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Financial Services

Financial Services is an information industry, based on billions of transactions a year. It is also highly regulated, making compliance a key issue. GRM EDM solutions automate document processes and workflow, ensure regulatory compliance and properly manage this vast amount of information efficiently and within budget.

At its core, the business of banking, financial services in general, is fundamentally about managing information. Much of this information resides in the form of documents, both paper and electronic, which are widely distributed across a financial institution's many locations and systems. The need to manage these documents more efficiently is both an enterprise-wide and line-of-business requirement. Whether driven by the necessity to streamline core processes such as lending or account opening, improving the quality of customer interactions, or fulfilling compliance mandates, GRM EDM provides the solution.

GRM EDM provides competitive advantage to financial services organizations by:

  • Increasing earnings and shareholder value
  • Controlling costs - Lower interest rates require banks to closely control costs in order to attain profit margin objectives. The volume of paper processed and stored, the number of channels that need to be managed, increasing overhead with high real estate prices, increases in the cost of health benefits and online lending from mortgage brokers and other new competitors, are key factors that negatively impact profitability.
  • Increasing the monetary value of current customer relationships and enticing customers to switch banks through improved service
  • Removing the "silo style" of operation and  making customer-focused service a reality
  • Streamlining the consolidation of information and data  with mergers and acquisitions
  • Cost-effectively handling litigation, security, privacy and regulatory compliance

GRM EDM Benefits Every Department

Lines of Business (Product Lines)

Key Needs

GRM Benefits
  • Identify more cross-sell opportunities
  • Provide faster, lower-cost service
  • Increase customer satisfaction
  • Reduce the volume of paper, lost and misfiled documents

Scanning documents into the GRM Online Record Center, indexed for rapid search & retrieval, streamlines workflow and enhances collaboration. Staff can access data from other departments to increase the ability to match products and services to customer needs. Although many banks have customer information systems used for sales & marketing, they do not typically hold as much information as bankers would like for making decisions.

 Human Resources

Key Needs

GRM Benefits

Improve applicant tracking, benefits management, customer service, and reduce costs

Scanning & imaging paper and electronic files provides more efficient document access and reduces the risk of losing critical documents. Web access to documents enables faster, lower cost and more efficient service. Storing documents in the GRM Online Record Center reduces storage costs and ensures that document retention requirements are met.

Information Technology

Key Needs

GRM Benefits
  • Business lines often have their own IT systems
  • Reduce the cost to maintain legacy systems
  • Control costs of document storage & archival
  • Support initiatives to improve customer service and response time
  • Archiving documents in the GRM Online Record Center greatly reduces storage costs and facilitates search & retrieval as required.
  • Accessing data via the web enables easy integration of data from disparate and legacy systems to facilitate report mining, fraud detection and other applications. GRM EDM reduces the cost of utilizing data from legacy systems as programmers are not needed to create specialized applications.
  • Workflow processes are streamlined to improve response time.

 Legal and Compliance

Key Needs

GRM Benefits
  • Define, monitor and enforce standards for complying with governmentally required policies and regulations
  • Reduce the risk of litigation
  • Manage the cost of compliance and meeting legal needs
  • GRM EDM services cost-effectively protect the confidentiality and integrity of key paper and electronic documents, and make them readily available to authorized users. GRM makes it easy to comply with regulatory requirements such as the Gramm-Leach-Bliley Act.
  • A single repository enhances the ability to monitor transactions for fraud, money laundering and other activities subject to the USA Patriot Act.
  • For Sarbanes-Oxley and SEC regulations, GRM solves the problem of document accountability by preserving original documents in digital format, meeting the requirements of document retention and destruction laws and providing audit trails of access.
  • Checks may be scanned into the ORC for viewing, printing and archiving in accordance with Check 21 regulations.

 Operations (Branches & Call Centers)

Key Needs

GRM Benefits
  • Provide a consistent brand and level of service across all lines of business and types of service delivery
  • Cost reduction
  • Increasing customer retention & satisfaction
  • GRM EDM services streamline forms processing and integrate the information with back-office systems.
  • GRM provides easier access to information for more first call resolution and reduces the time and effort for document search & retrieval, greatly improving the quality of service and customer satisfaction.
  • The GRM Online Record Center provides self-service web access to documents, supports a consistent level of service, and reduces cost.