Why Document Management Solutions are Vital for Financial Services

The average bank sifts through thousands of documents and images every year, a complex and time-consuming process that requires their staff to pour over enrollment forms, client applications, financial statements and more. The right document management solutions allow banks to easily capture and extract vital information from any paper or electronic document, including:

• Checks
• Financial statements
• Online forms
• Credit card applications
• Mortgage origination files
• Property titles

4 Ways Document Management Solutions Benefit Your Bank

The sheer volume of information banks are responsible for processing can get overwhelming. Lax, outdated processes are a time and money black hole, and can seriously bog down backend processes.

If your bank could use a better document processing strategy, consider automated enterprise document management – the benefits are hard to ignore:

1. Expedited Document Processing Cycles – Document management solutions can speed up the document processing cycle by optimizing the availability of funds through co-mingled scanning of various document types, information extraction or automated document sorting. Banking is a fast-moving industry, so the quicker you can search and sort through documents, the better.
2. Compliance With Evolving Regulations – Bank regulations are always changing and evolving, so it’s important for banks of all shapes and sizes to keep up. That’s where document management software can play a key role. By offering complete, auditable and secure data capture, document management solutions help to ensure compliance with important regulations like the Payment Card Industry Data Security Standard (PCI) and Dodd-Frank, along with key regulations from the Consumer Financial Protection Bureau.
3. First-Rate Customer Service – For banks, document management solutions provide a major benefit because they can help quickly and accurately resolve inquiries with valuable information captured from customer and client documents. You’re no longer required to sort through hundreds of pages to address a customer request. Instead, you can simply leverage document management software to instantly find what you need.
4. Improved Decision Making – Document management software enables banks to gain a more complete and accurate view of client and customer activity. That means more robust, timely reporting by downstream systems, and fewer exceptions.

Upgrade Your Bank’s Document Management Strategy With ibml

It’s a fact that ibml’s document management solutions have proven effective in banking and credit unions around the nation. With our enterprise document management software, banks of all shapes and sizes can experience:

• Reduction in document prep costs with improved, real time data extraction.
• Reduction in scanning overhead with auto batching and reduced license costs.
• Utilization of the same workflow and business rules for electronic
  document capture.
• Secure, compliant and reduced risk with a standard capture
  environment for all input sources.

For more information on ibml’s document management solutions, contact
us today.