The financial services landscape has changed dramatically in recent years, especially with the onslaught of Fintech’s, which has outdated traditional banking. This challenge becomes more pronounced for small and medium-sized banks, financial institutions (FIs) and non-banking financial companies (NBFCs) whose customers demand 24-hour, personal services.
As banks and FIs are forced to operate thinner and better in complex environments, they need to address a few key questions:
· Can we reduce customer onboarding time?
· Can we speed up the process of (debt) for our customers?
· Can our front-line employees have easy access to all the information they need?
· Can we accurately track all our business activities?
To evolve into the current scenario, organizations need an integrated solution that can easily process large amounts of data and documents and manage workflows without interruption, thus improving the speed of business operations. Can be made A well-designed enterprise content management (ECM) solution, built using IBM FileNet's preferred COTS products, does all the above effectively, enabling banks and FIs to enhance the customer experience and enables us to achieve operational superiority.
Benefit ECM: Use cases in financial services
Technology Innovation has armed organizations with all the building blocks that develop state-of-the-art ECM solutions that integrate Big Data, Artificial Intelligence (AI) / Machine Learning (ML) and gain helpful insights that FIs Can further strengthen competitive positioning. Below are some examples of IBM FileNet usage for mid-market banks, NBFCs and other financial institutions.
Customer on boarding
While a smart mobile app and a better online banking experience do much to enhance the consumer experience, what matters most to consumers is the speed of the process and ease of onboarding. A robust ECM solution, built using products such as IBM FileNet, keeps all transaction-related documents in a central repository and enables integration with the onboard workflow. This enables easy access and personalized client communication for a seamless onboarding experience.
Debt processing
Loans involve a large amount of paperwork and in most cases records that must be preserved as both digital and physical titles, original signed documents proving ownership or transfer title. The ECM system powered by IBM FileNet not only provides a repository for multiple format loan documents but also ensures security by providing role-based access to information. Automated workflow makes creating, editing, and managing documents a seamless activity.
Commercial finance
Commercial finance, as we know it, is still a paper-based business. With the involvement of multiple parties, banks, importers, exporters, regulatory bodies, etc. and each party plays a significant role in the transaction, the error by one of the parties will have a significant effect, causing the lane. Religion can be delayed or canceled.. An ECM solution powered by IBM FileNet in commercial finance automates the entire business lifecycle, seamlessly connecting with the bank and multiple parties to complete international business transactions. Meeting with SLAs to process business transactions seamlessly, ECM handles many commercial financial transactions.
Claims processing
When a claim is made, it requires submission of various documents and a difficult verification process. ECM Solutions creates a unified claims management experience by combining document management, workflows, case management, and record management driving operational utilities by reducing reliance on paper-based processes.
ECM also plays a major role in many other operational and functional areas, such as contract management, invoice processing, mutual funds - offering new funds, managing employee relationships, project finance, and so on. ECM solutions enable organizations to deliver faster, better customers. Reduces service, informed communications, good governance, compliance risks, and reduces infrastructure and administration costs.
Moving Finance - ECMs Ready for the Future
Small and medium-sized banks, NBFCs, and medium-sized FIs are the backbone of every economy as they support medium-sized businesses in the vertical segments for investment and growth. Considering their unique value proposition, it is important for small organizations to invest in ECM solutions, such as IBM FileNet, which address the above trends. With the right ECM, revenue generation can be a matter of months to provide organizations with a platform to take advantage of strategic opportunities and promote future growth.
BENEVOLENCE TECHNOLOGIES is a leader in Enterprise Information on Management (EIM) products services. Our EIM products enable businesses to grow faster, lower operational costs, and reduce information governance and security risks by improving business insight, impact, and process speed. We power digital transformations to empower the intelligent and connected enterprise.
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