Importance of Document Management System with Alfresco for Banking Sector

<strong>Importance</strong> <strong>of</strong> <strong>Document</strong> <strong>Management</strong><br />

<strong>System</strong> <strong>with</strong> <strong>Alfresco</strong> <strong>for</strong> <strong>Banking</strong> <strong>Sector</strong><br />

Summary<br />

<strong>Alfresco</strong> content management can assist the banking industry to establish the<br />

document management system <strong>for</strong> bringing automation and convenience <strong>for</strong><br />

customers.<br />

The BFSI sector is full <strong>of</strong> potential but complexities and ever-changing challenges can<br />

obstruct the banking and financial services providers in tapping into opportunities.<br />

What’s more, the BFSI companies also have to face stiff competition and comply <strong>with</strong><br />

stringent regulations while <strong>of</strong>fering a secure banking experience. Here, the document<br />

management system can remain handy to serve all these objectives.<br />

Related blog: How <strong>Document</strong> <strong>Management</strong> <strong>System</strong> Benefits Shopping Malls<br />

and Retailers<br />

Here is a list <strong>of</strong> important aspects that can be addressed effectively by the document<br />

management system.<br />

Key Objectives addressed by <strong>Document</strong> <strong>Management</strong> <strong>System</strong><br />

Call: India +91 992 514 4200, USA +1 (732) 927-5544;<br />

Email: sales@contcentric.com

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<strong>Alfresco</strong> content management not only brings automation and enhances convenience in<br />

the banking sector but also reduces paperwork and streamlines the processes.<br />

Banks and financial services can readily address the following objectives <strong>with</strong> the help<br />

<strong>of</strong> <strong>Alfresco</strong> services.<br />

• Follow document retention policy<br />

• Eliminate paperwork<br />

• Removes inconsistency in documents<br />

• Provide more security<br />

• Bring automation while removing the legacy system<br />

• Assist employee <strong>of</strong> the BFSI sector in streamlining the process<br />

Related blog: Advantages <strong>of</strong> the <strong>Document</strong> <strong>Management</strong> <strong>System</strong> <strong>for</strong> <strong>Banking</strong><br />

<strong>Sector</strong><br />

Major Benefits <strong>of</strong> Bank <strong>Document</strong> <strong>Management</strong> <strong>System</strong><br />

Apart from removing the bottlenecks <strong>of</strong> the BFSI sector, an <strong>Alfresco</strong>-based bank<br />

document management system <strong>of</strong>fers many business benefits including<br />

Improved customer service<br />

Customer services play a vital role in ensuring the success <strong>of</strong> every industry segment,<br />

and the banking sector is no exception. It is <strong>of</strong> utmost important to enhance the trust<br />

factor <strong>for</strong> the banks and financial institutions. The <strong>Alfresco</strong>-based document<br />

management solutions can assist the banks to address the customer’s wishes and<br />

enable them to resolve queries or handle the request as quickly as possible.<br />

For example, an individual wants to open an account. Your bank’s representative can<br />

readily find the in<strong>for</strong>mation about different types <strong>of</strong> account, interest rates, and other<br />

necessary in<strong>for</strong>mation in just a few moments thanks to a document management<br />

system. In a way, it is possible to provide better customer services and the bank can get<br />

loyal customers.<br />

Compliance<br />

The banking sector is one <strong>of</strong> the highly regularized sectors. What’s more, these rules<br />

and regulations keep on changing every time that keeps the bankers on their toes. The<br />

central bank or authorities can also take corrective measures against the banks in the<br />

case <strong>of</strong> non-compliance <strong>of</strong> regulations. There, the document management system can<br />

lend a helping hand. It <strong>of</strong>fers safe and auditable access to critical and confidential data<br />

to meet compliance-related needs.<br />

Reduced time<br />

Enterprise content management can arrange the data in an orderly manner. Banks and<br />

insurance enterprises can utilize it to reduce time <strong>of</strong> transaction and save money by<br />

avoiding unnecessary spending on papers and printing. Also, the DMS (<strong>Document</strong><br />

<strong>Management</strong> <strong>System</strong>) can make the searching process quick and effective.<br />

Call: India +91 992 514 4200, USA +1 (732) 927-5544;<br />

Email: sales@contcentric.com

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Collaboration<br />

Teamwork can enhance productivity in today’s competitive business scenario. <strong>Alfresco</strong><br />

content management system enables banks to streamline the workflow by distributing<br />

specific responsibilities to particular people. The management can readily access to the<br />

files and monitor employee’s tasks while promoting collaboration. In a way, the<br />

<strong>Alfresco</strong>-based document management system can enhance productivity and facilitate<br />

teamwork.<br />

Simplified auditing<br />

Banks have to go through internal and external auditing on a quarterly or annual basis.<br />

When it comes to maintaining financial reports, account statements, internal document<br />

requests, and other necessary documents, the DMS can simplify the process and assist<br />

banks to stay compliant <strong>with</strong> the prevalent regulations. During the audit process, the<br />

executives can readily get important documents, which results in a quick process.<br />

Simply put, a robust enterprise content management system can efficiently close the<br />

loopholes in the BFSI sector. Banks can get multiple benefits <strong>of</strong> such a system and make<br />

their operations more customer-friendly.<br />

Why <strong>Alfresco</strong> is preferable <strong>for</strong> Enterprise Content <strong>Management</strong> (ECM)?<br />

<strong>Alfresco</strong> content management is designed to meet complex requirements <strong>of</strong> banking<br />

and insurance companies irrespective <strong>of</strong> their size. The robust <strong>Alfresco</strong> plat<strong>for</strong>m can<br />

holistically trans<strong>for</strong>m the customer experience by providing them secure, rapid, and<br />

convenient access to necessary data. <strong>Alfresco</strong> also assists the BFSI sector to reduce<br />

overheads, enhance agility, and comply <strong>with</strong> prevalent regulations.<br />

Concluding Lines<br />

In the banking and insurance business, the primary need is to provide improved<br />

onboarding experience to gain their trust and loyalty. Frequent <strong>for</strong>m-filling and slow<br />

processes can frustrate the customer. There, <strong>Alfresco</strong> services lend a helping hand to<br />

eliminate these issues and enable you to optimize workflows while keeping the<br />

customers and employees in the center.<br />

As a leading <strong>Alfresco</strong> development company, we <strong>of</strong>fer the best-in-class <strong>Alfresco</strong><br />

development services Our enterprise-grade solutions address the diverse<br />

requirements <strong>of</strong> BFSI, healthcare, retail, government agencies, defense, and<br />

pharmaceutical sectors. If you want to give your company an <strong>Alfresco</strong> advantage, send<br />

us a message at hello@contcentric.com . Our expert business consultants will<br />

contact you shortly.<br />

Call: India +91 992 514 4200, USA +1 (732) 927-5544;<br />

Email: sales@contcentric.com