Top 5 Uses for DataStore Around the World
DataStore is a powerful and robust enterprise content management system specifically built for financial services firms to securely capture, process, store and retrieve huge amounts of business-critical data. But what are the actual uses they’re making of DataStore?
How are they leveraging its powerful features to improve operations and reduce costs? Here, based on our experiences with users, are the top five ways customers around the globe are making of DataStore.
1. Improving the customer experience
Many financial services organizations are using DataStore to improve the customer experience. More specifically, they’re using DataStore’s advanced case management functionality and its ability to use advanced workflows to route multiple documents related to a case to the right people at the right time. On processes involving their customers, this can have a profound impact, dramatically cutting the time it takes for certain transactions, such refinancing a mortgage, making a positive impact on the customer experience.
2. Acting on documents for KYC and AML that are missing or about to expire
Financial services providers are required to maintain certain documents as part of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. If these documents aren’t maintained, they are subject to regulatory fines. To avoid those fees and comply with KYC and AML, many organizations are using the ECM capabilities of DataStore to easily and quickly identify missing documents or documents that are set to expire in a customer’s file.
Armed with this information, the organization can take the appropriate course of action, whether it’s to request the needed document or simply notify a customer of an expiring document, before those documents are needed again.
3. Centralizing all client content, all in one place
One of the most common ways FinServ firms are using Datastore’s ECM capabilities is as a central repository to store all client documents. Historically, different types of documents from a customer, from financial statements to scanned application forms to emails, were stored in disparate core systems. DataStore easily integrates with those core systems and all those documents once stored in those systems are now fed into DataStore, enabling quick and easy views when they are needed.
4. Maintaining and supplying information needed by auditors, regulators, and others
One of the pain points financial services organizations face is the need to store and supply information needed by auditors, regulators and others. Historically, that information has been stored in different systems, accessed by different people, and not well-maintained, making it time-consuming and costly to comply with requests for information. DataStore changes that.
It not only supplies information from one place, cutting response time dramatically for requests. It also manages the information held within DataStore in a much more efficient manner, from access control to version control, making recordkeeping and all associated tasks much less tedious.
5. Improving disaster recovery and business continuity measures
Disaster recovery and business continuity are always top-of-mind for FinServ. That’s why many organizations are using DataStore to improve how they address these issues. By digitizing paper documents and storing those versions in DataStore, organizations are better able to protect themselves in case disaster ever strikes.
These are just some of the uses organizations are making of DataStore. However, there are so many more ways that financial services firms are using DataStore, from end-of-day reporting to even freeing up office space. Discover more about DataStore, its capabilities, and how you can benefit from it.
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