Overview:
A Paperless Office in the Financial Services Sector
The financial Services is a highly regulated industry. To stay in compliance, companies generate large amounts of paper and electronic documentation. This documentation must be accurate and traceable.
The Business Problem
Our customer, a medium sized financial services company, has over 500 clients. Each client file consists of hundreds of pages. When a new account is opened, the following are required from the customer: the application forms with supporting documentation in the form of Post Dated cheques, ID Proof, Address Proof, birth certificates, tax returns and other related paperwork. After the account is opened, information such as financial account changes, investment account profiles, mutual and investment fund documents, and month end statements are preserved for that customer.
The active management of these paper based accounts occupies a great deal of employee time plus the process of finding, retrieving, updating and storing paper documents can create delays throughout the company. Most of these paper documents are stored in filing rooms in traditional filing cabinets for hundreds of clients. It is estimated that for every 5 filing cabinets an additional employee is required to maintain the system.
The main objectives of installing the CANNYDOCS system were to:
1. Eliminate inefficiencies and losses related to the storage and handling of paper based documents.
2. Realize labor savings from implementing an electronic document based process for
finding documents related to customer accounts.
The CannyDocs Solution
The solution uses out-of-the-box capabilities of the document management software. Most companies today have some form of document scanners, stand alone or networked. The act of scanning documents, to convert them into electronic form is as easy as making a photocopy. Documents are simply put into a scanner and the start button is pushed. Many companies do this and simply send the electronic images to a general storage area.
The business problem with only scanning and storing is that the process does not classify the documents to create a structured organized filing system. In most cases the scanning process does not convert the text to be machine readable and are therefore the words are not fully text searchable.
This Financial Services customer wanted more; they knew that their Client information is only as good as their Agents ability to retrieve and work wit
Partner Program Description:
CannyDocs
Dealing with the hassles of organizing your documents? With CannyDocs you can do it easily. This can be the ultimate solution to carry documentation work. While performing the professional task, the main challenge while making document is their organization. Most of the office work can get obstructed due to this issue. After preparing the documents, the next task is to access the documents when in need. Therefore, to assimilate these tasks, you should prefer CannyDocs where along with these tasks you can also retrieve the documents immediately.