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Document Management for Banks and Credit Unions

Banks, credit unions, and other financial service providers rely on accurate and remotely accessible data to deliver high-quality financial services to customers.

Electronic document management for banks ensures tight security and complete confidentiality of sensitive financial records.

At RDS, we do more than scan your financial records. Our document management solution (DMS) streamlines processes, builds efficiencies, reduces costs, and secures sensitive financial data to meet stringent statutory compliance needs.

 

 
 
 
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Advantages of document management for banks and credit unions

 

Efficient workflows for critical documents

Speed up financial workflows with a robust DMS. AppEnhancer makes key documents easy to search, retrieve, and share.

Enhance the security of financial records

Digital records are easier to secure when managed via a robust DMS. Role-based access controls and secure audit trials ensure the security of sensitive financial records.

Meet stringent compliance requirements

A cloud-based DMS offers secure storage with advanced encryption technology. Version control and automated backups safeguard data and help achieve regulatory compliance.

Challenges in document management for banks and credit unions

Financial documents record important transactions systematically and in minute detail.

Any loss of information or errors in validation or approvals in financial workflows can have serious consequences.

Banks and credit unions must ensure that financial records are managed securely and efficiently.

Let's look at some of the key challenges they face in managing data and documents:

  • The inefficiencies of handling a high volume and variety of documents Banks and credit unions handle high volumes of documents, including loan agreements, financial statements, customer records, and compliance documents, each with unique formats. Manual handling of high volumes of sensitive documents is both inefficient and prone to error. And it doesn't help when some legacy documents are in paper format!

  • The need for data privacy and compliance The financial sector is governed by strict regulatory compliance requirements. Financial institutions must demonstrate that they can handle sensitive customer data securely and maintain its integrity and confidentiality. This necessitates meticulous documentation of all activity related to recording, accessing and storing sensitive financial data.

  • The problems of integrating legacy core banking systems Many financial institutions still use outdated systems to store data and manage paper documents that pose problems when integrating with modern technologies. Or their core banking system is not integrated with a secure and compliant content management system to ensure seamless operations.

Compliance and security in document management for banks and credit unions

When customers reveal their personal and financial information to banks, they trust the institution's capability to handle the data securely.

Data security and compliance are the foremost responsibilities of these institutions. A specialized document management system for financial services focuses on safeguarding data with stringent access control and audit trails. It seamlessly aligns data management with financial industry regulations for information governance and data security.

At RDS, we recommend OpenText AppEnhancer, a modern document management system that gives financial institutions an integrated approach to data security and compliance.

AppEnhancer ensures efficient data management, privacy, regulatory compliance, and risk mitigation while meeting customer expectations of fast and accurate processing.

Redefining Banking Excellence: The Power of Document Management

Switch to a centralized digital document repository that is both secure and accessible.

 

Process financial documents faster

A DMS streamlines document workflows. It automates approvals and provides real-time notifications. It removes administrative bottlenecks and enables faster processing of financial documents.

Seamless integration with core banking systems

OpenText AppEnhancer is ideal for banks and credit unions as it integrates seamlessly with most core banking systems. It ensures speedy access to critical financial and customer data and is secured by stringent access controls and audit trails.

Enhance customer experience

Speed and ease of processing are important to a bank's customers. Digital documents can be submitted remotely without visiting the bank's branch. Electronic processing is fast and convenient and keeps customers happy.

 

Minimize manual errors

Automated data capture technology reduces human intervention and eliminates manual data entry. It leaves less room for errors and results in more accurate and reliable data.

Lower operational costs

Document management systems eliminate the need for paper and lead to significant savings on printing, copying, couriering, and storing physical documents in expensive storage areas.

Achieve statutory compliance

Digital documents can be securely stored and made easily accessible via a cloud-based DMS. Role-based access controls and audit trails make the DMS compliant and secure.

 

RDS: Your Trusted Document Management Partner for Banks and Credit Unions

 

At RDS, we are committed to serving the banking and financial services sector's unique document management needs. We believe that we can play a significant role in digital transformation in financial services.

We understand the security and compliance needs of banks, credit unions and other financial institutions. That's why we offer a specialized document management system in banking that secures sensitive financial data and aligns with the industry's statutory compliance requirements.

We digitize all your legacy financial records and convert any new paper documents that enter your institution to instantly accessible digital files.

OpenText AppEnhancer, our preferred document management software, creates a secure, centralized document repository that manages digital documents efficiently and automates document workflows.

Secure, instant access to financial documents ensures faster processing and provides a superior customer experience, giving your institution a distinct edge in a highly competitive industry landscape.

Connect with our experts for document management in banking and finance.

 
 

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