The right solution should be intuitive, accessible, and secure
More and more industries are joining the digital transformation. With that comes an increased need for document management solutions. However, not every system works for every industry. For example, financial institutions undergoing the digitalization process must adhere to strict regulations.
This can make finding a bank document management system challenging. Your first priority should be protecting customers’ sensitive financial data. At the same time, you need an accessible system that your team can understand. Looking for these seven features will help you find the right solution.
For more information about all things digital banking, read our comprehensive guide, The Complete Guide to Digital Banking.
Cloud-based platform
When considering bank document management systems, look to the cloud. Using a cloud platform for bank document storage and organization ensures that employees can access files from any location. This is preferable to on-premises storage, which limits transactions to a single location. On-premises servers also require costly ongoing maintenance — and an IT team to manage them.
Of course, not every cloud-based document management system will suit your needs. Search for options with banking-specific features. The right solution should align with your workflows and provide stringent security — more on that below.
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Comprehensive security and compliance
Bank of America experienced a catastrophic data breach in late 2023. The malicious actors behind the breach gained access to thousands of customers’ personal data, including names, addresses, and social security numbers. This is just the latest example of such an intrusion; financial institutions are regularly targeted with cyberattacks.
To ward off cybercriminals, you may need a bank document management system that protects your data. Data should be encrypted at all times — both in use and at rest. Customizable permissions ensure that only authorized employees have access to privileged data. Robust audit history provides detailed information on who accessed files and any changes they may have made. Finally, you may need to ensure your solution complies with the industry’s privacy and security regulations.
Smart organization
One of the perks of working in the cloud is that it grants immediate access to your data. But that’s not going to help if you can’t find what you’re looking for. Manually organizing files can be time-consuming and tedious, so seek out bank document management systems that automate the process.
Here’s an example: Ricoh PaperStream Capture Pro software names files and folders using metadata. That means as you digitize documents, they’ll automatically get appropriate labels that make them easier to find later. Version control is another useful tool, so look for systems that utilize this feature. This way, you don’t have to worry about having two versions of the same document, which can impede bank document verification.
App and mobile integration
In the digital world, no single software solution exists in a vacuum. Your bank document management system should integrate with the programs you already use — email, Microsoft’s Office suite, and any other programs your team uses daily. This creates a more seamless experience when uploading and sharing documents.
Given the ubiquity of smartphones, it’s also important that your document management system works just as smoothly on mobile devices as it does on desktop.
User-friendly design
It doesn’t matter how sophisticated a software solution is if your staff has trouble using it. 88% of data breach incidents are due to human error. The first step in addressing this is making sure that your document management system is easy to use.
That starts with an intuitive interface that allows employees to find what they’re looking for quickly. Keep in mind that your team may have varying levels of tech-savviness, and they shouldn’t need extensive experience or training just to upload or search for documents. If there’s no confusion over how the platform works, you cut down on the chances of accidentally leaving your data vulnerable.
Did You Know?Our best-in-class image cleanup technology allows you to capture data accurately and keep it within reach. Financial institutions rely on this technology to better serve their customers. Click here to learn more.
Accessible support
You never know when you’ll need to rely on customer service, so look for solutions that offer a variety of effective ways to get in touch. Look for systems with 24/7 customer service via phone, email, or other communication methods. Reading user reviews will give you a better idea of how effective this support system actually is. If other users note long hold times or unanswered emails, that might be a red flag.
Powerful search
Metadata and automatic labeling make it easier to find documents when you know exactly what you’re looking for. But what about when you don’t? Effective bank document management requires a powerful search function for these occasions.
To whittle down results to the most relevant files, look for search tools with in-depth filters. For example, you might only want to peruse documents from a certain time period or location. This will save time and headaches when you’re not quite sure about the specifics of what you’re looking for.
Efficient bank document management begins with the right tools
Document management is an ongoing process that requires a combination of hardware and software. Before choosing a document management system, you’ll need industry-leading scanners that make bank document imaging quick and accurate. Financial institutions use Ricoh’s financial services to stay ahead of industry standards, accurately capture client data, and make it easier to share information. Get in touch to learn more.
Note: Information and external links are provided for your convenience and for educational purposes only, and shall not be construed, or relied upon, as legal or financial advice. PFU America, Inc. makes no representations about the contents, features, or specifications on such third-party sites, software, and/or offerings (collectively “Third-Party Offerings”) and shall not be responsible for any loss or damage that may arise from your use of such Third-Party Offerings. Please consult with a licensed professional regarding your specific situation as regulations may be subject to change.
