Point-in-time documents are important because they record the information that is delivered to a customer on a particular occasion, as opposed to evolving or real-time information found in the accounting system. Point-in-time documents are thus important for both customer service scenarios and compliance requirements.
The delivery of point-in-time documents, or e-Presentment, is a very important feature of Enterprise Content Management (ECM). ECM systems are designed to manage unstructured data, such as documents and images, and make that data easily accessible to company personnel. ECM also allows for the storage, search, retrieval, and security of internal files and documents that have been electronically captured.
E-Presentment is a technology that allows print documents to be captured and accessed online, and provides customers with quick and easy access to their monthly and periodic financial statements. E-Presentment works by digitally capturing an image of a document during the monthly print run. That image is then stored in a secure electronic database where it is easily made available as a PDF file through customers’ online accounts. This process can help businesses to reduce their print and postage costs significantly.
E-Presentment Helps Businesses Save Money
Statements or invoices can represent an enormous cost center. Financial services companies such as banks, credit unions, brokerage firms and insurance companies may need to send copies of policies and payment statements not only to the client, but also to the individual broker and to the underwriter. For example, if a brokerage has 100,000 customers/policies generating 12 client statements per year, and each statement must also be sent to the broker and/or underwriter, then 2.4 million documents per year must be printed, mailed, and stored on top of the 1,200,000 sent to customers. Not only does this represent a substantial cost center, but paper records are difficult to search if compliance and customer service issues arise. E-Presentment not only reduces the printing load; it helps businesses save money.
DOXIM ECM enables e-Presentment by using a digital capture tool to create an image of a statement during a print run. The statement is stored in an electronic database as a PDF file. A batch file is created which contains all file information and metadata such as date, account number, customer number, policy number, and so forth. The batch is then loaded into DOXIM ECM. DOXIM ECM may accommodate volumes from one document to hundreds of thousands of documents in a single batch.
By capturing an image of every customer’s monthly statement or invoice, DOXIM ECM can create a complete repository of customer communications. These documents can be customized to create personalized statements and then be delivered electronically to customers. E-Notification alerts the customer, either through e-mail or upon logging into a web account, that their statement is ready to be viewed online. By eliminating print and postage for these customers who have opted out of receiving their statements by mail, DOXIM ECM helps businesses reduce costs.
Improve Customer Service
By opting out of print statements, customers can securely view, download or even print their own statements through e-mail or personalized online banking portals. Because customer service representatives can rapidly access account statements through DOXIM ECM, directly or through existing client support portals and line of business applications, customer calls can be shortened and customer satisfaction increased.
With DOXIM ECM, businesses can communicate more effectively with customers by employing comprehensive message delivery that includes important marketing messages within an easily accessible online environment. E-Marketing allows for relevant marketing messages to be included in an e-Statement via text and graphic hyper-links, and be customized so that they are directed at the right demographic. Because advertisements for products and services can be personalized to match a customer’s needs and interests, companies are likely to achieve a greater response to their marketing efforts. DOXIM ECM’s campaign tracking tool allows the business to easily measure the effectiveness of each promotional program compared to non-existent or ineffective methods of tracking print-based marketing campaigns. Some businesses feel that, with e-Presentment, they will lose the opportunity to reach their customers with key company marketing messages. But with DOXIM ECM, not only will businesses still have the chance to reach their customers directly; they will be able to provide their customers with easy access to information about products that fit their buying needs.
The Bottom Line
E-Presentment can be used to capture 100 percent of all output files across the company in electronic formats, enabling compliance with today's stringent regulatory obligations and serving as an important part of an effective disaster recovery strategy. With DOXIM ECM, capturing, archiving and managing digital information simplifies processes and increases efficiencies to help businesses stay competitive by improving customer service and reducing costs.
Please contact us for more information on any DOXIM product or service.
