The Document Management System

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4 December 2020

Beating Heart of the Wealth Management Enterprise


The road ahead consists of constant virtual collaboration. For many wealth managers, current digital workflows are acceptable but not exceptional. To change this, wealth managers look for strategic partnerships with document management capabilities to pave a path toward exceptional digitization.

Vendors innovate to meet digitization needs by expanding services and improving technology in each component along the document management value chain. Different innovations along the document management value chain include a diverse assortment of technologies. While certain technologies are more complex than others, underlying the nature of document management is defining, digitizing, and categorizing metadata inputs. While Appway, Docupace, Doxim, and Hyland provide different functions within the value chain, they are a good representation of leading document management vendors for wealth management firms. Profiles of each vendor are included in this report. Also explored are highlights on core products, capabilities, and cognitive technologies that each vendor offers.

For wealth managers, market drivers for document management include support for regulation and compliance, strategic cost management, and digitization efforts including big data and analytics.

Document management is critical and should garner much attention. With virtual workplaces being forced upon the wealth management industry, digitizing workflows is required and more at the ready than typically assumed. The use of RPA, OCR/ICR, and cognitive functions like AI and ML makes a stronger case for systems integration across the enterprise, enabling a future where data can easily be extracted and autopopulated between various lines of businesses.