Document output management in banking and financial services
Modern companies spend a considerable amount of time and resources creating, managing, changing, and delivering essential business documents. According to IDC, companies spend up to 10 percent of their revenue managing document production, distribution, and associated devices. The advent of powerful and innovative document management solutions promises to reduce that margin significantly, while vastly improving procedural efficiency.
Document output management:
What and why?
Simply defined, document output management provides the business with a single point of management and control of all devices, jobs, and queues on the documentation front. Maximize the economy by:
* Centralize control of the exit environment directly with IT professionals
* Train end users to solve many problems by themselves.
Organizations in the banking and financial services vertical are now realizing the far-reaching implications these solutions could have on their document-intensive businesses.
The ongoing need for this industry to generate, distribute, and archive disclosures, reports, and policies poses distinctive challenges. Traditional practices leave considerable room for concern about the security, accuracy, and verifiability of audit trails. However, offerings in the outbound management space such as ISIS’s Papyrus document system and AutoFORM’s LaserNet can effectively minimize many of these concerns while revolutionizing resource allocation, business agility, and information retrieval.
Results management solutions can provide unprecedented levels of integration by analyzing documents throughout their entire life cycle. This approach dramatically increases document processing efficiency and makes it possible to seamlessly align business requirements with underlying document workflows and existing hardware and software.
Key Players in Document Outbound Management
ISIS: Paper Document System 6
The ISIS OS and printer independent Papyrus Document System provides an integrated software architecture capable of producing millions of documents per day. Operations and customer service departments, in particular, can gain significant benefits from end-users being able to interactively edit personalized business documents. Despite being an industry-wide solution, Papyrus is being effectively implemented in the banking, finance and insurance segments. Its applications for consolidated bank, credit card and fund management can substantially reduce long-term system management efforts.
Features of the Papyrus document system:
Papyrus Objects – Designed to facilitate integration with legacy IT and to enable the creation of reusable objects, this solution maps processes to existing applications and facilitates rapid process development and immediate distributed deployment. Papyrus Objects can store and deploy document and process templates across the enterprise without conversion, reprogramming, or even recompilation, providing vital integration of out-of-the-box legacy applications.
Papyrus Capture: Papyrus Capture uses the latest findings in the fields of pattern recognition and learning systems to find solutions that efficiently extract valuable data from all corporate business documents without extensive programming in any data format and interface type. .
Papyrus Designer – The powerful Papyrus WYSIWYG design tool with library facilities provides quick and easy design changes. Provides dynamic table of contents, graphics and logo management, barcode / OMR code support, graphics, and multiple languages. Provides flexible and dynamic data handling functions that can read various forms of data including xml, html data. This platform independent tool has built-in support for most printers.
Agreement: AutoFORM LaserNet
AutoFORM LaserNet, a complete suite of results and document management solutions, also integrates the documentation process into existing IT applications. Supports migration from labor- and paper-intensive systems to faster and more cost-effective electronic document processing. AutoFORM LaserNet captures the output and transforms it into the relevant format before intelligently routing it for distribution via print, email, fax, and XML. Documents are then automatically archived along with scanned images of incoming forms, relevant PC files, emails and faxes, thus creating a free access online repository of important records. LaserNet accomplishes all of this without complex and expensive programming through a fully configurable “point and click” GUI interface.
By providing a single set of simple tools to control all results in all IT applications, AutoFORM LaserNet can dramatically reduce IT and document development costs while offering consistency in the style and customization of reader-specific content.
Document output management:
What can I do for you?
Document output management solutions such as Papyrus and LaserNet can provide BFSI companies with many generic and business-specific benefits. It will be (among other things):
* Reduce help desk calls by training end users to solve their own problems.
* Help the company to accurately track how much it spends on production
* Wide range of printing support and automated delivery using other means.
* Deliver significant cost benefits by automating your document creation workflow
* Make the entire document lifecycle a smooth and efficient process
* Improve customer service by simplifying access to business data
* Provide precise and concise data for the generation of documents.
* Open business data to e-commerce applications
* Create business processes integrated with documents
* Faster document creation using reusable document elements
Looking to the future
The core of a successful exit management strategy is a scalable core product where exit can be aggregated, managed, and then distributed. Businesses looking to implement outbound management solutions should identify a provider with world-class technology, quality people, and proven experience handling document-intensive processes.
Those who have taken these initial precautions report considerable growth in ROI, business responsiveness, operational efficiency, cost savings, and customer satisfaction. While the telecommunications industry has been the most eager to adopt document output solutions so far, their potential to revolutionize a critical dimension of the BFSI business is rapidly gaining its rightful knowledge.