Like almost any industry today, the financial industry is affected by ever-changing technology, which provides great advantages but also new challenges. For example, it allows financial advisors to connect with customers in ways that would have never been possible before. Conversely, technology can introduce IT security issues or compliance concerns. Balancing this potential for using technology with the realities of cybersecurity can be a challenge.

However, it is possible for businesses to have their cake and eat it too. With the right planning, deployment, and management, financial businesses can leverage technology to their advantage while ensuring their client’s sensitive financial information remains secure. This article will outline how everyone from a small CPA to a large credit union or investment firm can use document management software to deliver better service to clients without sacrificing security.

It Begins with Document Capture

The first stage of document management is document capture. The standard method of capturing documents is to receive the document and then save the document locally (in the case of digital documents) or scan the document (in the case of paper documents). Both of these methods require human input and could introduce potential security breaches if the documents are not encrypted and managed effectively.

Using document management software, the process can be automated and secured. Incoming documents are automatically captured and converted into editable file types that are compatible with existing systems.

In addition, users that work from a mobile device while out meeting clients can quickly capture documents using their mobile device. This allows them to continue connecting with clients rather than making visits back to the office just to scan and organize documents. With document management software, all legwork is made much more simple and efficient.

77% of Americans use smartphones, which means that these devices are becoming more and more common in the workplace. They can be tools for efficiency if they are used to their full potential. Easy document capture is one of the first steps to ensuring that employees can do their best work from wherever they are.

Secure Storage of Documents

Once documents have been captured, they need to be stored. Of course, for financial documents with sensitive information on them, simply saving a document in an unencrypted drive is not adequate. Not only does this potentially expose client data to hackers, it also means that users may not be implementing a uniform document storage strategy which can create information silos and confusion.

Of course, storage is only half of the equation. Users also need to have access to documents whenever they need them. This includes mobile access as well as traditional access from a desktop or laptop computer. How can this kind of efficiency and convenience be achieved while still remaining compliant and secure?

The solution is document management software that helps users manage the process from beginning to end. With fast document capture and instant indexing of documents, users can instantly find the documents they need from any enabled device, wherever they may be. This creates a uniform storage policy for users so that there is no confusion as to where specific documents will be. Anyone involved in the service of a client will have immediate access to all the documents they need to deliver – with the best experience possible and without without compromising IT security and client privacy.

With document storage, another main concern is hacking. With the rise of ransomware recently, hackers have begun to take data hostage and businesses have had to choose between paying a ransom to get their data back or lose their data forever. Encryption protects the data from unauthorized access and proper backups help protect businesses from becoming victims.

Document Management Software Simplifies Printing

Even in this modern, mobile world, there is still a need to print documents. Some forms may require a wet signature from a client or the client may request a paper copy of what they have agreed to. With document management software, users can print documents from any device to their connected printers. Even users that are out of the office can print so that users in the office can begin actioning the documents. Print control software such as PaperCut can provide both security of being able to track when and by whom sensitive documents were printed. They also provide a way to easily track documents to bill back clients as needed.

Take Document Management to the Next Level

When all of these aspects of document management come together, businesses can offer a more seamless experience to both clients and employees. Instead of wasting their time on capturing, storing, and managing documents themselves, employees can be out face-to-face with clients building strong relationships.

For businesses that want to adopt the latest security trends into their document management process while also becoming a more agile workplace, document management software offers the solution.

To learn more about these software solutions, contact XMC Inc today.