The Advantages of Automatic Data Capture for Financial Service Companies

Since the fast-paced, demanding financial environment requires minimal errors, institutions should consider the advantages of automatic data capture technology. 

Efficient and accurate document processing is vital to organizational success. Whether your specialty is brokerages, investments or general banking services, optimized document capture solutions could transform and improve the way you do business.

3 Advantages of Automatic Data Capture for Financial Institutions

Data management is important in any financial environment. Outdated, manual data capture slows down employees and results in costly mistakes. Fortunately, modern data capture technology is equipped to provide businesses with much-needed digital transformations.

  1. Better Customer Service – Old-fashioned paper handling and data entry results in unhappy customers. These outdated document management practices slow customer inquiry response rates and often result in misplaced information. Mistakes like these lead to loss of customer trust and ultimately, lost business. By updating document capture processes, financial service companies can export data to portfolio management or other downstream systems seamlessly. Retrieving archived information becomes a quick and easy task, so customer inquiries aren’t left waiting. 
     
  2. Increased Accuracy – Not only is manual document handling costly and time consuming, but it frequently results in error. One of the greatest advantages of automatic data capture is high-resolution imaging that yields crystal-clear, accurate results. Data capture technology can classify documents that don’t fit into specific templates, saving employees from sorting information manually. The advanced extraction capabilities of modern software minimize problematic errors.
     
  3. Enhanced Security – In the financial world, secure data is a top-of-mind priority. Additionally, government data security regulations and mandates (like Dodd-Frank and FINRA) are constantly changing. Advanced data capture software comes complete with role-based document access, audit trails and data encryption. With information secured on private servers, your business can be one step ahead of data thieves and auditors. The result? You stay within compliance standards and avoid costly fines. 

The Advantages of Automatic Data Capture Could Transform Your Company 

The financial world is evolving quickly, and requires reliable data capture solutions. Fortunately, ibml is here to help streamline solutions and bring financial institutions into the modern age. 

Our automatic data capture technology can:

  • Reduce paper cost and waste
  • Create fewer downstream exceptions
  • Improve internal operations 

Learn how a bank achieved 80 percent faster turnaround and a 15 percent reduction in staff with the help of ibml. 

If you want to learn more about the benefits of modern data capture technology contact us today.