-compliance can lead to severe fines, penalties, legal and reputational risks, and a loss of customer trust.
To address these challenges effectively, we invite you to join a complimentary webinar. In this session, we will explore how to create a standardized and efficient solution using Laserfiche Records Management and process automation. The webinar will cover the following topics:
The importance of establishing digital records management strategies.
A live demonstration of advanced records management in Laserfiche.
Real-world use cases from the global Laserfiche banking community.
A live Q&A session.
Don’t miss this opportunity to discover how Laserfiche can help your organization tackle the complexities of records management and compliance in the banking sector.
While the feature set of a document management system can be robust, it’s not always easy to identify where and how to use the tools effectively. Below are a few use cases that highlight the benefits of implementing a document management system in your organization.
Use Cases for Finance Departments
A highly regulated part of any business, a finance department can find many benefits in implementing a document management system:
Customer invoicing: Find new efficiency with the ability to quickly locate and distribute documents to relevant parties, creating transparency throughout the invoice management process.
Audits: Make auditors’ jobs easier with audit trails that give a detailed history of actions performed on each document in your repository.
Purchase order (PO) generation: Apply metadata to purchase orders, making them easier to identify and match to invoices.
General ledger: Improve transparency and accuracy in reporting on cash flows with document management software that makes it easy to search for and retrieve financial information.
Use Cases for HR Departments
As the department usually responsible for employee onboarding and support, human resources can have many documents to manage on any given day. Here are a few ways a document management system can help:
Policy transparency: Keep a centralized repository for employee handbooks and other documents outlining policies, so employees always have easy access to them.
Status changes: Easily locate and retrieve relevant information when employees onboard, offboard or change departments.
Performance reviews: Keep information on employee performance protected in a repository with robust security controls.
Benefits enrollment: Host a centralized repository for relevant benefits enrollment resources, so employees can make informed decisions about their benefits.
Use Cases for Legal and Compliance Departments
For legal and finance departments, accuracy and efficiency is an essential part of conducting business, and helping to ensure audits of their organizations go smoothly. Below are some ways these departments can benefit from implementing a document management system.
Sharing content with clients and customers: Use secure file sharing tools to keep track of any documents sent outside your organization.
Legal review and contract approvals: Speed up approval processes with digital document templates that make information easy to review.
eDiscovery: Keep information both secure and accessible with robust security controls to only allow authorized access to content, and full-text search capabilities that enable those authorized to quickly locate requested information.
Contract negotiation: Version control capabilities make it easy to track significant revisions as contracts are changed and edited by relevant parties.
Use Cases for Customer Service Departments
Customer service departments rely heavily on the accuracy of their information in order to provide the highest level of service possible. Here are some ways a document management system can help these departments:
Customer satisfaction: Support customers and stay responsive to their needs with a centralized, secure repository that helps ensure information is accessible and accurate.
Public records and information: Increase transparency with public portals that deliver information to customers upon request.
Use Cases for IT Departments
Information technology departments are usually fielding many projects and requests at once. Without the right tools, resources can run thin quickly. Here are a few ways a document management system can help your IT department utilize its resources effectively:
Case management: Host a centralized repository that makes it easy to store, retrieve and share information about support tickets or ongoing projects.
Information governance: Utilize audit trails to track when, and by whom, actions were performed on your organization’s content.
Support resource hosting: Provide a centralized repository that employees can easily access for FAQs, documentation and guides.
Hardware device checkout: Collect information that can identify devices rented by employees, and store that information in a secure repository, so your organization can effectively keep track of equipment.
Use Cases for Sales Teams
The more information salespeople have, the more empowered they are to inform customers and close deals. Here are some ways a document management system can assist salespeople and their teams in generating revenue for your organization:
Sales contracts: Track changes to contracts as needed with version control tools that let you document significant changes to documents.
Sales tools: Provide a centralized repository that makes it easy for salespeople to access proposals, presentations and other sales tools.
Opportunity tracking: Quickly store and retrieve quotes, invoices and other sales materials to get a better view of prospective deals available to your sales team.
Use Cases for Business Continuity
Whether an individual unit or a group of individual experts across multiple departments, teams need effective tools to mitigate the risk that comes with disruptions to business. Here are a few ways a document management system can assist your organization in its efforts to create a more resilient enterprise:
Remote content access: When your office is inaccessible, host a cloud repository that enables employees to access any and all content they need from anywhere.
Data security and privacy: Utilize secure file sharing tools to mitigate security risks associated with email attachments, and keep any files, shared or otherwise, in a repository with robust security controls.
Communicating with customers: Facilitate customer requests for information and services from anywhere with online portals.
Disaster recovery: Host your content on a cloud infrastructure that’s supported by multiple availability zones to minimize data loss after disruptions.
Customer Spotlight: City University of Hong Kong
Learn how one university leveraged its document management system to better manage and protect the student and staff information it handles.
“These modern, automated processes have enabled AUC to manage increased information flow without additional burden on students, faculty and staff. Adopting Laserfiche in the Enrollment and Admissions office has led to the migration of over 1 million admissions records and the processing of over 320,000 records in two years, while AUC has also managed over 350 School of Continuing Education petition submission, 1,000 visitor requests and nearly 200 clearance requests in the same amount of time. Additionally, the use of Laserfiche aligns well with AUC’s sustainability goals. “We’ve eliminated the use of millions of paper documents,” Al Ayyat said. “Laserfiche has helped us to achieve our paperless goal and go green.”
“The smart process automation in Laserfiche and its capabilities to design very complex processes facilitated the improvement of AUC’s internal processes and enhanced the student experience,” said Al Ayyat. “Laserfiche provides efficiency via intelligent forms with the proper workflow and the proper repository access rights. The smart reporting and analytics of Laserfiche empower the stakeholders in monitoring and identifying process bottlenecks. Overall, Laserfiche enables us to offer our services more quickly and with greater accessibility.”