Banks can benefit from document management services

July 2, 2013

Transitioning from a backup data center to a cloud-based electronic document management service may sound daunting to banks, but it can work. If financial institutions changed their outlook about clouds and think of it as a new way to increase efficiency for customers, they will be able to truly see the benefits of switching over.

Going from paper records to digital ones does not happen overnight. It starts with bulk scanning valuable files like audits, loan applications and customer records. Tellers will be surprised how much physical space they saved from moving toward a cloud. Offices can also get rid of secondary data centers as well because disaster recovery is a part of a cloud document management services.

According to a Bank Tech article, during a disaster, banks can take up to 72 hours to get back up and running again using their backup system. Clouds on the other hand can get the branch working in 24 hours.. Marcus Royster, VP of information technology at a Washington-based bank told the news source about  his experience using a cloud document management service.

“Having to maintain a separate disaster recovery facility just didn’t make sense for us. It was too expensive to maintain all of the hardware and space needed to facilitate our personnel in the time of a disaster,” Royster said.

Instead of wasting time regularly updating software that manages these records, staff are able to increase productivity focusing on other projects, because upkeep of the electronic document management system is now the responsibility of the vendor.

Tab Service Company is a Chicago based company with over 53 years of experience as a data processing service provider.  We provide business with outsourcing solutions for document scanning services, data entry services and mailing/lettershop services.  As a SOC2-approved organization, we apply industry-best practices to our approach with clients.