As you know, the financial industry has unique privacy and security challenges that many other industries don’t have to worry about. With annual SEC audits, you have to ensure you remain compliant with regulations, to avoid steep fines. Because of these issues, many financial institutions struggle with workflow, data storage and management, and process optimization. However, with the introduction of digital transformation in the finance industry, you can improve how you store data using a secure system that not only remains compliant but also allows you to become more efficient.
Improving Security and Efficiency
Concerns for Security of PII data and compliance can be addressed with improved communication between customers and brokers. When information is stored in a SEC approved WORM (write once, read many) format your information remains secure yet accessible. You can be confident the highly sensitive private information you store is safe from the growing threat of data breaches in your industry.
With an effective digital transformation strategy financial institutions can:
- Store data and financial documents in compliant, audit-proof archives
- Protect data behind a firewall, stopping access to sensitive information even if organizational email servers are breached
- Improve efficiency with workflow automation
- Provide long-term backup storage solutions
Improving Workflow with Automation
With automated workflow systems, you need not struggle with ensuring you achieve efficient process optimization. You can improve the speed with which invoicing is approved, employee payroll is complete and how new hire applications and documents are processed.
As the financial industry races to digitally transform documents, they are ever wary of the intense, compliance-centric applications and processes involved. Working with a scanning company such as DRS with extensive financial experience will ensure requirements are supported for:
- External financial auditing
- New client acquisition
- Loan processing
- Human resources
- Accounts receivable
- Accounts payable
You will find solutions that reduce the costs of document management using an Enterprise Content Management (ECM) system. You will improve inefficiencies commonly found in paper-based business processes by eliminating paper and automating the routing and approvals process.
Onsite or Offsite Set Up
You choose whether you want onsite or offsite set up for your ECM, document management, and other services. Both options will allow you to capture transactions and customer information across all relevant departments based on your authorization policies. Through the right system, you can arrange to interface with and support:
- Customer Information Systems
- Mortgage Origination Platforms
- Accounting systems
You maintain control using improved tracking, auditing, and reporting so you are always adhering to regulations outlined for compliance purposes. A business process outsourcing (BPO) service provider such as DRS can provide scanning, records management, document imaging, and enterprise content management.
Access and Collaboration
Through digital transformation efforts, you can streamline access and collaboration without security risks. This can simplify admissions with e-forms, mobile devices, and digital mailrooms. You can also set up built-in Sarbanes-Oxley audit trails. Through workflow automation, you will see a dramatic reduction in labor, printing, data entry and mailing costs and systems are fully integrated with your Line of Business system. Customer experience is improved as you will offer Enhanced Banking Services thanks to accelerated response times and self-service portals.
Scanning Financial Documents
Many financial institutions still depend on paper documents stored in filing cabinets. These cabinets are not only hard to maintain, but also take time to search and waste space. If you are still paper-based, document scanning is a must to bring you into the digital age.
Although it might seem like a security risk, documents are never compromised as scanning companies must comply with federal and state regulations. Digitizing paper documents allows you to safely and securely move them to a secure digital storage service with the capacity to provide endless storage space. You maintain control over who is authorized to access documents and can actually improve enforcement procedures for document retention policies. You can also audit activity, so you always know who is accessing what and when.
Paperless documentation saves time and money as searching takes just seconds. There is no need to file anything as documents are simply saved to the storage system. The entire document process is streamlined to increase productivity while also improving the customer experience. For high-speed document scanning that will streamline the entire process, Kodak-Alaris offers award-winning scanners that always provide the results you need.
Proper Storage for Financial Institutions
Preserving documents in a non-rewritable, non-erasable format is a challenge. With the number of documents you handle, it goes beyond getting the right documents into a WORM format. You also have to find integrated control codes to automatically classify and store your documents in an appropriate manner.
With proper classification and storage, you then have instant access using cloud computing on a highly secure location. When you store your financial documents with a company like DRS you:
- Reduce Compliance Complexity
- Mitigate risk
- Eliminate manual processes for classification
- Reduce storage costs
- Instantly classify and store documents that fall under 17a-4
- Have easier access to and retrieval of documents
Digital transformation initiatives in the personal finance industry are empowering institutions to become more proactive in offering a more secure way to store and share information. Business transformation is easy when an experienced company like DRS is heading the charge for your digital transformation strategies.