Stay Competitive by Integrating Your Core Banking System with an Innovative ECM Solution
Financial institutions need to innovate and differentiate themselves to stay competitive. Core systems can offer basic content management, but putting that content to work is essential to stay ahead of competitors and better serve customers and members.
When Alliant Credit Union of Chicago was only using basic storage and retrieval, the core provider’s solution was the right option. However, as the credit union grew and continued to mature its processes, it found that its existing document imaging system didn’t have the flexibility it needed. To expand into other processes and departments and add more capabilities, Alliant needed a true enterprise content management (ECM) solution that could move beyond scanning and archiving and achieve greater document management.
Like Alliant, many financial institutions find they require an ECM solution to solve their document problems. That’s because ECM does more than scanning and archiving documents related to core banking processes. It also:
- Integrates with any core banking solution. An ECM solution doesn’t replace your core – it integrates with it -no matter the system.
- Transitions easily between systems. If you change your core, loan origination system or any other operational system, you won’t lose information stored in your ECM system.
- Integrates information from acquired banks. Often, acquired banks and credit unions have legacy data and imaging systems with years of data and documents in them. With the right ECM solution, this information can be imported without maintaining outdated systems and losing any important information and files.
- Makes life easier for users. With a complete solution integrated directly into existing technology, users access more information from their everyday applications. They’re more productive and less frustrated because they don’t have to search for the information they need – it’s accessible directly through these applications.
Since banks and credit unions handle sensitive customer and member information, ECM also provides secure and instant access to all necessary documents. Like Alliant, financial institutions can electronically capture, store, manage and share any type of report – including core reports – directly through their core/LOB interface without switching screens or applications. This move eliminates the need to print reports, which decreases operational expenses, and allows banks and credit unions to focus on what’s important – continuously improving customer and member services.
And with an ECM system, Alliant did more than maximize its core banking investment.
“Automated workflow will provide us additional capabilities to further drive efficiency, reduce process errors and improve member-fulfillment needs,” says Rudy Pereira, former senior vice president of operations and technology for Alliant. “Manual processes will be automated, every image will be made available through all channels and dependency on paper will be significantly reduced.”
Banks and credit unions will do more than save time with an ECM system. As Alliant learned, it’s an innovative solution that can grow to meet business demands throughout time. With a thorough assessment of needs, financial institutions will discover the right ECM solution that will give them the competitive edge they need in customer and member service.