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What's driving the uptake of document management in BFSI

Document capture and data management can help organizations make informed decisions faster and free up valuable time to seek new business opportunities

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The financial services industry is faced with unprecedented challenges on a day to day basis due to changing regulations, economic pressures, high customer expectation and constant data deluge.

The pressure is on institutions to distinguish themselves through consistent, reliable delivery of exceptional customer service, and maintain a competitive edge whilst remaining within tight regulatory standards.

Strict Compliance Demands

One of the challenges, faced by the financial sector is that of meeting stringent compliance demands. In  an insurance company for example, there are numerous claims that would need to be disbursed on a day to day basis. If files and documents are not managed in an organized and orderly manner, it could result in data being lost and thereby an unhappy customer. Insurance companies often encounter difficulties like operational costs, service levels, achieving claims management, efficiency, etc. that result in significant damage to an organization’s budget sheet and irreparable damage to its reputation.

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Driving Efficiency and Cost Reduction

Globally around 15% of office floor space is taken up by filing cabinets. Paper documents impact efficiency and results in loss of time and would require it being stored in an organized manner. When not managed correctly, paper slows down processes and information is difficult to share. A solution wherein the documents are scanned and stored will particularly benefit organizations. The staff gets more productive if they could find information and documents as quickly and easily as they find information on the web.

New Technology, Threats and Opportunities

Embracing new technology, is another important aspect, which plays a key role in an organization functioning smoothly. Firms in the financial sector are now focusing on digital customers who are using the latest digital channels like banking via smartphones and tablets for their work. A newest addition to this list is the use of video advice and live chat which are also being explored by organizations.

Managing Data Flow and Customer Expectations

Dealing with large volume of unstructured data that is received as a result of the use of new digital channels and devices also presents a logistical task in itself. This is a challenge from both an individual customer’s view and intelligent information management perspective. Real time access available to this kind of information is important to gain both agility and speed to remain competitive. To achieve this, a centralized and streamlined system along with digitization of information are essential to get a complete overview.

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Benefits of Document Capture and Information Management

Document capture and data management help in reducing processing costs. These solutions can play a huge role in not only improving customer service but also enhancing an organization’s reputation in the eyes of its shareholders. It helps organizations make informed decisions faster and free up valuable time to seek new business opportunities.

Globally, such competent platforms and solutions will see a steep demand in the near future as enterprises and corporations will be seeking to push the boundaries of technology and find ways to manage the ever expanding volume of data in a systematic fashion.

The author is Regional Director, Information Management Division-Asia Pacific and Latin America, Kodak Alaris

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