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Konica Minolta ECM Blog

5 Ways ECM Will Increase Member Satisfaction

Posted by Dan Termale on Wed, Jun 18, 2014 @ 01:39 PM

Member servicesWhen you choose a credit union to do business with you want to feel like you are choosing a reputable credit union that is known for their exceptional member services, right? Member service and satisfaction should be the #1 priority for credit unions. In today’s world one of the biggest contributors to a member’s happiness is the speed and flexibility in which they can receive their service and access to their money and information. Delivering superior member service is hard to do when membership files and financial documents are being stored in massive filing cabinets, dusty file rooms, and in big storage containers. Having to fight this battle with locating information is hurting member experiences. Here are 5 ways that an Enterprise Content Management (ECM) solution will help increase member satisfaction and increase efficiency for your credit union: 

1. Enhance Member Relationships   

Credit unions must provide new, improved and more expedient services to expand and enhance member relationships while continually increasing operational efficiencies.  Member service in the teller line and the call center will be vastly improved, as instant paperless retrieval of member documents helps to respond to member inquiries, immediately and subsequently enhances their experiences within the credit union. Furthermore, credit unions can provide members with access to documents such as check images, loan and investment statements via internet, enhancing the member experience and giving them the control of their own information.

2. Reduce Cost of Services

ECM strategy

ECM enables credit unions to reduce or even eliminate the costs and inefficiencies associated with traditional paper-based document handling such as check images, loan documents, and investment statements. Furthermore, by scanning and archiving mortgage and consumer loan documents, transfer costs and associated delays related to shipping documents from one branch to the processing center are eliminated.

3.  Realize a Rapid ROI

ROI is realized in both expense reduction an increased operational efficiencies.  Elimination of microfiche, microfilm, and paper-based reports are measurable costs that contribute directly to a positive return.  Additionally, other benefits include efficiencies gained from less labor required to process paper-based reports as well as better decision making by having instant access to information to provide immediate answers to member inquiries.

4.  Increase Operational Efficiencies

By scanning and digitizing documents, an ECM solutions like OnBase provides immediate, simultaneous access to the most accurate and up-to-date information, enabling employees to accomplish tasks more efficiently and accurately.  ECM eliminates lost and misfiled documents and provides instant access to member information.

In addition, by standardizing and automating manual tasks, your ECM solution will streamline processes such as check processing, signature verification, statement generation and distribution, loan processing and portfolio management.

5.  Adhere to Regulatory Compliance

ecm complianceECM Workflow ensures that policies and procedures are standardized and enforced.  You will be able to inherently track the complete document history and process audit trails allowing your credit union to manage compliance requirements.

ECM is the perfect solution for credit unions wanting to maximize member services and reduce costs.  Please contact us for the complete list of ECM benefits that will help you improve your member satisfaction and increase your efficiency.

Tags: Document Management, Paperless Office, BPM, OnBase, ECM, OnBase workflow, Workflow, Credit Unions

Mortgage Applications Need to be Paperless

Posted by Cindy Bialy on Fri, Jul 20, 2012 @ 09:37 AM

Rates are so low; I could not resist the opportunity to refinance.  I contacted the Mortgage Company I had used in the past and arranged to start my refinancing process. My packet ofmortgage paperwork arrived via FedEx and working for a Document Management Solutions company, I couldn’t help but wonder why they still process with paper.  It seems to me to make perfect sense for me to complete the forms electronically and send those forms electronically to all the different departments that would require my information.

So I was curious... how many forms came in the packet and how many pieces of paper did I need to copy in order to include my required tax forms, savings account, etc etc.  I counted 42 pieces of paper that the Mortgage Company required and over 80 pieces of paper that I needed to copy in support of those documents. This paper based system  just doesn’t make sense – there is so much time and labor savings(I didn’t even mention the obvious costs associated with copy ink and paper) to processing electronically.

To even further make me shake my head, I thought how many times are these packets copied and physically mailed to a location or department?  After researching a bit, I found that at least 4 different departments must receive a copy of this information. (Please comment if you know the exact number – I know my figure is conservative) We are already up to 488 documents just for one account.  I am cringing now at the blatant cost savings that could be had if I completed the Mortgage documents electronically and scanned my personal forms.  As I continue to think about it, I am imagining the person on the receiving end sorting through and shuffling my papers to look for missing documents and the documents they need in order to complete their portion on its way to approval.  Is it only me seeing the further costs savings in identifying missing documents automatically and notifying the person automatically of what needs to be submitted?

I have 45 days to close and, at first,  I thought that was a long time, but I am not so sure anymore.  I will let you know how I make out.  And yes, I will send a note ELECTRONICALLY to my mortgage originator and let her know there is a better way.

Tags: Document Management, Paperless Office, OnBase, Mortgages, Credit Unions