Information Management Strategy

You Need an Information Management Strategy: Tips on Where to Start to Ensure Your Banking Solutions are Aligned to Meet Your Goals

In an evolving market, banks and credit unions are facing efficiency challenges both internally and externally. Surmounting digital content, legacy solutions, and a lack of automation, combined with changing account holder expectations, could be holding you back. In addition, redefined staffing roles in today’s evolving workforce have pushed institutions to revisit their strategies and internal practices, forcing productivity, time, and cost to be looked at more closely. It’s critical that the process automation solutions you invest in make positive impacts with your employees, but also keep your institution competitive with market disrupters. 

If a strong information management strategy isn’t in place, your bank or credit union risks attrition and surging overhead costs, growing manual processes, and a lack of quick access to actionable business intelligence. 

Accenture reports that nearly 80 percent of bank operations leaders say their institution’s existence could be threatened if they don’t update technology to be more flexible and capable of supporting rapid innovation. The report also highlights 3 factors stopping organizations from automating: 

  1. Not knowing where to begin. 
  2. Understanding the best technology for you – options are vast, but goals are unique.
  3. Legacy systems as a barrier to digitization.

So where do you start? And what is the best technology? Cloud-based offerings grow with you by nature of their scalability and paired with solutions that offer intuitive user journeys and simple interfaces, drive efficiencies that free employees from labor-intensive tasks. As a result, more time and attention are paid to customer and member-facing services rather than internal efforts. 

Although introducing automation may seem complex, eliminating friction through intelligent workflows delivers tangible results. When documents and data are easily searchable and accessible as a result of automatic data extraction, classification, and indexing, faster data-backed decisions are made, and bottlenecks eliminated. Automation speeds processes and ultimately transforms volumes of information into results.  

An effective enterprise information management strategy ensures banks and credit unions gain fast access to data and streamline their digital workflows across the institution. Far gone are the days of processing data by line of business. Instead, a fully interconnected approach eliminates the pains of channel silos, increasing employee productivity and account holder satisfaction. Costs and time are reduced by making documents and data accessible and actionable centrally, drastically decreasing errors inherent to manual keying and correcting, sorting, and processing. 

FASTdocs, Alogent’s flagship enterprise content and information management (ECM / EIM) suite, was built for the unique needs of banks and credit unions, and increases engagement through intuitive, and user-friendly workflows. Its newest release is now even more flexible, with a completely revolutionized web-based architecture, hosted environment, and device and browser agnostic approach. 

So where do you start? Streamline your workflows with faster access to information for smarter, data-backed decisions. 

Explore the benefits of FASTdocs v7.0 in this document

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