Businesses that fail almost always fail as a result of unwillingness to adapt. They have trouble competing with smaller, more nimble companies because they have a difficult time breaking free from the practices and approaches that once served them so well but are now outdated, ineffective, and archaic. As a result, new upstarts dethrone established businesses that just a matter of months previous might have seemed unstoppable.
FinTech companies are rising quickly and disrupting the banking industry in new ways every day. But that doesn’t mean that you can’t fight back. Even an established financial company can become more agile, adapt for quick changes in the market, and be better equipped to battle each new wave of up-and-comers.
This battle begins at the most basic level of your company—the way it organizes and manages documentation and data that goes in and out every day. For decades, drowning in paper was simply part of doing business. But new companies that embrace the digital age aren’t bogged down by paper. Paperless organizations transfer files instantaneously, obtain signatures electronically, and meet regulations flawlessly through online databases.
DMS to the Rescue
In order to compete with FinTech companies, you should seriously consider adopting a document management system (DMS) on your way to going paperless. The route to freedom from paper is through a document management system, a software system which allows you to digitally scan documents, archive them in organized folders, and search them automatically based on keyword or category. A powerful DMS can bring immeasurable benefits to your bank or financial institution as it strives to compete in the modern business world, including the following:
Audit Trails for All Documents
Whether for internal accountability or audits from outside parties, keeping all files digitally makes managing changes to documents beautifully simple. Easily identified how a file was changed, when, and by whom. Track the lifecycle of a document from its inception up to the present, all seamlessly and securely online.
Unlimited Storage
Running out of physical storage due to costly and space-consuming filing cabinets and other storage systems should be considered a thing of the past. Managing documents digitally allows for an unlimited and effortlessly organized database of everything you might ever need to call upon.
Mobile Access
Banking no longer takes place exclusively in banks. As your clients increasingly do their banking on the go, you should be able to manage your bank remotely as well. Effective DMS brands like eFileCabinet offer a mobile app that offers all of the power of the full application so that you’re always in control, even away from your office.
Fully-Searchable Text
One concern that many bankers have when considering the transition to paper-free operations is losing track of their organizational systems once everything ceases to exist physically. The most effective DMS programs, like that offered by eFileCabinet, scan every file not only as an image but as a searchable file. Essentially a brand new digital document is created, with every word from the original document becoming fully searchable and accessible.
Why Does Your Bank Need a DMS?
Aside from the organizational and efficiency benefits that come with going paperless, why should your bank adopt a document management system? One significant factor to consider is compliance.
Banks are watched closely by countless organizations to ensure that they’re behaving honestly, legally, and with integrity to their clients. Keeping all compliant documents within a digital workspace means that you never find yourself desperately digging through physical files looking for documentation that’s been requested by an authorized organization. You’ll never be caught off-guard by audits or investigations.
Additionally, bank users want a bank that adapts to their modern needs. That’s why FinTech companies have found so much success—they’ve tapped into what people are looking for. You can beat them there by having all client documents available online.
Don’t be the Goliath that was felled by David. You can have the strength of a giant with the agility to move forward with changing trends by taking one significant building-block of a step—discover how a document management system can streamline your business in incredible (and incredibly simple) ways.
eFileCabinet is a DMS that doesn’t require you to shut down operations while you adapt to paperless work. The powerful software is built to be simple, straightforward, and easy to set up. To find out more about how eFileCabinet is changing banking, fill out the form on this page to receive a free demo.