The enterprise DMS solution has reduced the operating costs due to the bank’s ability to digitally handle customer documents in all format from its capture, storage and management to delivery
One of the primary challenges for any bank is to demand basic documents like POI (Proof of Identity) & POA (Proof of Address) from each customer every time while building any kind of relationship with bank to comply with KYC guidelines. One of the fastest growing banks in India, IDFC Bank, too faced this challenge, as its documents were saved in a decentralised manner and had to be searched whenever required, based on applications that were used to on board the customer. Retrieving documents in real time was a challenge both in terms of time and cost.
To address this issue, the bank developed an Enterprise Document Management Solution (Enterprise DMS), which has extensive capabilities for capturing, processing and storing content, managing content-centric processes, which delivers information and archiving records and documents. There are various product processors / source application which on boards the customers for various products which require various documents from customer, which are further scanned, captured, processed, and stored under Enterprise DMS.
The Enterprise DMS takes inputs from all the channels. Take the example of a retail branch. The bank executive starts with the customer filled account opening forms, which contains a customised labeled barcode. The Enterprise DMS reads and extracts the barcode and initiates a case in the DMS Application which is further passed to the operations team with enriched data and documents. Based on various checks and controls in the entire process customer/ the account is onboarded in the core banking system (CBS) and the complete document gets stored in the Enterprise DMS. Later it imparts the data to RMS vendors (Record Management System) as per agreed methodologies. The Enterprise DMS stores the data digitally and is archives it. On need basis, these archived documents can be extracted for further processing.
The customer is on-boarded from various channels and all his/ her KYC and related documents gets stored in the Enterprise DMS. These customer documents are further available in the Enterprise DMS to various other product processors. In case of requirements, these documents stored can be searched/ viewed or downloaded.
Single view of customer documentation
The Enterprise DMS gives a complete view of customer documentation across the platforms and any incremental documents that are being added or appended for the existing customer. Any bank executive can search customer information basis the customer Aadhar (UID) number, PAN number, customer ID, account number, customer name, mobile number, email id etc, from millions of documents in seconds.
Using the Enterprise Content Management approach, IDFC Bank has provided the customer all details in a digital format i.e. eAOF (pre filled Electronic Account Opening form) in .PDF format directly to his/her mailbox. This eAOF is created dynamically on the run time and the data is captured while on-boarding the customer post eAadhar authentication. Simultaneously, the Enterprise DMS is also exposed and integrated with various third party vendors (products). This integration is completely secured over the web and follows the standard document security feature and complies with prescribed IT security guidelines.
The Enterprise DMS mitigates business risks by complying with various regulatory requirements there by securing business critical information. The bank can also keep track of activities at a document and folder level with pre-defined comprehensive reports and audit trails. Reliability, confidentiality and integrity of records is also maintained with secured access to content as per the bank’s defined security guidelines.
The documents through multiple sources can be uploaded in Enterprise DMS through standard API calls. Easy indexing and retrieval of documents and folders can be done by enabling users to create data classes and indexes of various data types, and associate the data cases with documents and folders.
Prior to implementation of this solution, the documents were stored in a decentralised manner and were difficult to retrieve. Also for existing customer’s documents had to be requested again for verification. Post implementation of this solution documents are stored in Enterprise DMS repository and can be retrieved based on various search parameters both online and offline.
Today, end user experience has improved significantly through faster and personalised responses by accessing the right information at the right time. Productivity has also improved considerably. Standardisation at the enterprise level has helped the bank in fulfilling compliance and document security requirements. The bank has also succeeded in reducing the operating costs by digitally handling customer POI & POA document in all format from its capture, storage, and management to delivery. There is also no need for the bank to ask basic documents like POI (Proof of Identity) and POA (Proof of Address) for the existing customer. Incremental document (if any) get automatically tagged under existing customer in the Enterprise DMS repository. The DMS also provides access to enterprise content directly and through integration with business applications like Retail Loans, Corporate Loans, CRM and CMS (Cash Management Services).
Note: IDFC Bank was honored with the Intelligent Enterprise Award for this project at Technology Senate 2018 in Pune