Document Capture and Information Management: A Key to Good Customer Service
The financial services industry is facing unprecedented challenges on a day to day basis due to changing regulations, economic pressures, high customer expectation and constant data deluge. With customers now expecting accuracy and responsiveness across all channels 24/7, an inability to meet their expectations can have a far-reaching impact. This can not only result in loyalty being lost but also dissatisfaction spreading in social media. According to the State of e-Marketing India 2015 report, the biggest change in recent years has come in terms of customer retention, which has increased steadily from 11 percent in 2011 to 20 percent in 2015 – making it a primary goal for marketers. The pressure is on institutions to distinguish themselves through consistent, reliable delivery of exceptional customer service, and maintain a competitive edge whilst remaining within tight regulatory standards.
Strict Compliance Demands
One of the challenges, faced by the financial sector is that of meeting stringent compliance demands. If one takes an insurance company for example, there are numerous claims that would need to be disbursed on a day to day basis. If files and documents are not managed in an organized and orderly manner, it could result in data being lost and thereby an unhappy customer. Insurance companies often encounter difficulties like operational costs, service levels, achieving claims management, efficiencies etc. that result in significant damage to an organization’s budget sheet and irreparable damage to its reputation. These calls for information management solutions that can help streamline critical processes and can assist in ensuring compliance.
Driving Efficiency and Cost Reduction
Another key focus and challenge for the financial sector is driving efficiency and cost reduction. Globally nearly 15 percent of office floor space is taken up by filing cabinets. Paper documents impact efficiency and results in loss of time and would require it being stored in an organized manner. When not managed correctly, paper slows down processes and information is difficult to share. A solution wherein the documents are scanned and stored will particularly benefit organizations. The staffs get more productive if they could find information and documents as quickly and easily as they find information on the web.
New Technology, Threats and Opportunities
Embracing new technology is another important aspect, which plays a key role in an organization functioning smoothly. It is imperative that every company constantly upgrades to superior IT systems and infrastructure to improve its operational efficacy and maximise its IT investment. In addition, competition is fierce in the financial sector. Firms are now focussing on digital customers who are using the latest digital channels like banking via Smartphones and tablets for their work. A newest addition to this list is the use of video advice and live chat which are also being explored by organizations.
Managing Data Flow and Customer Expectations
Dealing with large volume of unstructured data that is received as a result of the use of new digital channels and devices also presents a logistical task in itself. This is a challenge from both an individual customer’s view and intelligent information management perspective. Smartphones, Text Wireless Internet, email, web and social media are part of any organization’s paper capture as is telephone for customer interactions. So it is important that there is real time access available to such data as this kind of information is important to gain both agility and speed to remain competitive. To achieve this, a centralised and streamlined system along with digitisation of information is essential to get a
Benefits and the Way Forward
Document capture and data management help in reducing processing costs. These solutions can play a huge role in not only improving customer service but also enhancing an organization’s reputation in the eyes of its shareholders. It helps organizations make informed decisions faster and free up valuable time to seek new business opportunities. Globally, such competent platforms and solutions will see a steep demand in the near future as enterprises and corporations will be seeking to push the boundaries of technology and find ways to manage the ever expanding volume of data in a systematic fashion. In conclusion, to succeed, organizations will have to adjust and be flexible in accordance with the ever changing customer behaviours and implement a solution that seamlessly manages all inputs and documents.