How Financial Institutions Drive Successful Enterprise Operations

When used to its maximum potential, enterprise content management (ECM) can vastly improve productivity, quality and service.

According to a 2019 Cornerstone Advisors survey sponsored by Fiserv, financial institutions categorized as “high performers” in their ECM system usage experienced the following benefits:

Productivity

Quality of Work

Delivery Times

Source: HOW TOP PERFORMERS GET MAXIMUM IMPACT FROM ECM, Cornerstone Advisors, 2019

Productivity

25%

increase in productivity in more than half of the departments using ECM

Estimated Cost Savings

10%

increase in productivity is equal to roughly $300,000 in savings

Average Departmental Productivity Improvements Ranged From:

40%

improvement in Accounting

77%

improvement in Digital Banking

  

Source: For an institution with $500 million to $1 billion in assets, according to Cornerstone Advisors

Quality of Work

62%

index documents automatically using optical character recognition

64%

have a secure way for customers or members to submit documents

62%

have fully imaged their legacy mortgage loan files

Delivery Times

74%

improvement in consumer lending productivity

50%

increase in both quality and speed of delivery of consumer lending

Average Departmental Customer Delivery Time Improvements Ranged From:

20%

improvement in Marketing

60%

improvement in Loan Operations

Today's banks and credit unions are, at the most fundamental level, in the business of moving data electronically in order to deliver services to their customers and members.

When ECM systems are fully utilized, manual and paper-based processes can be automated, service delivery times can be reduced and quality and compliance can be improved.

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