How document management can help banking services

Document management is a versatile solution that helps centralise information management, reduce the risk of non-compliance and at the same time reduce costs. Here is a use case that highlights how a private bank managed to reduce paper management costs, improved customer service and ensured their customer data was secure using Document Management solution from DocuWare.

Digital Mailroom for banking  

Along with your document management system, take full control of your incoming and outgoing communications with a digital mailroom process. If you’re struggling with time-consuming and error-prone manual processes, with customer communications being handled from a range of devices and media, then it’s time to look at the digital mailroom to help identify, classify, route, store, and share your documents efficiently.

Typical benefits of a digital mailroom in banking:

  • Mortgage document processing
  • Loan application processing
  • Customer onboarding
  • checks processed
  • credit card processing

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Case study – private bank, headquartered in Bermuda

The Challenge

This bank likes to be known for its value-for-money private banking service while combining them with speed, efficiency and flexibility. Their subsidiary in the UK has taken on the mission to convert their 120-employed subsidiary into a paperless office.

The key drivers to go paperless included:

  1. Huge amount of paperwork created every day and staff time required to process paperwork.
  2. Cross-functional availability of data was a challenge.
  3. Rising cost of paper processes and storage.
  4. Establish secure processes to meet government regulations and requirements of the Data Protection Act and GDPR regulations 

Private Bank

Banking and finance

London, UK

Data maintenance, private banking department, corporate banking, HNWIs’ information

Document types:
Bank mandates, transaction records, KYC info., email, invoices

The bank offered – personal, corporate banking and investments. Many customers would have multiple records in the same file as a result. The information collected from customers was so that it could be used by any department. For example, the customer’s due diligence mandates are kept by the private banking department’s office, while the corporate banking department has files on the same customer’s corporate loans in their office.  

Hundreds of transaction records are filed away, many of which are only looked at once and then filed away and only pulled out years later in order to resolve disputes or similar discrepancies. The UK government regulations require that transactional records are kept for 7 years. Even transaction recording details of the customer’s banking details from different bank locations anywhere in the world must be kept for up to a minimum 5 years. This was resulting in rising costs of archives.

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The Solution

The customer took a staged approach to digitise and move all their records into DocuWare – a centralised document management platform. As a first step, only internal files were added. Successful management of those encouraged the customer to add more business-critical documents such as bank mandates, checks and copies of bank statements. Followed by direct debit mandates, customer records and KYC (Know your customer information).  

 About 300 – 500 documents were stored each day, which equals thousands of sheets of paper a day. All pertaining information is scanned and filed daily. The filing cabinets in DocuWare have as many index fields as possible, so that all employees can find the documents they need easily in one centralised document pool.

Implemented Modules

  • Autoindex
  • Active Import
  • Recognition
  • Content Folder

The Benefits

  1. The staff are now able to find customer records by just searching by customer numbers.
  2. The cost of document archives has reduced drastically.
  3. The client was able to apply correct retention policies and reduced the risk of being fined for storing a document longer than it should be. At the same time, they were able to resolve any queries quickly by retrieving information without having to physically search for it.
  4. They were able to service their customers better with more information available at their fingertips. 

If you see some of the above challenges in your banking business, talk to us or get a free trial to demonstrate how a digital document management system could be helpful for banking organisations.  

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How we help

Thin margins, increasing regulations, and siloed departments, branches and processes are just a few of the challenges facing financial institutions in today’s environment of sophisticated, connected and empowered customers. To compete, you need to automate, simplify and speed customer transactions like new account openings, consumer and mortgage loan applications and investments.

The key is finding the right balance for your organisation. By understanding the most effective process for paper and data, we can offer our clients innovative and tailor made solutions, resulting in an efficient and seamless customer experience.

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Some of our customers in the financial industry