Objective: To reduce paper dependency & meet stringent compliance demands while keeping costs in check.
The 3 major challenges that financial organizations like insurance, banking, wealth management, brokerage and other financial services face are:
Reducing Paper Dependency
Financial services and paperwork are like two sides of a coin. There are many processes which are paper-intensive and almost all processes have some amount of paperwork in them. However, with the trend and also the need of going paperless and creating green offices, companies need to take more initiative in this direction.
Meeting Compliance Demands
Today, it is mandatory for a Financial organization to meet the regulatory and compliance requirements such as Sarbanes-Oxley (SOX), SEC, FRCP, Graham-Leach-Billey, The Patriot Act and other laws because of the highly sensitive nature of the data it holds. Breaches and fines for non-compliance can cause considerable damage to an organization’s reputation.
Providing Value for Money
In the age of digital everything, the onus is on the financial services organizations to offer value for money with the help of technology for the best interests of the customer. And they can offer value for money, only if they are able to control costs within the organization and improve overall efficiency in every aspect of their business operations.
Docsvault is a comprehensive, flexible and feature rich software that addresses these challenges and resolves them. Some features that will be particularly useful for the financial sector are:
Advanced Capture – Intelligent Scanning Tools
Docsvault provides instant access to critical business information so Financial organizations can confidently make important business decisions. To obtain this, centralized, streamlined systems are essential and digitizing information plays an important role. Intelligent scanning ensures captured data can be extracted and used for indexing and filing documents automatically, helping to speed up everything from gathering data to customer service.
Automate Financial Document Processes
The traditional approach of manually routing paper documents for reviews, approval is paper-centric and prone to errors. From a simple approval action to a sophisticated multi-step process with multiple decisions, Docsvault’s Document Workflow reduces the time spent on day to day business activities and improves its accuracy and traceability. Document possess are automated in defined workflow, ensuring that only the right people are engaged in a process, so that financial data is secured against risks.
Comply with financial regulations
Docsvault offers access control and various other security features that deter leakage or corruption of financial data.
Audit trail enables the user to keep a watch on all activities with reference to documents, taking place in the repository. Docsvault’s instant email notifications alert responsible persons whenever some sensitive documents are viewed, modified, exported or deleted in case an authorized user tries to breach the security system.
Knowing which document went through what changes by which user promotes greater collaboration among the employees thereby saving time, increasing productivity and offer value for money in terms of ultimately better service to the customers.