Financial institutions like Banks, IFAs, Wealth Management Agencies, Credit Lenders, etc encounter large volumes of sensitive personal & financial information at every step. And it is their responsibility to not only provide their customers with fast & efficient financial solutions but also to protect this information from falling into the wrong hands.
Sorting through thousands of documents stored at multiple locations can be tedious & error-prone. A document management system’s centralized storage replaces the problems associated with traditional data management tools like emails & paper-filing systems with a more systematic approach to document management.
For example, Credit lenders can organize credit applications based on the applicant’s name, requested amount, date, income, marital status, etc.
Document management systems also have a built-in file tracking system that tracks when documents are accessed, modified, shared or deleted. This is essential to financial audits, as it protects the integrity of the documents.