The sudden move to remote working left many banks and financial institutions open to protocol lapse, social engineering and malicious and negligent insider incursions. The business of banking hasn’t stopped with the pandemic either: home sales, auto sales, student loans and credit applications continue If you — or your employees — are struggling to keep track of critical documents, it is time to consider how proper storage and management of essential information can help your company excel in an increasingly regulated digital environment.
While documents are a necessity for almost all financial institutions, it is critical that they can be stored and accessed efficiently and securely — particularly now that the coronavirus pandemic has caused an increase in remote work situations.
Not only can document management software (DMS) solve document security and access issues created by a digital environment, but it can streamline processes and manage your data for optimal time and money savings.
Let Document Management Strategies Supercharge Your Workforce
Banking is an international industry and involves documents ranging from checks to contracts to invoices. And these documents contain incredibly sensitive information that is protected by law in many places. With employees working from home, many of these documents need an added layer of security.
A document management system (DMS) provides a strong framework for a mobile workforce and offers security, efficiency, and cost-effectiveness to both in-house and remote work professionals. Here are just a few of the tools a robust DMS offers:
Essential Security for Sensitive Data
Security is critical in a day and age when hacking technology is ever evolving and more companies than ever are working digitally. Additionally, many industries from education and legal to finance and health are bound by compliance regulations regarding data privacy and protection. The General Data Protection Regulation (GDPR) of the EU also requires extensive data protections for banking customers.
Data breaches are a serious problem, costing businesses $3.92 million globally in 2018 alone. To protect data, a DMS can provide cloud-based access, data encryption, and strong archiving and governance protocols to ensure data is accessible to those that need it — and protected against loss or theft.
Secure file sharing and secure access and printing provide powerful document security for the lifecycle of all your sensitive documents.
Efficient Information Storage and Retrieval
To work more efficiently your staff needs to be able to find the information they need quickly and easily Banks needs to be able to supply records and documents on-demand for legal subpoenas and credit reporting, among other situations.
A DMS can correct this productivity-stealing habit by capturing, processing, and storing documents for easy retrieval by keyword, phrase, date, time, title, author, or whatever identifier makes sense for your business.
Putting documents at your employee’s fingertips and giving them smart tools like document editing capabilities and version control allow for better communication and almost limitless collaboration.
Cost Savings Through Digitizing
It costs roughly $20 in labor to process and file a single document. Add to that the storage cost (each four-drawer file cabinet can hold up to 12,000 documents and costs roughly $1,500 per year in storage “real estate” costs) and you can begin to see how digitizing documents can add up to real savings.
Employees spend more than half their time working with documents, so enabling them to find the information they need, edit it in a digital format, and track versions can help reduce errors and speed up workflows for bottom-line benefits.
Securely storing documents in digital form reduces your paper consumption and eliminates the need for expensive — and potentially nonsecure — brick-and-mortar storage solutions.
Let James Imaging Increase Efficiency and Compliance
Document management provides numerous hard-and-fast benefits for any small business. With remote and mobile workforces becoming central to most organizations, having a secure way for staff to communicate, collaborate, and get the information they need is essential to business success.
At James Imaging, we have a team of document management professionals who can assess your company’s challenges and needs and create a DMS to support your staff in a way that elevates your business above the competition.
Our DMS solutions provide secure document access, sharing, and printing to help manage data wisely and cost-effectively, ensuring your workforce has all the document-related tools they need to do their best.
Put the power of document management at your fingertips. Reach out to a professional at James Imaging Systems and discover how our DMS solutions can contribute to your company’s success.