Boosting Compliance and Reducing Costs: How ECM Solutions Solve Document Management Challenges for Banks and Credit Unions
Banks and credit unions rely heavily on information, but managing the growing volume of structured and unstructured data—ranging from account holder records to institutional documents—presents major challenges. With daily influxes of new files and strict regulations, a comprehensive information governance strategy and enterprise solutions are essential.
Join us for a webinar on March 20 to learn more about how ECM solutions can strengthen your compliance strategy.
The Problem: Regulatory Roadblocks & Mounting Expenses
The issue goes beyond the sheer volume of documents; it's the complexity of managing, retaining, and securely disposing of them. Financial institutions face numerous challenges, including compliance with retention regulations, high storage costs, and inefficiencies from outdated systems.
- Retention and Regulatory Compliance: Financial institutions must navigate complex regulations like BSA/AML, the Equal Credit Opportunity Act, and the Truth in Lending Act, each with specific retention requirements. Non-compliance can lead to hefty fines, reputational damage, and even brand closures or acquisitions.
- Storage Costs and Legacy Systems: The high costs of storing physical and digital information, along with reliance on outdated IT systems, create inefficiencies. Institutions often face security risks with off-site storage and fragmented systems, leading to increased costs, vendor issues, and the need for expensive system upgrades.
Build and Information Stronghold with Enterprise Solutions
The key to addressing these challenges is a proactive, well-structured information governance strategy focused on efficient retention and disposal. By incorporating an enterprise content management (ECM) solution, financial institutions can ensure compliance, streamline operations, reduce costs, and mitigate risks, gaining a strategic advantage.
- Automating Preservation: Modern ECMs enable financial institutions to configure retention rules tailored to their needs. Intelligent engines classify and organize documents as they are imaged, ensuring consistency and efficient access.
- Configurable Purging: Documents are automatically purged on schedule, reducing manual intervention and administrative burden. The ECM platform also generates audit reports to confirm secure purging according to the institution’s guidelines.
Take Control of Your Documents: Streamline Retention and Disposal with Alogent’s ECM Solutions
Alogent’s advanced ECM solution suite improves data management for financial institutions, from creation to secure retention and disposal. Download our latest document to learn how Alogent strengthens your document retention and disposal practices.
download: retention & disposal strategies document
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