Digitizing document management in a finance company

  • September 5 2019
  • Automotive

Document management is a crucial challenge faced by the financial institutions all around the globe. In their fast growing business phase, traditional paper based approaches delay their efficiency to stay up in the market foreground. One of the leading finance company in India was facing difficulties with their document management due to paper-based manual and time consuming processes. Data extraction from incomplete and unstructured forms, repeated customer data collection, abrupt decision making, manual loan processing techniques, clumsy file storage, prolonged document retrieval, etc caused infinite delay in their financial operations. Loan approvals alone consumed nearly 45 days for file transfer, manual verification, background analysis and updation into the loan management solution. Compliancy with the banking regulations and security compliance remained as another challenge where misplaced documents and manual process resulted in information leakage.

Ospyn’s content management platform effectively solved their document management requirements and integrated it with their existing LMS and ERP for automatic data transfers. Common platform for instant collaboration, remote access to information and approval features eased the decision making processes. The centralized content repository offered a systematic storage of digital files with advanced categorization and instant file retrieval features. Privacy settings and defined access permission for each user eliminated the leakage of critical data, allowing them to stay in compliance with the security standards.

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