Boston, MA, USA November 10, 2006
Celent analyzes document management issues for banks and classifies 30 vendors.
Banking is fundamentally an information-based business, and despite advances in electronic data management and transmission, large amounts of communication both within banks and among banks, customers, and other third parties across a range of business processes remain paper-based. In a new report, , Celent analyzes key issues related to document-intensive business processes in banking and provides an overview of the technology options available to financial institutions across different areas of document management.
"The need for managing documents more efficiently is both an enterprise-wide and line of business requirement for banks. Whether driven by the necessity to streamline core processes such as lending or account opening, to improve the quality of customer interactions, or to fulfill compliance mandates across the organization, document management solutions are critical for the optimal functioning of a financial institution," comments Madhavi Mantha, author of the report and senior analyst.
The report discusses the role of documents in banking, looking specifically at the need to transform core processes, improve decision-making and customer service across channels and products, and manage the regulatory risk associated with the proliferation of information across the enterprise. The report also provides an overview of document management technology, describing the components of typical document creation and document handling solutions. A high-level guide to most of the leading solutions in the market, including comparative charts that illustrate vendors' client base and technology platform as well as brief descriptions of each vendor, is also provided.
Celent advises financial institutions to keep several key guidelines in mind as they consider technology solutions to manage document-intensive business processes:
- Focus on the underlying information rather than the form of the document (i.e., paper or electronic)
- Leverage existing assets
- Seek open architectures that support integration
- Emphasize ease of use and flexibility
The report is 35 pages long and contains five figures and seven tables. A table of contents is available online.
