Processes performed by banks in the back office are numerous and can take a lot of manual time and work. Software professional Mark Hiller wrote on ITWeb that 80 to 90 percent of the data banks hold is in electronic mediums and unstructured data such as videos, emails, instant messages, scans and PDFs. With document management services, organizations should be able to cut down on the time and money spent on dealing with this data.
“To achieve this, branch workers should be able to scan documents at their point of origin, index and link them to a specific customer, he wrote. “These high-quality images are then transmitted through the bank’s secure network for immediate verification and storage in a central electronic document management system.”
Binary Office said filing paperwork is likely one of the most despised aspects of a job, so implementing a system to take hours of manual work will make jobs easier and save an almost countless amount of time.
There are more benefits to document management than saving time and money. TMCNet said a recent report by a software company found that 95 percent of finance professionals are interested in the green and environmental benefits of the software. Even so, 54 percent of these folks said their interest lies on saving money, something the system can certainly provide.