ECM Workflows
ECM workflows consist of a series of automated or manual steps to support a specific process with the assistance of enterprise content management software. Using ECM software to electronically route and approve documents is a common example.
Solving Information Management Challenges with ECM Workflows
Banks and credit unions must manage a variety of documents to meet compliance, lending, and other recordkeeping requirements. For financial institutions with many branches and large loan portfolios, information management can be complex—especially when paper-based methodologies are utilized.
Many financial institutions have already implemented ECM (enterprise content management) software in hopes of streamlining information access and reducing manual processes. Some ECM systems go beyond basic document imaging by offering workflow capabilities. When used strategically, ECM workflows can unlock multiple benefits for a financial institution:
- Process Standardization: Codifying processes into scalable ECM workflows lessens an institution’s reliance on policy handbooks and ad hoc solutions.
- Efficiency Gains: ECM workflows help team members prioritize tasks, such as reviewing time-sensitive documents or following up with account holders. As a result, higher impact work gets done with less confusion. Reducing paper and courier expenses can also represent a tangible cost savings opportunity.
- Enhanced Compliance: Failing to take action on compliance issues leads to unpleasant exams and, in some cases, hefty fines. When paired with timely alerts and intuitive reports, ECM workflows can surface urgent compliance matters to avoid delays and mitigate risk.
- Account Holder Experiences: Customers and members expect smooth experiences across their banking journeys. Using ECM workflows to standardize processes, elevate efficiency, and bolster compliance ultimately means better experiences for account holders, too.
Example ECM Workflows in Banking
ECM workflows could be applied to any number of operational use cases, such as:
- Electronically routing PDF invoices for timely review, approval, and vendor payout.
- Requesting digital documents from account holders, such as updated financial statements or tax statements.
- Routing Suspicious Activity Reports (SARs) for internal review by a supervisor.
- Alerting managers of document deletion attempts, such as when an employee accidentally clicks the wrong button while reviewing sensitive records.
At Alogent, we develop ECM software with flexible workflow capabilities. Our FASTdocs solution offers prebuilt and customizable workflows to support everything from vendor invoice routing to credit report reviews and resume processing.
Contact us to request a demo of FASTdocs
