8 considerations for banks and other
financial institutions when digisiting their document workflows
When it comes to trends in financial
technology, changes tend to be lumped into two forms. First there are the macro
trends. These are undeniable shifts – automation, more robust regulation,
globalization – that occur over the course of years or decades. They are
undeniable, although it can be a struggle to say something new on these topics
in general. Then there are the very micro, minute developments in a piece of
technology or inside an important regulatory region. These have the opposite
issue, in that it can be hard to generalize what exactly this matters for more
than a handful of people.
For document-heavy organisations like banks,
and particularly those who are yet to automate these processes, 2022 should be
treated as a fresh start. And both these shifts are important to address – with
digitisation often being the most viable and easy-to-implement solution.
To help you along your way, here are 8 ideas
and considerations when you are thinking about or embarking on this process, to
make sure you do this right.
1. Start with
compliance: maximise the benefits technology can give you
Change control within digital
documentation technology is rule-based (so only approved people can make
changes, and that can also be counter-approved) and also tracked. There’s also
secure ISO27001 compliant hosting, and the ability to stay up-to-date with regulatory
changes and forthcoming developments.
templates will help to drive greater automation
Central, pre-approved templates
ensure use of correct documents. As data is stored in fragments, these can be
auto-transported to other documents eliminating the need for re-entry. Storage
archiving is also automated.
3. Improve the
ways that important documentation is distributed to clients and across
Digitisation can help you just
becoming faster and more efficient as getting documents to the right places at
the right time and with the right data is what it’s all about. API connectivity is a must and can handle all
standard file transfer protocols, along with a web-based portal for end users
to easily access documents. Newer features, such as digital signatures and QR
codes, can also be supported. Pre-tested links to key external bodies such as
stock exchanges, depositories, data hubs and the general market are also
available, and you can use software or to completely outsource the whole
4. Create a
system that works for you, on your terms
important to set a balance between a totally bespoke solution (hard to support
and maintain) and a totally generic solution (acceptable to everyone, perfect
for nobody). What is also important is a
system that enables the creation of new documents and the modification of
workflows as required (and with the requisite rules-based approvals).
brings insight, along with capacity and scalability
Reporting can generate insights into workflow
improvements. There’s also the ability to handle documents that use a variety
of alphabets and character sets, to ensure international collaboration and one
system can be used globally. A cloud-hosted system means capacity can be
increased without delay.
6. Easy to
integrate with your existing systemsA single sign on connects to the
new system to a company’s current authentication system, ensuring a seamless
chain of security as it ‘bolts on’ to existing infrastructure
7. Consider what
you can now do with ‘freed-up’ resourceThis is
the opposite of an opportunity cost, rather it’s an opportunity found. There’s
a greater chance to be more client facing or focused on revenue generation. The
shift from an operation with a fixed cost base to one that is more variable and
controllable, will help bring benefits throughout the organization.
8. Leverage all
the best-practice you can
Many organisations try to replicate
what they do today only in a digital format. Consider a new system as an
opportunity to make a step-change and try to leverage by learning from best
practices to transform current processes and provide a more efficient, streamlined
industry standard way. Experienced vendors can be of significant help in an
advisory or developmental capacity.
That’s our list. What else might you add to
this list? And which of these trends are mostly likely to drive a company to
make the switch in the New Year? We look forward to your thoughts and input!