Although most financial institutions are challenged by the current economic situation, credit unions are especially under pressure to make sound financial decisions. Credit unions are owned and controlled by their members. They want to ensure that the credit union is always making business decisions that will benefit the members, and that budgets are not exceeded. Because of this, credit unions hesitate to allocate money towards implementing the newest technology.
Although up-to-date technology is important, it can be difficult to justify the investment. However, without the implementation of advanced technologies, credit unions can be left behind with slow servicing of customer requests and a time and labor intensive process for maintaining compliance regulations and securely storing information. This is why credit unions need a cost-effective system that will allow them to properly and efficiently organize and archive their important documents and still maintain a high level of customer service for their members.
Credit unions can easily and more efficiently process and archive documents and files associated with credit card transactions (billing statements), mortgages, home improvement loans and home equity loans with a credit union electronic document management application. For a low monthly subscription, credit unions can become more organized and better equipped to provide quicker response time to member requests and audits. The benefits for implementing an online document management solution include:
- Electronic document storage; eliminating the need for filing cabinets.
- A simplified process of locating information; search indexes online by category, account number, customer name, location, etc.
- Protection of documents against disaster with storage in a secure data facility with remote back-ups and access from anywhere.
- Automated workflows; push documents electronically to individuals throughout your organization as tasks are completed.
- Remove the need for print, fax and copy documents.
- Give your Board of Directors secure access to confidential documents with the ability to review and collaborate: no more emailing unsecured lists.
An initial consultation doesn't cost anything but could help you save you many hours of time and worry; you'll learn even more ways to better manage documents and information. Learn more about how JM Associates Credit Union advanced its operational efficiencyusing DocuVantage OnDemand®.