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How to Increase Compliance in Financial Services with an ECM Strategy

By  Financial Services Staff Writer Financial Services Staff Writer  on 2015-02-10 10:00:00  |  Featured in  Financial Services
Financial Services Staff Writer
Posted By Financial Services Staff Writer
in Financial Services
on 2015-02-10 10:00:00

How-to-Increase-Compliance-in-Financial-Services-with-an-ECM-StrategyIs your company struggling with how to implement some sort of Enterprise Content Management strategy into your operating procedures? If so, you’re not alone. In recent years, articles such as “7 Tips for an Effective Enterprise Content Management Strategy” have been popping up all over to guide financial services companies in the ever-changing content management best practices. Moving the heavily paper- and compliance-driven industry to electronic content is only one piece of this very complicated puzzle. To truly be effective, enterprise content management solutions need to do more than just capture content electronically. They must index and archive information in usable, researchable and retrievable forms, provide increased mobile access for both employees and customers and provide increased security ensuring that secured personal and business data is never breached. If you’re still asking yourself what does ECM mean in terms of compliance in financial services, read on for a little more insight.

Quality versus Quantity

One of the first steps to any ECM strategy consists of gathering data. For the financial services industry, there are two components to this important step. The first is customer data in the form of applications, verifications, workflow, signatures, identification and other information required to process client onboarding and meet all of the necessary regulatory guidelines for accounts and loans. The second includes data around rates, regulations and compliance updates that must be accurate at the time of execution.

Capturing and storing data in an organized manner reduces costs and improves efficiency. Properly and efficiently storing data can foster deeper customer relationships and allow firms to better target customers for additional products and services - these add an additional layer of value that should not be overlooked. Information gathered has tremendous value to businesses if it can be organized and evaluated in useful formats. For example, when a business applies for a loan, information that is collected can likely lead to other products and services that could enhance the consumer experience and profitability for the bank.

Mobile Access

Customers and employees are moving to mobile devices as their preferred electronic device. This impacts how financial services operate their business units and client engagement strategies. Many companies are creating interfaces that have the same structure as computer interfaces, just on a scale made for the smaller devices. However, there are challenges with mobile devices that make them unique from a security and compliance standpoint and they ultimately require additional attention.

Providing employees with the ability to capture customer data securely via a mobile device can speed up the onboarding process and vastly improve customer experience. Imagine a loan officer who can meet with a client and scan the application, customer identification, tax returns, financial statements and other needed information from their mobile device. This data could be routed directly to the underwriting department, providing the middle office with all of the information needed to process the loan. The alternative is for the loan officer to gather all the required paper documents, carry them to the office, scan and send them to the underwriters and then store the paper documentation securely in the office for a set period of time. The mobile method offers a seamless approach that is both faster and more secure.

One of the biggest challenges for compliance in financial services is managing and securing data that is captured. It is a valid point and should be taken into consideration that mobile devices increase this challenge. When the company intranet is only accessible from an office computer, the device can be controlled and secured. With mobile device access, the device cannot be controlled therefore the delivery channel must receive heightened attention to security.

Increased Security

While it’s not only mobile devices that are increasingly susceptible to security breaches, they do pose a particularly relevant issue. Having systems and software ensuring only authorized personnel have access to company data is essential to any ECM strategy that expands to a mobile network.

One component of compliance in financial services deals with gathering, securing and storing data. As more financial services companies implement ECM strategies, security must be at the forefront of the conversation. Electronic storage can provide a higher level of security than paper storage, if done correctly.

The advantages of an effective ECM strategy impacts companies on every level. It has the ability to reduce company costs, increase customer satisfaction, speed up processes and drive revenue. Providing employees and customers with the most accurate data at a moment’s notice and ensuring proper storage of data ultimately increases compliance. Utilizing gathered information for an enhanced customer experience and providing effective mobile applications for customers and employees will increase both efficiency and profits.

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Financial Services Staff Writer

Financial Services Staff Writer


Financial Services Practice team staff writer.

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