Digital Communications Raise Customer Expectations
By Sanjeev Malaney, CEO, Capsilon (San Francisco)
The ability to manage documents electronically rather than through paper changes the service expectations of the various parties involved — as the medium of doing business changes, so do the expectations for response time and the quality of the response. Hand in hand with electronic document management comes the desire to do business electronically end to end.
Banks must consider not only back-office efficiencies, but how they're serving their customers in the front office, since expectations for faster response times have gone through the roof with mobile and other technologies. Document management initiatives often begin with the back-office desire to gain efficiencies, but sales managers at many banks often become more excited about gaining the ability to collaborate and communicate electronically with their customers and partners, rather than taking on the project simply as an initiative to become paperless.
There are several trends in document creation, output and delivery that banks should watch. One is the ability to create structured collaboration, which enables banks to connect collaboration and workflow systems. Think of it as collaborative workflow, enabling banks to work collaboratively both internally and across organizational boundaries. Banks need to have the ability to keep an audit trail, so if there is confusion or something goes wrong — in the case of fraud or a miscommunication, for instance — a deeper dive can be conducted to find out what happened and quickly resolve the issue.
This ability gives banks the tools to keep up with and stay ahead of regulatory requirements. But banks must really look at the big picture when considering going paperless and embrace this as an opportunity to serve customers better rather than just focus purely on maintaining regulatory compliance.
Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio