Document output management in banking and financial services

Modern businesses spend a lot of time and resources creating, managing, modifying and delivering essential documents for their business. According to IDC, companies spend up to 10 percent of their revenues managing document production, distribution, and associated devices. The advent of innovative and powerful document management solutions promises to significantly reduce that margin while significantly improving procedural efficiency.

Document output management:

What and why?

Easily Defined: Document Output Management provides an enterprise with one central point for managing and controlling all documentation devices, jobs and queues. It maximizes the economy by:

* Centralization of control of the output environment directly with IT professionals

* Enable end users to solve many problems themselves

Banking and finance organizations are now becoming aware of the far-reaching impact such solutions can have on their document-intensive businesses.

The industry’s constant need to generate, distribute and archive statements, reports and guidelines is a particular challenge. Traditional practices leave much room for concerns about the safety, accuracy and verifiability of audit trails. Output management offerings, such as ISIS’s Papyrus Document System and AutoFORM’s LaserNet, can effectively minimize many of these concerns while revolutionizing resource allocation, business agility and information recall.

Output management solutions can provide unprecedented levels of integration by analyzing documents throughout their lifecycle. This approach significantly increases the efficiency of document processes and makes it possible to seamlessly align business requirements with underlying document workflows and existing hardware and software.

Main players in document output management

ISIS: Paper Document System 6

ISIS’s OS and printer independent Papyrus Document System offers an integrated software architecture capable of producing millions of documents every day. Customer service and operations, in particular, can reap significant benefits by enabling end users to interactively edit personalized business documents. Although it is a cross-sector solution, Papyrus is effectively implemented in the banking, finance and insurance segments. Its applications for consolidated bank, credit card, and fund management can significantly reduce long-term system management efforts.

The Papyrus Document System offers:

Papyrus Objects: This solution is designed to facilitate integration with legacy IT and to create reusable objects. This solution maps processes for existing applications and enables rapid process development and immediate distributed deployment. Papyrus Objects can store and deploy document and process templates company-wide without conversion, reprogramming or even recompilation, providing essential standard integration of legacy applications.

Papyrus Capture: Papyrus Capture uses the latest findings in pattern recognition and learning systems for solutions to efficiently extract valuable data from all corporate documents without extensive programming in every data format and interface type.

Papyrus Designer: The powerful WYSIWYG Papyrus design tool with the library facilities makes for quick and easy layout changes. It offers dynamic table of contents, logo and graphics management, support for barcodes / OMR codes, charts and multiple languages. It offers flexible dynamic data processing functions that can read different types of data, including XML and HTML data. This cross-platform tool has built-in support for most printers.

Compliance: AutoFORM LaserNet

AutoFORM LaserNet is a complete package of document and output management solutions and also integrates the documentation process into existing IT applications. It supports the migration from labor and paper-intensive systems to more cost-effective, faster, e-enabled document processing. AutoFORM LaserNet captures the output and converts it into the relevant format before intelligently routing it for distribution via print, email, fax and XML. Documents are then automatically archived alongside scanned images of incoming forms, relevant PC files, emails and faxes, creating a freely accessible online repository of important records. LaserNet accomplishes all this without complicated and expensive programming through a fully ‘point and click’ configurable GUI interface.

By providing a single set of simple tools to manage all output across all IT applications, AutoFORM LaserNet can drastically reduce IT and document development costs while providing consistency in the design and customization of reader-specific content.

Document output management:

What can it do for you?

Document output management solutions such as Papyrus and LaserNet can provide BFSI companies with many business-specific and general benefits. It will (among other things):

* Reduce help desk calls by enabling end users to solve their own problems

* Help the business track exactly how much it spends on output

* Wide range of printing support and automated delivery on other media.

* Deliver significant cost benefits by automating the document creation workflow

* Make the entire document life cycle an efficient and seamless process

* Improve customer service by simplifying access to company data

* Provide timely and concise data for document generation

* Open business data for e-commerce applications

* Create integrated business processes with documents

* Faster document creation with reusable document elements

Looking forward

At the heart of a successful output management strategy is a scalable central product where output can be aggregated, managed, and then distributed. Companies looking to implement output management solutions should seek a supplier with world-class technology, a high-quality workforce and proven expertise in handling document-intensive processes.

Those who followed these initial warnings report significant growth in ROI, business responsiveness, operational efficiency, cost savings and customer satisfaction. While the telecom industry has so far been most eager to embrace document output solutions, its potential to revolutionize a critical dimension of BFSI business is rapidly gaining legitimate awareness.