“Enterprise content management in financial institutions rose to take configuration in the 1980s. The boom in check-writing led to large electronic image archival systems that could process and retrieve check images and statements.” Go to small, internal management archives where banks can store other documents related to core account processing, such as unchecked images as cards.

1. The Revolution of Enterprise Content Management in Financial Institutions
To gain a better understanding of evolution and the recent revolution, financial
institutions are working on how to manage the sheer volume of documents and
other content flowing throughout their organizations.
“Enterprise content management in financial institutions rose to take
configuration in the 1980s. The boom in check-writing led to large electronic
image archival systems that could process and retrieve check images and
statements.” Go to small, internal management archives where banks can store
other documents related to core account processing, such as unchecked images
such as cards.
Document management technology continues to mature, adding the ability to
manage different document types, assign retention periods, and archive

2. documents. Other technologies will soon be added to magnify functionality such
as capture and optical character recognition, business process management, and
digital distribution.
With this maturity, document management transformed into enterprise content
management, and it soon branched out across companies, from businesses such
as lending and insurance to internal operations such as compliance and human
resources.
The definition of ECM has been evolving in recent times as financial institutions
face ever-increasing volumes of information, more compliance orders, and
subsequently more demands on their enterprise IT departments to handle these
requirements.
“Financial institutions see enterprise content management as a document
management archive that must be provided to the core account processing
platform.” That is changing, as more and more financial institutions are
approaching ECM as an integrated platform sitting in the middle of the
enterprise.
Only the definition of ECM does not change. The following are three trends
that could affect the future of ECM:
“The CFPB [Consumer Financial Protection Bureau] now requires some
financial institutions to maintain records of all customer communications, such
as records of emails, voicemails, social media, and other correspondence.
1. It’s not just about the documents.
It’s about managing complex content and processes related to content
throughout the enterprise. Where financial institutions started storing and
retrieving check images, they now have to manage a wide variety of content in a
variety of formats. These involve PDFs, Microsoft Office files, audio, XML,
video, HTML, annotations, checklists, workflow logs, physical record locators,
and content history.

3. 2. ECM as application infrastructure.
Strategic ECM solutions provide the infrastructure to develop and deliver
applications that automate and streamline content-intensive end-to-end
business processes.
3. The “use” of IT changed the game.
Consumers and employees are comfortable with the user experience on their
tablets and smartphones — and instant access to information they want simpler,
clearer, paperless processes from their financial institutions. This is true
regardless of whether they are interacting through handheld devices, desktop
web browsers, kiosks, or the teller window.
Consumption is also boosting the requirement for mobile ECM. Access to ECM
content and tasks is now an expectation wherever the user is and users are away
from their desk and connecting via mobile devices.
As ECM platforms emerge, they are increasingly supporting the next
engendering of apps that connect to the documents, content, and information
that financial consumers and workers need.
Finally, take the time to review the various options available in the market.
Make sure the ECM solution you choose can measure future growth and
expansion. After all, you don’t want to take everything to another solution
when your business is too big for a solution you have already implemented. For
that BENEVOLENCE TECHNOLOGIES is the right choice for affordable and
high-security Ecm software.