Document Management for American Bank of New Jersey
Established nearly a hundred years ago, American Bank of New Jersey provides a traditional community save and loan service. The bank provides the finest financial products and services available, backed by the latest technologies.
Unreliable, outdated microfilm archiving systems
The stringent banking regulations, to which ABNJ and all US banks must adhere, mandate that banks must keep records of all checks received before they are entered into the banking system. Financial institutions capture and archive millions of images of checks. The solution employed by the bank for a number of years, was microfilm.
Microfilm images are not, however, always guaranteed to be readable. This led to an unacceptably large investment of time and resources used to check the microfilm content. The hardware components of the microfilm system were not 100% reliable and maintenance costs for the aging machines was increasing. A reliable, scalable solution was required.
Choosing Document Manager
"We had three main objectives," says ABNJ Senior VP Eric Heyer. "We required a platform that would provide enterprise-wide document and image management, empower our staff to provide better customer service, and give us a tool that would sharpen our competitive advantage in the market".
The bank went to Champion Workflow Systems, a systems integrator who had implemented ABNJ's enterprise report management system several years earlier. Their replacement choice was our Document Manager solution. The system not only eliminated microfilm but resulted in improved access to teller transactions and on-line availability to signature cards. It also provided better support for regulatory compliance, and has a major role in the bank's disaster recovery strategy.
Benefits of Document Manager
- High quality document image capture
- Retrieval of documents takes seconds rather than minutes
- Elimination of paper, freeing up valuable floor space
- Flexible administration tool delivers high levels of security
- Highly scalable software solution
- Improved information back-up and disaster contingency
- Improved customer service/staff efficiency
- Improved compliance with banking regulations
The Document Manager Solution
Document Manager is a powerful DM solution that centrally manages the flow and storage of information throughout an organization. There is tight control of document access and editing, with online access for authorized users. Replacement of a former microfilm archiving system with Document Manager solution helped ABNJ streamline its backbone enterprise system, adhere to banking regulations, improve customer service and increase their competitive advantage.
The bank evaluated numerous alternatives before selecting the Document Manager solution. "We looked at several banking-specific packages as well as other, more generic systems," says Heyer. "What we found was that Document Manager offered a solid foundation upon which we could build and expand our own applications over time. Document Manager enabled us to fully customize each application area to our precise requirements. While price was not the decisive factor, Document Manager also turned out to be the lowest cost solution".
Research to find a needed document now takes seconds, rather than hours with the additional satisfaction of a consistently legible image of a document. This was not possible in the old microfilm environment. With all teller documents now stored in digital format, the images are included in the bank's regular system backup process, facilitating redundant off-site storage.
The bank also took advantage of Document Manager's advanced security features to control access to private documents. The bank now limits all tellers to "view only" access. No one without supervisory authorization can print, fax, email or in any other way access these private documents. This represents a substantial improvement in privacy and control of data.
With the initial implementation successfully completed, the bank is now looking at other ways to take advantage of document management, especially within its business workflow. Additional project priorities include mortgage origination and servicing, where elimination of paper will improve efficiency, customer service and generate additional business.