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Capitalising on Digitisation to Transform Financial Services

While businesses across all industries have been disrupted by digital transformation, the financial services sector has been quick to adopt the latest technologies. By embracing new technologies ranging from artificial intelligence (AI) to cloud-based software-as-a-service (SaaS) applications, financial institutions have leveraged new opportunities for growth while driving operational efficiencies.

Though banks have begun investing enormous amounts of money to digitise their operations, they still need to completely overhaul their systems. This is because genuine digitisation goes beyond merely updating the more obvious consumer-facing front-end systems to include transforming processing-focused back-end systems as well.

Revamping Legacy Document Management Systems
One particular example of a system in urgent need of digitisation is the manual printing and processing of a huge volume of financial documents. These documents range from account and loan applications to client records and regulatory files. Such documents need to be digitised manually—through scanning and/or data extraction and input—and subsequently filed and stored manually using institutional classification schemes. These manual processes consume enormous amounts of time and effort, overburden IT resources, slow down decision-making processes, and expose banks to unnecessary errors and data leaks.

Automating Documents Workflows on the Back-End
With Fuji Xerox’s ApeosWare Management Suite (AWMS), banks can automate the processes of document sorting, data extraction, and file storage. This facilitates decision-making and eliminates the risk of human error. This also allows the company can handle more document-based transactions—from opening new accounts to processing loan applications—while minimising the need for additional operations staff.
In addition, AWMS Flow Management software not only enhances the document lifecycle, but also incorporates the company’s existing back-end digital processes and repository systems. AWMS handles the more tedious digitisation, data extraction, and file storage tasks, then sends the resulting files to the company’s server—allowing for seamless document integration across multiple branches and locations.

ApeosWare Management Suite allows financial companies to process significantly more document-based transactions by automating data extraction, document sorting, and file storage. The solution embeds unique codes on each document sheet and instructs the system on where the files are to be forwarded. From the cloud, they are easily routed to their respective branches and officers for review.

The solution offers the following benefits:

Cost Savings Management
Crucial document management tasks are handled easily and efficiently without the need for large numbers of staff or intensive IT support.

Efficiency
Speedy decision-making is facilitated while costly errors are avoided. Plus staff are freed up to focus on tasks that truly add to the banks’ bottom-line.

Security
Job logs and usage tracking functions mean it’s possible to monitor who does what on all system devices. In addition, integrated workflows allow banks to better prevent information leaks and protect clients’ data privacy.

Fuji Xerox’s ApeosWare Management Suite allows traditional banks to truly bank on the benefits of the digital transformation revolution. By leveraging their front-end digital upgrades with the necessary back-end support, banks can offer both employees and clients a significantly better experience.

Want to know more or discuss how Fuji Xerox can help you create those digital experiences to transform your business? 

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