Enterprise content management (ECM) technology is often thought of as a back-office system for avoiding information loss and supporting document retention. While those goals are important, selecting the right ECM solution for your financial institution can unlock strategic advantages, too.
Here’s how.
Improving Productivity and Buy-In with Automated Workflows
Compared to paper-based systems, digitizing and storing documents in an ECM should make information far more accessible for staff. That said, not every team member will be comfortable with change. Some may feel overwhelmed by the amount of information at their fingertips. Others might continue leaning on legacy processes or workarounds, which ultimately limits the impact of a financial institution’s ECM.
Implementing an ECM with built-in workflow capabilities can drive increased productivity while alleviating roadblocks to adoption. With workflows, users can be prompted via email when action is required, such as reviewing a credit report or invoice. Next steps in the workflow occur automatically, reducing delays and enabling repeatable processes.
Strategic Advantage: Electronic workflows direct users to important tasks while reducing information overload, thereby increasing system adoption and operational efficiency.
Scaling Commercial Lending Processes
Manually routing commercial loan files between branches isn’t just annoying for lenders—it can also lead to delays that negatively impact loan pipelines and customer experiences.
Selecting an ECM that’s built for commercial lending is an important step for overcoming loan routing bottlenecks. Rather than moving hard copy files around, lenders simply log in to view borrower data as well as credit, loan, and collateral documentation. Leveraging these capabilities in tandem with loan approval workflows puts the financial institution in a position to streamline commercial lending from application through servicing.
Strategic Advantage: ECM software reduces dependency on paper-based commercial lending processes, freeing up staff to focus on borrowers’ needs.
Elevating Customer Satisfaction through Person-Centric Interactions
Customers have many banking options to choose from in today’s competitive environment. Attractive interest rates and competitive loan offers are still important, but so is personalized service. In an era of smartphones, social media “influencers,” and artificial intelligence, people are increasingly hungry for truly human interactions.
At Alogent, we believe in taking a person-centric approach to enterprise content management. For example, in addition to simplifying document imaging and workflows, our FASTdocs solution offers self-service capabilities to enable a bi-directional document exchange and personalized messaging. Our AccuAccount product was built to “look like” a traditional loan file, providing users with a comprehensive view of each customer. AccuAccount also simplifies notice generation and distribution to support exception management while minimizing friction with customers.
Strategic Advantage: Organizing and sharing information in a person-centric way leads to healthier interactions that bolster customer satisfaction.
Contact our team at Alogent to discuss how your bank can unlock strategic advantages with ECM software.
