Banking & Financial Services White Paper Managing a bank's untapped assets By Brian Anderson, Manager, Channel Marketing FileNet Corp. You would think that a bank's primary asset is its financial holdings, it's large deposit base, or even it's diverse service offerings. But often overlooked is the most valuable asset of all: information. As the banking market becomes increasingly competitive in finding ways to differentiate other than "more, better, faster, friendlier, easier," it becomes evident that there must be an alternative strategy to expand success. The foundation for this strategy can be found within the very walls of the banking institution. Specifically, it includes all the bank's underused, unstructured customer-related information--faxes, paper documents, computer reports, word processing and spreadsheet files. All this unstructured information can be managed in a repository that can be mined for valuable marketing information that can drive emerging business opportunities. The exorbitant costs of managing paper The costs of managing paper documents add up quickly. According to a Nielson Report, the average business maintains five file cabinets of paper per employee, and never accesses 35% of these files. A document costs $20 to file and retrieve, but $120 if it is misfiled. A check can be touched by as many as 11 people before it is completely processed. Considering that most information is generated by some form of computer, it stands to reason that an opportunity exists to control this cost at the source. Enterprise document management systems provide just such a solution. Enterprise document management systems include a document repository for unstructured document management, a document imaging system to manage paper digitally, COLD (Computer Output to Laser Disc) for computer report management and workflow for business process management. Moving toward convergence In the past, enterprise document management could only be achieved by combining individual technologies acquired from different vendors. The costs associated with the integration and support of these technologies significantly limited deployment throughout banking institutions. The convergence of these technologies under one vendor such as FileNet has enabled banks to more efficiently manage the untapped information asset locked in unstructured data. In addition to providing a more efficient way of controlling and managing mission-critical operations, this unstructured data, when managed, can be used to create new market opportunities. These include new product or service offerings based on the current banking practices and financial holdings of existing clients, or on customer profile information. Clearcut benefits that pump up the bottom line Clearly, electronic document management systems are destined for widespread bank implementation. Banks implementing these systems have realized 75% productivity gains, a 90% increase in document retrieval times, a 30% savings in staff requirements, and upwards of a 300% increase in production capacity, while reducing the time to process applications by 50%. To learn more about how an enterprise document management system can help you, call FileNet at 800-FILENET (345-3638).
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