Industry & Business Insights

Get more value out of Doxim ECM

By becoming a customer for Doxim e-statements, every one of our clients has access to an online repository (the Doxim ECM) that they can use to store and retrieve documents.

One of the challenges many of our clients face, however, is deciding what they should do next to take advantage of their repository.

At our recent client conference in Toronto, Dave Geddes, Doxim’s Manager of Sales Operations presented on practical ways to leverage your ECM. In his presentation Dave shared a very useful table from Gartner – The Gartner ECM Maturity Model – which helps organizations identify where they are located on the ECM adoption continuum.

Pinpointing which phase your organization is aligned with on the Gartner ECM maturity model, makes it is much easier to define a go forward ECM adoption strategy and develop a related roadmap. Armed with this knowledge, you will also be better equipped to decide what your next electronic document initiative might be.

Point in time, Activity and Relationship Documents

The majority of business critical documents in a financial services organization fall into one of three categories:

Point in Time – these are periodic summaries of business activities, typically incorporating a snapshot of account balances. Familiar examples are statements or investment updates.

Activity – these record the individual interactions between companies, customers and regulatory agencies. They include a broad range of documents such as cheques, contracts and loan documentation.

Relationship – these typically include account opening documentation, complete with signature cards and photo identification, maintained to facilitate KYC (Know Your Customer) compliance procedures.

By adopting Doxim e-statements you‘ve already addressed the task of putting all your statements online. This leaves you with a choice of activity or relationship documents as the next logical place to focus your ECM initiatives.

In most cases, financial institutions still store the majority of their activity and relationship documents in hard copy format, stored in multiple filing cabinets throughout their organization. Given the efficiency gains that online document access provides, it makes sense to take a closer look at your activity and relationship documents and assess the value that could be gained by moving some or all of them online – gaining cross company access and increased security and document control. I think you’ll find compelling value – in both cost savings and efficiency improvements.

Doxim has just announced the availability of a new, cost effective solution for hard copy document scanning, indexing and upload called Doxim easyCapture (link to online page). I encourage you to take a look at this new product to see how easy it would be to start an initiative to move some or all of these documents online.

Chris Rasmussen
President and CEO
905.307.4568