Digital transformation efforts at banks, insurance companies, and mutuals have been underway for more than 10 years, but it’s still far from optimal. Many paper-based workflows and manual processes remain entrenched within these establishments. To better understand their challenges and needs in terms of digitalization and dematerialization, Serda Conseil teamed up with information capture experts at Kodak Alaris to conduct a qualitative study with 4 large French structures. Here’s a summary of their findings.
Accelerating data analytics: How financial services can learn from other sectors
Representatives from Kodak Alaris and Serda Conseil met with CIOs and IT project managers of La Matmut, Solly Azar, Natixis BPCE and RATP Mutuelle from April to May 2022. These exchanges highlighted six major issues around the digital transformation efforts at these institutions:
1. Data management (governance, quality, control, automation, links with business applications)
2. Omni-channel capability (incoming documents in paper and digital formats)
3. Centralization of processes (kept in-house)
4. Process automation (mainly around data)
5. Compliance (to the GDPR in particular)
6. Business systems integration
These issues are among the priorities of CIOs in charge of leading digital transformation projects in 75% of the organizations surveyed. For these professionals, the reduction in processing time is the key performance indicator for measuring the effectiveness of the actions carried out.
Optimizing processes
Managing customer requests quickly is far from simple for professionals in these sectors. Workers manage continuous document inflows and a wide variety of document types. 100% of respondents face multiple input sources and continue to manage high volumes of paper documents, and 3 out of 4 institutions manage documents containing technical or personal data.
Intelligent data capture solutions would help these organizations to successfully manage different sources of incoming documents and properly process the data, but these technologies are not yet widespread among the institutions surveyed. In most cases, automation functions are only being tested or planned, and intelligent document processing is not even addressed, even though it is a priority expectation of CIOs.
Replacing outdated tools with more efficient solutions
100% of the organizations surveyed have a customer portal set up to capture incoming documents, but none of them have an ECM or EDM solution. This approach prevents workflow automation and leads to information silos. Without the right tools in place, the data from incoming documents must be entered manually, which is time consuming and prone to human error.
To correct this, these companies are now focusing their investments on solutions that enable intelligent document processing and compliance with GDPR requirements for control, traceability, and trusted digital storage. Information capture solutions from Kodak Alaris are helping to solve 5 main challenges:
1. Managing high volumes of incoming information
2. Optimizing business processes
3. The prevalence of remote workers
4. Improving customer satisfaction
5. Economic and social considerations
For example, with help from Kodak Alaris, a French banking group implemented a comprehensive data capture solution that leverages KODAK Info Input Solution and several Kodak document scanners as part of a global digital transformation project. Thanks to the support of Kodak Alaris, this banking group has improved its response times by 30% and lowered its infrastructure costs. In addition, the solution enabled automatic document classification to improve by 90%, with more than 12,000 pages of documents processed every hour. This has dramatically improved business efficiency across the board.
By calling on Kodak Alaris, banks and insurance companies benefit from a high level of expertise that is essential to the success of all stages of their projects: diagnosis, analysis, strategy, resources, and deployment. Kodak Alaris is a trusted partner that supports these industries and their digital transformation efforts via unmatched consulting expertise and award-winning information capture solutions.
