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In terms of earnings, the financial services industry is one
of the largest markets in the world. It encompasses a wide variety of
businesses and services including banks, securities firms, insurance companies,
mutual fund organizations, investment banks, pension funds and mortgage lenders.
The Financial Services Market
In the financial services
marketplace, information security, reliable recordkeeping and regulatory compliance are core
elements of a solid financial foundation. The protection and security of
information is necessary to build customer trust, maintain compliance with the
law and protect the company reputation. Affordable,
easy-to-use enterprise content management (ECM) assists financial
institutions with:
- Maintaining
information security, confidentiality and customer privacy.
- Tracking system
activity and information disclosures for enhanced compliance and
accountability.
- Preserving the
accuracy and reliability of the document archive.
An AIIM study states
financial service companies identified improved compliance, increased
productivity and increased customer satisfaction as the three most important
potential benefits of ECM systems. In addition, 59.7% of banking and finance
companies do not yet use an ECM system as their basic approach toward meeting
compliance requirements, according to AIIM compliance survey results.
Privacy
Protection Builds Customer Confidence and Trust
Protecting customers'
non-public information and controlling how customer information is collected,
secured and used are top priorities for financial institutions that need to
mitigate IT security risks. ECM technology needs to provide
comprehensive and flexible security settings that protect information
throughout the document lifecycle. Look for systems
that offer:
- 256-bit AES data encryption both during
transmission and when data is stored,
so financial statements are guarded at every step.
- Configurable security policies to control information access and
restrict user abilities.
- Redaction that limits
the viewing of sensitive information within a loan application to maintain
confidentiality.
- Login security to control
network traffic and block unauthorized transmissions.
System
Auditing and Controlled Disclosures Enhance Compliance
The Sarbanes-Oxley Act,
Gramm-Leach Bliley Act and other laws require companies to monitor disclosures,
explain how customer information
is shared and validate internal security controls and compliant procedures. ECM
products should allow
companies to securely share information, confirm system settings and
provide evidence of system usage. Look for a
system that has:
- Document history reports with detailed
records of all documents that are accessed by a user and that track activity for increased
accountability with financial reporting processes.
- Email management for non-repudiation that verifies
message integrity and displays
only the originally captured version of an email message.
- Enhanced auditing that allows
users to share information only with those on a pre-approved list and
records all disclosures.
- Document grants to allow customers secure,
web-based access to documents for a specific time period.
ECM Ensures
System Accuracy and Reliability
The integrity, accuracy and
reliability of document archives are of utmost importance in the financial
industry. Timely and reliable
information is essential to process transactions and support decision making at
all levels. ECM technology that makes it possible for institutions to ensure
accuracy and have confidence in their information system is crucial.
Find systems with:
- Version controls to make sure users have the most
recent documents.
- Workflow that ensures specific conditions are met before
routing documents through automated procedural steps.
- Built-in data redundancy to eliminate the
potential for hardware failures affecting information availability.
- Backup processing and data replication to simplify
the disaster recovery process.
About Digitech Systems, Inc.
Digitech Systems, Inc. enables businesses of any size to more
effectively and securely manage, retrieve and store corporate information of
any kind using either PaperVision Enterprise content management (ECM) software
or the world's most trusted SaaS ECM service, ImageSilo. By significantly
reducing the cost, Digitech Systems has moved ECM from a luxury convenience to
an essential element for every well-managed business. To
learn more about the company's software and services, visit www.digitechsystems.com.
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