In response to the continuing challenges related to COVID-19, many financial institutions are relying on digital tools, including document management systems, to keep some semblance of normality.
Document management systems are among the digital solutions that help your institution streamline operations and external communication. As financial institutions navigate this unprecedented situation while providing essential services to customers, maintaining productivity remains a priority. Follow these best practices to ensure your institution is operating efficiently while continuing to serve your customers during this time.
1. Electronic Document Delivery
To connect with customers, many financial institutions are using digital statements. With digital eStatements and eNotices, your customers can securely view a dynamic, interactive statement or bank notice online. Using these digital tools, your institution can reduce your paper and postage costs while offering convenience and physical safety during the COVID-19 pandemic.
2. Centralized Document Library
Another way to provide customers with easy access to their financial information is through the use of a centralized document library. With user-friendly search tools, your customers can find the information they need without coming into a physical location, resulting in their questions being resolved more quickly.
3. Customer Communication
In this evolving situation, your customers need up-to-date information from your institution. Using digital marketing tools like statement marketing banners, your financial institution can effectively communicate with customers through personalized messages, such as information on a virtual wealth management seminar, community and public health concerns or new policies at your institution.
4. Digital Delivery Channels
Many bankers are facing a variety of concerns due to the circumstances surrounding COVID-19, primarily the safety of their employees and customers, prompting them to promote digital delivery channels as an alternative to branches. If your customers are not participating in digital or mobile banking, encourage that option so your customers will have access to their accounts at any time.
5. Personalized Customer Experiences
In today’s world, customers demand personalized experiences in every interaction, and the ability to provide that, especially in uncertain times, will set your financial institution apart. As digital transformation continues to drive innovation in our industry, consider how your institution will use technology, such as cloud migration or digital platforms, to enhance or create new customer experiences to meet their changing needs.
As financial institutions continue adapting to the challenges stemming from this global pandemic, any investment—from digital statements to digital banking—that allows your institution to boost its capabilities, increase efficiency or better meet your customers’ needs is worth considering. With the many changes brought on by COVID-19, financial institutions that choose to embrace digital transformation and rethink their business technology will be ahead of their competition.
John Reynolds is vice president of Sales, Document Services at CSI.