Taking a “Person-Centric” Approach to Enterprise Content Management

Financial institutions continue to rely less on paper and more on technology, which speaks to the importance of implementing effective information management processes. Simply digitizing and storing documents in a general repository doesn’t cut it. To increase the impact of modernization efforts and ensure smooth experiences for customers or members, banks and credit unions should maintain a “person-centric” approach.

At Alogent, we’re committed to delivering content and loan management software that helps financial institutions enable person-centric experiences. Let’s examine why being person-centric makes good business sense and what to do about it.

Alternatives to Being “Person-Centric” (And Related Issues)

Before we look at what it means to be person-centric, let's review how other solutions approach content management, and why they often fall short.

“Document Centric”

Document centric solutions group content based on the type of document. For example, a financial institution’s commercial loan documents might be stored in one location, while collateral documentation is located elsewhere. This approach can simplify processes for admins during the imaging process as employees know exactly where to scan or drag and drop documents. Unfortunately, finding the information afterwards may not be simple. To understand a commercial relationship, for example, a lender might need to check three locations to find a borrower’s financial statements, loan agreement, and collateral records. This means more clicks in the system and longer wait times for account holders.

“Account Centric”

Other systems organize information by account number. This approach is helpful when a teller or support agent needs to answer account-specific inquiries—however, many banking relationships extend beyond a single account. One person may have a savings account, checking account, mortgage, car loan, and business account. Narrowly looking at one account ignores the bigger picture associated with this account holder and can lead to missed opportunities. Keying in a 10-digit number is tedious for employees, and even worse, shifts the focus away from the actual relationship.

“Customer / Member Centric”

Some cores use a customer or member-specific identification number that links multiple accounts together, allowing for a more complete view of a person’s banking history and assets. While positive, certain individuals may theoretically be connected to multiple customer or member numbers (i.e., a person with a side business may have an account managed under a DBA). Consumers don’t think about how their endeavors impact their financial institution’s recordkeeping, so when an institution organizes its interactions around customer or member identification numbers, friction will likely become inevitable. 

What is a “Person-Centric” ECM?

A person-centric approach acknowledges that banking relationships revolve around people—not documents or identification numbers. Person-centric ECMs therefore, organize information around the account holder (or a commercial entity in the case of a business). Employees are able to key in the person’s name, find and view one intuitive record, and easily access related accounts, collaterals, credit information, documents, and other related information.

Implementing a person-centric ECM can benefit both parties in a banking relationship:

Financial institutions gain:

• Comprehensive views of each banking relationship
• Enhanced content management workflows
• Streamlined access to information for improving service

As a result, customers and members enjoy:

• Fewer requests for account, customer, or member numbers
• Reduced wait times for service
• Personalized experiences

Meet Alogent’s Person-Centric Suite of ECM Solutions

Alogent's suite of ECM solutions can help your financial institution deliver person-centric experiences.

FASTdocs, Alogent’s ECM software solution, makes it easy to search for the customer or member’s name (or number if you prefer). From there, employees can toggle between related accounts, collaterals, documents, and other information.

AccuAccount, Alogent’s ECM solution optimized for commercial lending, also delivers a person-centric interface. The user’s view was built to look like a traditional loan file—credit information on the left, loans on the right. Employees can also view related entities, collaterals, deposits, and trusts.

Contact us to learn how Alogent’s ECM suite of solutions can streamline access to information, bolster efficiency and security, and support compliance—all while putting the focus back on banking relationships.
 

Learn more: download a person-centric ecm white paper

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