Document Output Management In Banking And Financial Services

Modern enterprises spend reasonable time and resources creating, managing, changing and delivering documents essential to their business. According to IDC, companies spend up to 10 per cent of their revenue on managing document production, distribution and associated devices. The advent of innovative and powerful document management solutions promise to shrink that margin significantly - while vastly improving procedural efficiency.

Document Output Management:

What and Why?

Simply defined, document output management provides an enterprise with a single point of management and control of all devices, jobs and queues on the documentation front. It maximizes economy by:

* Centralizing control of the output environment directly with IT professionals

* Empowering end-users to solve many issues themselves

Organizations in the banking and financial services vertical are now waking to the far ranging implications such solutions could have on their document-intensive enterprises.

This industry's constant need to generate, distribute and archive statements, reports and directives poses distinct challenges. Traditional practices leave considerable room for apprehension over security, accuracy and verifiability of audit trails. However, offerings in the output management space like ISIS 'Papyrus Document System and AutoFORM's LaserNet can effectively minimize many of these concerns while revolutionizing resource allocation, business agility and information recall.

Output management solutions can provide unprecedented levels of integration by analyzing documents along their legacy lifecycle. This approach dramatically increases document process efficiency and makes it possible to seamlessly align business requirements with underlining document workflows and existing hardware and software.

Key Players in Document Output Management

ISIS: Paper Document System 6

The OS and printer-independent Papyrus Document System from ISIS provides integrated software architecture capable of producing millions of documents daily. Customer service and operations departments in particular can reap significant benefits from end users being able to interactively edit personalized business documents. Although a cross industry solution, Papyrus is effectively implemented in banking, financial and insurance sectors. Its applications for consolidated bank, credit card and fund management can reduce long-term system management efforts substantively.

The Papyrus Document System features:

Papyrus Objects: Designed to facilitate integration with legacy IT as well as enable the creation of reusable objects, this solution maps processes to existing applications, and facilitates rapid process development and immediate distributed deployment. Papyrus Objects can store and deploy document and process templates enterprise-wide without conversion, reprogramming or even recompilation, providing vital off-the-shelf legacy application integration.

Papyrus Capture: Papyrus Capture uses the latest findings in the fields of pattern recognition and learning systems for solutions to efficiently extract valuable data from all corporate business documents without extensive programming across any data format and interface type.

Papyrus Designer: The powerful WYSIWYG Papyrus design tool with the library facilities provides fast and easy layout changes. It provides dynamic table of contents, logo and graphics management, Bar code / OMR code support, Charts and multiple languages. It provides flexible dynamic data handling features that can read various forms of data including xml, html data. This platform independent tool has inbuilt support for most printers.

Accord: AutoFORM LaserNet

A complete suite of document and output management solutions, AutoFORM LaserNet also integrates the documentation process to existing IT applications. It supports migration from labor and paper-intensive systems to more cost effective, faster, e-enabled document processing. AutoFORM LaserNet captures output and transforms it into the relevant format before intelligently routing it for distribution by print, e-mail, fax and XML. Documents are then automatically archived alongside scanned images of incoming forms, relevant PC files, emails and faxes, thereby creating a freely accessible online repository of important records. LaserNet accomplishes all this without complex and costing programming via an entirely 'point and click' configurable GUI interface.

By providing a single set of simple tools to control all output across all IT applications, AutoFORM LaserNet can drastically cut IT and document development costs while offering consistency across styling and reader specific content customization.

Document Output Management:

What can it do for you?

Document output management solutions like Papyrus and LaserNet can give BFSI enterprises many business-specific and generic benefits. It will (among other things):

* Reduce help desk calls by empowering end users to solve their own issues

* Help the enterprise track exactly how much it spends on output

* Wide range of Print support and automated delivery using other media.

* Offer significant cost benefits by automating document creation workflow

* Make the entire lifecycle of documents an efficient and seamless process

* Improve customer service by simplifying business data access

* Provide timely and concise data for document generation

* Open business data to e-commerce applications

* Create integrated business processes with documents

* Quicker document creation using reusable document elements

Looking Ahead

The core of a successful output management strategy is a scalable central product where the output can be aggregated, managed, and then distributed. Enterprises looking to implement output management solutions must identify a provider with world-class technology, quality personnel and proven expertise in handling document intensive processes.

Those that have taken these initial precautions report consider growth in ROI, business responsiveness, operational efficiency, cost savings and customer satisfaction. While the telecom sector has been the most eager to embrace document output solutions so far, its potential to revolutionize a critical dimension of the BFSI business is fast winning its rightful awareness.