Document management for financial services

Document management for financial services

for financial services

Document Logistix helps banks, building societies, IFAs, Wealth Management firms and Credit Lenders to manage vast amounts of sensitive information, to achieve full productivity and assured compliance.

The twin drivers for financial businesses are efficiency, to serve customers quickly and well, and compliance, to maintain sensitive data securely for strict audits.

Know your customer document verification

Many financial bodies are governed by “Know your customer” regulations (alternatively, know your client or 'KYC'). The Money Laundering Regulations 2017 are the underlying rules that govern KYC in the UK.

Know your customer is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations that govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.

Rules-based workflow ensures information capture

Rules-based workflow means that customer acceptance procedures are followed and identity documentation is captured according to company policy. Each checkpoint requires completion to allow progress.

Automation can be introduced in workflows to trigger escalation and alerts to ensure that procedures are met.

Digital management: capture, store, retrieve

Digital document management enables financial bodies to capture information comprehensively, store and manage it securely, and allow permissions-based access instantly from any location. Financial bodies can also implement automated retention policies to ensure that data is retained and destroyed according to regulatory requirements.

Centralised data and auditability

As digital document management overcomes the problems innately associated with paper-based systems and data silos, audit trails are complete and quickly produced.

Historically data was housed in multiple systems and locations such as CRM, HR, Finance, filing cabinets and email. The ability to keep time-stamped information in one location greatly eases the burden of strict audits.

Digitally streamlining your financial processes

Finance businesses and departments generate a constant stream of paperwork, for example: customer acceptance information, customer and supplier correspondence, invoices, purchase orders, expenses claims, receipts and credit card statements. The majority of documents tend to be electronic, received via email, yet paper documents still play a part in many businesses. The key to success, regardless of format, is proper information capture and secure storage that facilitates access and information management.

Digital storage and document process automation with Document Logistix’ flagship system, Document Manager, will help your company overcome process bottlenecks, deliver business efficiency, and achieve assured compliance with regulatory requirements. 

How Document Manager optimises your financial processes

1 – Automatic Document Capture

Document Manager collects, sorts and stores documents of any format with the help of intelligent capture and indexing. Document Manager distributes them to the right employees, it even works with mobile phones and business apps.

2 – Digitally Directs Approvals

Document Manager automates and accelerates business processes through efficient, rules-based workflows. Tasks are assigned immediately to the appropriate staff. Since all records are directly linked, as well as any correspondence involved in a business transaction, everyone has everything they need available to make informed decisions.

3 – Meets Compliance Guidelines

Document Manager looks after your retention and reporting requirements. Every document is stored according to legal requirements, which means every single transaction can be tracked. Document Manager uses multiple encryption layers to ensure security.

4 – Third Party Financial Systems Integration

Document Manager integrates with SAP, Oracle, Sage and most leading third party systems. Integration makes it possible to store and search documents in Document Manager from any departmental system, and to take content from documents and enter it into your ERP or other systems.

5 – Improves Security

Whether you are protecting paper documents or digital documents, security in the fincancial sector is absolutely critical. Document Manager offers the highest levels of security.

6 – Gives You Control and Visibility

When was a document received and recorded? Where is it in the management process? Who accessed it last? Document Manager makes each checkpoint the life cycle of a document completely transparent.

7 – Information Immediately Available

All stored information can be retrieved in seconds: search for specific documents, or directly access a linked document. As new documents are added or changes in status occur, Document Manager automatically updates you with information via digital workflows. Email notifications, task lists, and representative rules ensure that the flow of information never stops.


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