Document management system helps Banks gain efficiency

The Sutex Co-Op. Bank

A leader in the co-operativebanking industry Sutex Co-Operative Bank has established an enviable reputation for itself through its unique banking and financial products. Established in 1972 banks operates around 18 branches in Suart city and other suburban areas.

Business need

The bank's massive scope of banking operations in terms of volumes and its geographical spread meant that large volumes of data of varied genres were being created at dispersed locations. It was essential that the content was centralized and organized in a way that optimized its usefulness to multiple users across the organization.

Document management lies at the heart of efficient business management in an IT-enabled world. Establishing uniform document formats, controlling access to critical information, tracing usage, establishing audit trails, and most importantly, eliminating the cost and efforts associated with distributing and retrieving paper copies, are some of the reasons why document management holds the key to increased profits and lowered costs. The client recognized the centrality of efficient document management to its business processes in Surat. Miscot's SwiftDOCS was the solution of choice to implement that would address the client's document management, workflow, CBS integration, e-KYC and CKYC requirements in one comprehensive solution.

Challenges

Managing document in a banking industry is complicated because of the highly structured and regulated nature of the content. Miscot had to acquaint itself with these intricacies first to effectively address the challenges, some of which were:

• The solution delivered had to manage three critical functions, those of creation, delivery, and archival of docuement. The nature of the client company's operations meant that the document types would be complex as well as geographically disbursed. Miscot had to organize the content into an efficient, organic whole.
• The scope and variety of the data further complicated the task of referencing and retrieving documents quickly.
• 90 users from branch locations, across 10 usersfrom HO, needed to use the system. Miscot had to implement a solution that would allow multiple users to use the system effortlessly.
• All of this had to be done while ensuring that the client received maximum possible savings of both time and money.

Our solution

Miscot developed a Web-based Document Management Solution (DMS) that efficiently addressed all client requirements. The solution was developed at Miscot and deployed at the onsite location of the client.

A team of experienced executives handled the assignment and completed the project well within the stipulated time. Miscot used the integrated system methodology (ISM) to implement the solution. This covers all aspects of a project including strategy, choice of technology, desired user experience, and delivery management.

Miscot has addressed pain areas of the client in where in streamlining of various business process like Customer on-boarding, loan inspecting, circular management and voucher management. Miscot has integrated SwiftDOCS with bank's Core Banking Solution.

Benefits

The Miscot solution - SwiftDOCS delivered the following benefits, which translate into savings of cost, time, and effort across organization:

• The client could now import, store, and retrieve electronic and scanned documents. This enabled a more efficient process of dissemination of information across the organization.
• A repository of intellectual assets was created. Each asset was classified based on document type. This ensured that all users used the latest, approved versions of document; made sharing information across boundaries easier; and helped in regulating enterprise-wide documentation processes for CIFs and validation of KYC documents that are critical to compliance.
• Using SwiftDOCS's Workflow and document lifecycle, the Miscot team automated the client's business processes. This simplifies approval processes and retention of records.
• Implementing Active Directory integration centralized user security. An AD is a set of protocols for accessing information directories. It makes it possible for almost any application, running on virtually any computer platform, to obtain directory information, such as email addresses and public keys. The solution implemented by Miscot enabled a user and role-based system of access to information. This ensured that critical information was protected.
• The DMS implemented by Miscot enabled users to search efficiently for metadata. It included data associated with either an information system or an information object for purposes of description, administration, legal requirements, technical functionality, use and usage, and preservation. It also enabled a keyword search.
• Our solution enabled the client to track the usage of content. Functionality for usage and status reports within Documentum was created to this end.
• C-KYC is one of the critical modules of SwiftDOCS, where there was an ambiguity from regulator and no pre-defined structure and sets of information was shared with banks, Miscot has redesigned the CIF (Customer Information Form) that fulfils of three major core banking and regulatory requirements. Customer Onboarding, CBS Integration and C-KYC integration.