An excess of disordered paper documents proves challenging and archaic
The First Ukrainian International Bank (FUIB) is one of the leading banks in Ukraine, with a focus on providing top-quality customer service, customized banking offerings and innovation for both individuals and businesses.
Established in 1991, the bank is headquartered in the country’s capital city, Kyiv. With over 7,000 employees, the company serves 1.7 million private clients and 110,000 corporate clients. Despite the testing times that the country is currently facing, FUIB strives to remain a stable and reliable bank for its customers, constantly improving its processes for their convenience and safety.
Alongside this already significant challenge, the company was also looking to modernize its processes and move to a paperless approach to business.
As a large, legacy financial institution with over 20 years in service, the bank had generated a vast array of paper documents that formed a key part of the company’s processes. All of this content was highly disparate — it had been created by numerous channels within the organization, was based in varying locations and created in differing formats.
This situation was causing major frustrations for users and was also holding the company back from its ambitious plans to digitally transform. In order to simplify and modernize processes for both employees and customers, FUIB needed to transition to a company-wide, paperless approach. This meant implementing a system that could store electronic documents, giving users the ability to track and trace paper documents, then transfer them to a unified repository.
Being based in a country that was at war, embracing a paperless approach also came with the additional benefit of reducing the risk of physical documents getting lost or destroyed. It also meant that the superior customer experience that the bank prides itself on could be maintained, despite the trying times the country was experiencing.
“Such a document storage and management system did not exist at our bank,” said Illia Morozov, tech owner at FUIB. “The team was therefore searching for a solution that would allow them to systematize and efficiently manage large volumes of electronic documents, reuse them in different processes and provide secure access for authorized personnel.”
Lack of a comprehensive and centralized system leads to delays, increased risk and lost time
The bank lacked a proper system for centralized management of client documents. Instead, there were several different systems with their own integration protocols. It was clear that the absence of a document management system was having an impact on the operations of this rapidly developing bank and its employees.
“One of the most significant challenges we faced in our ambition to go paperless was effectively systematizing and managing large volumes of documents in both physical and electronic formats,” Morozov said.
The previous setup led to delays in processing requests from both clients and regulators. At the same time, the significant amount of manual document handling consumed a lot of time, increased operational risks, and affected the ability to serve customers quickly and efficiently. It also resulted in increased expenditure.
Another challenge was that the various different systems, platforms and approaches to document storage complicated the search and reuse of the same client documents across different business processes and bank channels.
Different business units used their own local solutions for document handling and storage. This hindered the reuse of documents between business units and led to inefficiencies in processing client requests.