Each day banks generate millions of customer communications; it is estimated that of the 50 billion documents that are delivered each year in the United States 10% come from banks. These documents include statements, letters, quotations, reports, security notifications, reminders, checks, remittance advices and statutory letters. Typically the core banking systems generate these documents and many more document types that are essential to maintaining relationships with customers. These documents are sophisticated—intelligent even. They will be personalized, they are usually regulated, they must be optimized for printing, they might be pre-sorted for delivery and the list goes on.
Large banks often use in-house Print Services Providers (PSPs) and many outsource this to a print bureau. Traditionally, banks target specialist high-volume print devices like those produced by Ricoh, Canon/Oce and Xerox, and many banking applications are designed to generate print output for a specific target device. On the other hand, many PSPs accept only certain formats. As a result, the workflow of print production processes can be complex in order to match applications with the appropriate print device.
This challenge is compounded by the fact that consumers and businesses are increasingly moving away from paper to digital communications and requiring banks to do likewise. Whether this is PDF, web portals and other digital delivery methods like SMS text there is clearly a need to manage customer communications differently.
In fact access to customer communications is essential to many customer centric business processes. Customers cannot understand why call centre staff do not have access to the same information that they receive. And for the digitally savvy, self-service portals and digital communications help define the experience of customer service - both positively and negatively.
Of course many banks have been digitising and archiving documents for years and large banks may find that they have several generations of these archives including COLD and mainframe systems. The challenge is that these archives are costly to buy, expensive to maintain, integrate poorly with enterprise applications & workflow and are inaccessible to consumers. What is needed is a new generation of archive that leverages open standards, is integrated with packaged content management systems and can support delivery through web channels (in addition to paper).
The benefits to a bank of a modern Enterprise Archive include improving compliance, a reduction in print & postal costs, improvements in customer satisfaction with self-service portals and improvements in the efficiency of banking business processes.
Crawford Technologies has been working for over fifteen years to solve the complex customer communications problems of banks. Now, in partnership with EMC, CrawfordTech has integrated their market leading archiving products with EMC's popular ECM and workflow automation solutions to provide a next generation solution to the problems of archiving customer communications for banks.
For more information about CrawfordTech's Banking Solutions download the CrawfordTech's Statement and Report Archiving Solution for Banks in partnership with EMC datasheet
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