Implementing document management solutions in organizations have continually produced outstanding results. From increased productivity to effortless accessibility, the advantages of DMS are universally applicable to all types of organizations; and institutions of the BFSI sector are no exception to this. Here’s a brief rundown on how deploying a document management solution at organisations belonging to the BFSI sector can improve their daily functioning.
1. Time Management
Document Management can help reduce the time taken to fetch prescribed documents at moment’s notice living up to its main purpose is the digitization and storage of physical files. This snappy feature that lets users access soft copies of all available documentation cuts out the need to go to a store-room and sift through files one-by-one. By having forms, applications and statements available on-the-go, DMS can notably minimize the time spent in yielding documents.
2. Robust Search
As is the prerequisite with all document management solutions, retrieving documents can be a cake walk. With organizations that deal with finances and insurance, the amount of documents with information can be too extensive to sort through quickly. But with a DMS, a simple keyword search within financial statements, loan agreements, wealth-management documents, general forms, and client applications, can help pull up the exact document you need. A document management solution like ShareDocs Enterpriser is armed with Elastic Search that can provide a full-text search result.
3. Data Privacy
When handling private and critical information of hundreds of thousands of clients, it is of utmost importance to keep their details secure and private. Document management solutions come with encrypted authentication protocols which ensure that information stays accessible only to the party who is assigned to access it. For example, files regarding the claims department can only be accessed by the claims department. Thus, by using a DMS, there’s no fear of someone accessing unattended documents or finding a spare key to the back room.
4. Financial Benefits
When using a DMS, the main cutback on cost comes from digitizing all paperwork. However, along with this, costs are also cut down when electronic workflows are used to dispatch statements, advisories and alerts, which can rank from hundreds of thousands to literal millions! With an appropriate DMS that can automate and integrate these messages with the right algorithm, not only can costs be cut down on paper, but also by self-regulating the dispatch of such alerts.
5. 24x7 Access
Banking has seen a dramatic shift from offering functionality at one physical branch, to being available for use remotely through gadgets like smartphones, tablets, and laptops. Similarly, a DMS can help bank, finance and insurance officials gain access to relevant documents at anytime and anywhere. DMS can additionally be used by clients to access their personal documentation produced to the BFSI service in question. Thus, DMS can synchronize and integrate document access for employees and consumers alike.
6. Compliance Ready
The legal regulations that all banks are required to adhere to change continuously. When paper documents and compliance regulations change, the transition to adapt to new compliance standards might get really tricky. A secure DMS meets all compliance standards while methodically protecting customer data. Besides this, there’s always the chance to get caught off-guard by audits and investigations. Integrating a DMS into banking, finance, or insurance services helps keep all compliant documents in a singular place for last-minute retrieval.
Document management solutions in the BFSI sector are bound to improve the sector’s daily enterprise by integrating the advantages of efficiency, work acceleration, privacy, cost effectiveness, easy accessibility and standard readiness. A DMS provides a compelling and logical solution to traditional problems attached to physical documents. Service providers belonging to the BFSI sector can benefit from taking this leap to greatly augment the output of their organization.