A Likely Partnership for Banks and Credit Unions: Enterprise Content and Information Management, and Data Governance

Changes to data privacy regulations at the state and federal levels are forcing financial institutions to assess their existing solutions and determine if new capabilities are needed to address updated data governance requirements. Alone, a data governance program establishes a foundation for consistent management of data throughout its lifecycle, but when coupled with an enterprise content and information management (ECM / EIM) platform, it’s reinforced with modern capabilities and automation that position banks and credit unions for long-term success.

Data Governance for Banks and Credit Unions Today 

Financial institutions collect information with every transaction and exchange, and with the upsurge in digital and self-service engagements, the volume of data entering banking workflows has increased. Traditional data management processes can be overburdened by this surge, causing inconsistencies and even storage complications – all of which increase compliance risks. As a result, banks and credit unions are realizing the overwhelmingly positive impact of data governance, and the importance of establishing standards around data collection, management, and permission-based access.

Beyond compliance, data governance has helped institutions reveal gaps in existing procedures around how data is captured and actioned, as well as its flexibility to evolve with changing regulations and market demands. With information more carefully and continuously managed under such a framework, executives can allocate resources as needed, while account holder insights are more readily accessible. These process improvements reduce risk and lead to a more innovative, data-backed product strategy.

Using an ECM / EIM Platform to Strengthen Your Data Governance

So, what’s the linkage between an enterprise content and information management platform and your data governance program? An ECM / EIM platform’s competency extends beyond document or content management and introduces innovation and automation, enabling your data governance program to develop and scale as transaction volumes grow. These more modern solution offerings aid in the quick ability to address mandates and risk, and reduce manual document handling with end-to-end workflows and intelligent capabilities like digitizing data from all incoming sources regardless of format or file-type, and then to automatically classify and index the information.       

Volumes of both structured and unstructured data continue to grow within the financial services industry, adding to the already complex nature of data being housed in multiple locations or solution siloes. With an ECM / EIM platform, these efforts are centralized into a single system that transforms data into actionable business intelligence, reduces manual processes, improves operations, and speeds search, retrieval, and reporting.

Data governance is a continuous effort that requires a team to look at an organization holistically from the outside-in. For many institutions, this framework will take time to develop, but adopting an enterprise content and information management strategy is a first step that will deliver tangible results. 

Alogent’s FASTdocs is a robust enterprise content and information management platform that complements any bank’s or credit union’s data governance program, supporting permission-based access with full- and self-service capabilities, with digital tracking of document journeys, supporting compliance mandates. Its web-based and operating-system agnostic approach enables limitless flexibility, paired with cloud-based scalability to support future growth. With automated workflow capabilities, FASTdocs speeds access to incoming data from any source or format and enables quick access to business intelligence with its 360-degree searches and person- or account holder-centric views.

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