The need in the financial services industry for sound document management is constant, extensive, and imperative. Finance, with all its sensitive personal data and voluminous paperwork, requires data management practiced at its highest level of security. As a business sector, its document-related challenges are myriad. But there's hope yet. Below, we outline the top three content management challenges of the finance industry and explain how Ripcord solutions can help companies meet those challenges successfully.
Drowning in a Sea of Paperwork
To anyone who's ever dealt even minimally with finance, whether it was buying a house or opening a retirement account, it comes as no surprise that the industry is inundated with paperwork. Forms, pie charts, and graphs abound, and the majority of it all is still 'born' and kept on paper. Not only does paper-based document management mean a headache for any employee who has to sift through it to locate a particular data point, but it means a huge, ongoing expense for the company, too.
"Financial service providers generally incur significant costs within the end-to-end value chain of their records management system," a Deloitte whitepaper reads, in part. "From the point of origination of a record, until the point of warehousing and destruction, financial service providers incur costs. These costs are often accepted as “business as usual” as records are required to maintain customer data and ensure effective governance and regulatory compliance. Reducing the associated costs across the value chain is often overlooked as an efficiency opportunity."
But it shouldn't be overlooked. Ripcord solutions can slash paper usage enormously by digitizing a financial company's records and organizing, classifying, and meta-tagging them all. By making any of a firm's scanned documentation -- no matter the volume -- searchable using a sub-second boolean, keyword, and filtered find, Ripcord technology increases an organization's efficiency as soon as it's in use.
Such a system can save money, cutting operating expenses in processing by up to 25%, according to the same whitepaper.
Crippled by Outdated Legacy Systems
A document management system implemented 20 years ago most likely needs an overhaul. Chances are it's slow, clunky, and not being used. Meanwhile, the company that has it is paying for it anyway. Stop this wasted cash hemorrhage by deep-sixing your legacy content management platform and upgrading to the latest, cutting-edge technology.
Ripcord's tech, for example, uses machine learning and artificial intelligence to 'learn' about client content patterns and trends. So the more data that's entered into it, the smarter it gets -- and the more manual, repetitive work it can take over from already overtaxed human personnel.
Sensitive Information Needs a Safe Home
With data breaches at well-known banking and financial institutions routinely making the news in recent years, it's no wonder customers are concerned about the safety of their sensitive information. Finance professionals deal daily with personal data -- Social Security numbers, passport, bank account, and routing numbers, to list just a few -- and though they need to be keenly aware of the sensitive nature of said data and careful with it, they also need to be able to share it in a secure manner.
Enter Ripcord's Canopy. It's a cloud-based platform that stores the entirety of each client's data in their own, discrete instance that has multi-layer security. Only fully vetted, credentialed users are allowed access to that instance -- and the information contained therein is encrypted, so it appears scrambled to any individual or program attempting to hack it.
If you are in the finance industry and you are looking for a way to navigate through the sea of documentation you have, move beyond an outdated legacy system, and keep client information safe and secure in the process, Ripcord can help.
Measure your digital maturity progress with Ripcord's checklist and then contact us to begin a discussion about where you want to go with your document management strategies and how we can help you get there.