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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