Four Roles for Document Management in Financial Services

Four Roles for Document Management in Financial Services
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Four Roles for Document Management in Financial Services

While all industries need document management, few have such extensive opportunities as financial services. We shared earlier the ways in which financial advisers benefit from document services. But the financial industry has many other sectors that stand to gain from the implementation of document management. Here are four significant roles for document management in financial services.

Managing Application Packages

Applications for loans of all sorts come with an abundance of documents and requirements. Typically, loan applications are a paper-intensive process. The files include verification of identity, employment, and income, financial statements, disclosure forms, and more. Additionally, all of this must be further verified and then passed on for underwriting. The process results in piles of paperwork, dozens of phone calls, and plenty of opportunities for mistakes. By offering a standardized, paperless way to complete these cumbersome tasks, the role played by document management in financial services is game-changing.

Connecting Branches with Headquarters and Each Other

Communication is essential to the success of any financial institution. With this in mind, your document management platform connects every location of your organization for immediate and effective communication. This reduces time delays for your staff and customers. Also, document sharing is an additional use for document management in financial services. Capture and store information from all branches in a central location, or share documents with headquarters, all branches, and customers.

Automating Data Capture

Another role that document management plays in the financial sector is automatic data capture. Thanks to high-quality capture software, many different types of financial documents are automatically read and gleaned for essential information. This information is stored and prepared for future use, eliminating transcription errors and recapturing enormous amounts of employee time. Additionally, the captured data is indexed, allowing your staff to run queries for information and receive reports of the specific data they need.

Simplifying Compliance

The regulations on financial services are some of the strictest around. A document management platform takes the guesswork out of your record keeping and file tracking. By tracking every file through every step, the system ensures you have the data you need when an audit comes. No system can make you compliant, but it can give you the tools you need to take the guesswork out of the process.

Financial services are vital to the growth of our economy. As the pace of business quickens around the globe, we need financial institutions that are quick, accurate, and available. The roles of document management in financial services ensure that, as an industry, these companies are relevant and ready for the future. To learn more about the services available for your organization, contact MaxxVault today.