Digitalization connects us all
If only yesterday the premise of greater efficiency was the key reason behind digitalization, hardly anyone gives it any thought today. In these uncertain times, going digital is the only way to be successful in business. This is particularly true for the financial industry.
Clients can no longer come to the branch office, employees are working from home, supervisory bodies of financial institutions are meeting online. We are witnessing a digital revolution – go digital or go out! The technological development enables us to work differently, more efficiently, but as society we have not internalized the benefits of digitalization. Not yet, at least. So what does a bank, insurance company or management company need to run its business remotely?
Optimization of processes and procedures
Let's start out with something quite basic – a contract. Coordinating the content of a contract that possibly contains confidential or personal data via e-mail is simply not appropriate. The common practice of hand singing means that every party will have to print the contract, sign it, scan it, and share it with other parties. In certain cases, notarial certification is also required.
A way to address several of these challenges is by reconsidering the process in the light of making adjustments and avoiding unnecessary manual tasks that may be nothing more than obsolete business practice. After optimizing the process, we can also modify our internal rules and procedures. Most other challenges may be effectively resolved through the use of available technology.
The business process management tool helps us digitize our operations. If we are unable to link certain process activities to our backoffice information systems through APIs, we can do so by using the capabilities of Robotic Process Automation (RPA) tools to robotize the tasks. Unfortunately, digitization of the process is not enough. To be able to operate digitally, we also need to implement remote ID and e-signatures, implement secure and compliant data sharing with other stakeholders, and establish long-term preservation of these documents.
In my opinion, there are several key IT areas that are crucial for effective teleworking. In the short term, this mainly refers to communication and collaboration, but the long term aspects include cloud data management (capture and management of documents and business processes, secure and compliant data sharing with stakeholders, teamwork, long-term preservation), advanced trust services, work optimization features (RPA and AI), and information security.
– Simona Kogovšek, Director of Mikrocop
Adapting to clients' expectations
In order to harness the digital potential, the solutions we implement must be practical and useful. It is not enough to provide information support to the business process as is but the process itself has to be adapted to the new digital reality. If a client for whom online is the only available mode of operation fails to recognize the usefulness of digitalization, they are likely to seek another provider. The only way to prevent this is by adjusting our offer to deliver user experience that corresponds with the clients' expectations. To do that, we need an information system that actually provides such capabilities.
Fragmented information systems where problems are addressed through dedicated applications, which may seem easier or cheaper at first glance, do not enhance the overall user experience but merely restrict the data management potential. Thanks to digitalization, we can stay connected although working from home, and do our job well. In order to do this, we need practical solutions that people will find easy to use.
Sense of security and compliance
Apart from ease of use, financial institutions also need to pay particular attention to compliance and information security. These challenges are intertwined with one another and overlap, as is best seen in the case of remote client identification. Sure, there are other challenges. For example, we need to enable remote signing and ensure appropriate long-term storage of digitally signed documents. We have to use a system that guarantees data availability and usefulness over a period of time, without compromising the integrity, authenticity or permanence of these documents. These issues should never be underestimated.
The same goes for sharing and coordinating information. When dealing with personal or confidential data, the use of e-mail or web service providers is not a recommended way of sharing information with clients. To offer our clients a safe option, Mikrocop has upgraded InDoc EDGE to provide safe, secure and trackable document sharing.
Want to know more? Contact us!