Banking on Electronic Document Management

Increasing numbers of Banking customers prefer online portals and contact centres to supplement or replace traditional written communications. Online forms, emails, letters, reports and general correspondence are now an organisation’s ‘calling cards’. The performances of these touch points - plus that of self-service capabilities and contact agents' - determine your customers’ perception of service and sense of being valued.

But only a few leading businesses manage their fast evolving, large-scale customer communications in a way that stands out positively from competitors, while also improving efficiencies. Without an efficient electronic document management, many of their rivals are struggling to:

• change from product to client focus
• move beyond 'tick-the-box' compliance to engender client trust and confidence
• meet rapid regulatory and market changes in volatile business environments
• provide transparency and audit-ability of operations, with fast and complete e-discovery when needed.

The right choice of document creation, output management and live search integration technologies is a key infrastructural component. But to maximise this potential, you need an organisation skilled in the integration of people processes, information management disciplines and systems implementation. At icon^uk, we create customised electronic document management systems that drive transformational improvements in customer service, compliance, revenue generation and cost-effectiveness.

Explore the following videos on how icon^uk can help by solution module features:

Banking Benefits

The benefits of a comprehensive, responsive and properly implemented Customer Communications Management (CCM) strategy are clear:

Enhanced Market Share - differentiate your business propositions ahead of competitors. Bring all customer information together at the point of use. Produce immediate, relevant and accurate bids, quotes and contracts, delivered through internet, print, SMS or other relevant channels - whether you win new customers through marketing-led self-service, field sales or call centres.

Increased Customer Retention - savvy customers expect to be able to access their records quickly and easily. They expect them to be accurate and complete. Organisations which consistently meet customer service expectations maintain the highest satisfaction ratings and retention levels.

Improved Staff Satisfaction - sales, service and operations staff need accurate, consistent, 360⁰ views of customer information to be able to respond to customer needs freely and safely in any correspondence. Providing staff with better means of responding to customers - without compromising legal, compliance, branding or business process constraints - increases staff satisfaction as well as productivity.

Reduced Costs - rationalise document creation and output systems across the enterprise to give direct cost savings in IT hardware, software, facilities, document-related staff, paper and postage. Exploit new capabilities through simplification of processes, generating further large savings.

The efficiency of business processes and the importance of Social, Mobile and e-Media technologies require a close integration of all document-related processes within the organisation. Key benefits include a strong Return on Investment, enhanced customer engagement, increased sales and reduced risk. icon^uk Customer Communications Management (CCM) solutions can deliver these benefits - and more.

Uses of CMM in the Banking sector

Innovations in a Bank’s communication with clients and counter-parties, financial advisers and other intermediaries are necessary in response to:

• increasing competition on a global scale
• Social Networking and consumer technologies
• the frequency of legislative and regulatory changes.

Client expectations of services are evolving rapidly - resulting in pressure on margins - so organisations must find new ways to control costs and improve utilisation levels. Existing investments can be leveraged with new tools such as an integrated electronic document management systems and smart information management processes.

The application of such Customer Communications Management (CCM) tools is wide-ranging. Common use types include:

• Structured monthly, quarterly or annual statements, invoices and other scheduled materials usually automatically produced in batch mode.
• Interactive applications that can be used by call centre agents, administrative staff and field staff in constructing collaborative documents or writing to customers.
• Self-serve uses include on-demand applications where customers use the web (via fixed or mobile devices) to obtain status and usage information or see offers.
• A full 360⁰ view of all enterprise information relevant to a particular situation - with access by call centre agents, administrative staff and field staff alike in dealing with customers and constructing rule-based, collaborative, binding documents.

Examples include:

• immediate confirmation of transaction details issued via SMS (mirroring prices agreed by phone), further email of T&C’s, subsequent batch print to a client manager, optional subsequent digital signature document exchange
• online portal for personalised creation of application forms for opening current accounts or requesting loans
• complete correspondence for the credit business, including approval, cancellation, changes etc.
• creation of account lists (inter-bank information on their clients’ identities and types and volumes of their loans)
• letters to client advisor entities that contain all relevant details and current terms and conditions - referencing past correspondence, side letters, emails and conversations that together form a complete memorandum of understanding for each entity.

The focus on smarter processes and integrated enabling technologies enables unbiased advice, convenience and service excellence. The provision of appropriate personalised communications greatly assists client trust and relationship management. The prize is reduced operational costs, optimal use of existing capacity and increased efficiencies - all assisting profit margins.