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Is Your Document Management System Obsolete?

This checklist will help credit unions quickly determine if it is time to replace their current document management system.

Inefficient document management solutions are a major source of hidden costs, inefficiency, and wasted staff-hours, as well as a drain on member service for credit unions. The informationcontained within your documents is vital for compliance, for operations, and for members’ well being.Reliable access to that information in an organized and timely fashion is essential to ensure your staff can provide the highest possible level of service.

Here is a quick litmus test to determine whether or not your credit union’s document management system is outdated.

Does your staff make copies of documents after they are created, so they can work on one copy while the other is sent in to be scanned and archived?

This is a classic case of an inefficient document management system. As new documents like loan applications are created, they will need to be frequently referenced by credit union staff. However, it can take so much time for these newdocuments to enter the centralized document management system and become accessible that staff members may make photocopies of the original to keep on their desk or in a filing cabinet for easy reference. This creates a situation where otheremployees, unaware that the copy exists, cannot find the most recent and up-to-date version of the document. Additionally, these unauthorized copies, which oftencontain sensitive information, are essentially sitting unsecured on someone’s desk or, worse, outside the institution.

Do you spend a lot on off-site document storage or do you have boxes of documents taking up space in your credit union?

Document storage is one of the most basic and pervasive problems for credit unions. Various regulations dictate that multiple types of documents be stored for years, eventhough they are almost never needed. And when they are needed, retrieval poses an even bigger problem.

Retrieving documents stored off-site creates both a delay in fulfilling research requests as well as an unnecessary expense ? often hundreds of dollars per document. Additionally, for documents stored on-site at the credit union’s own facility,there are few safeguards to prevent document theft, destruction from fire, flood or similar disaster, or simple misplacement.

Do document research requests consume a lot of your employees’ time?

Document research requests come from a variety of sources ranging from members to subpoenas. They often entail credit union staff accessing multiple systems to compile all the relevant information and, in the case of a subpoena, take hours and sometimeseven days to complete. This is a direct result of archiving and storing different document types using different indexes, in different locations, and on different electronic systems. Document research then bogs down staff time that couldbe spent more productively. In terms of member service, it also creates an unwanted delay between making the initial request and getting all the documents to the member.

Do you courier documents from your branches to a central location for scanning and archiving?

Centralized scanning creates a bottleneck in many credit unions, slowing the process where information created in the branch network is imported into the document management systemand made accessible. This causes lengthy delays before a new document can be accessible to an employee and increases the likelihood of staff photocopying aworking copy. It also significantly increases courier costs and increases the likelihood that the document will be altered, damaged, or destroyed before it is securely archived.

If your credit union has any of these persistent problems, it may be time to review your solution and, more importantly, how you use your solution. Join Bluepoint Solutions and City & County Credit Union ($335M, St. Paul, MN) for a presentation on best practices in content management. Learn how a best practice-based deployment of an enterprise content management strategy can produce dramatic, measurable results in just one year. Detailed analysisof the credit union’s 40% overall reduction in paper usage will be presented, along with a discussion of ways to streamline or eliminate inefficient business processes.

Making Content Manageable: Benchmarking the Impact of Effective Content Management

March 1, 2012 at 11:00am PST
Click here to learn more and to register.

About Bluepoint Solutions

Bluepoint Solutions has been providing content management solutions to credit unions for over 10 years. Adhering to strict best practice standards, Bluepoint’s unique member-centric approach and emphasis on measuring and quantifying results haveproven to deliver enhanced productivity, decreased costs and improved member service.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
May 23, 2014

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