Big Banks Back Paperless Push

Finance Giants have met at the recent FST US summit to discuss ECM – practical solutions to a green problem.

The banking world has been under pressure for the last 12 months, if we put aside the global credit crunch, something which isn’t easy to do, banks have been facing a well documented consumer dispute over bank charges and clerical expenses, the need to review an extended history of client’s accounts is now a necessity. Government and consumer pressure to go green also means that traditional business practices must be re thought to meet sustainable demand.

“The ability to examine appropriate paperwork for an increasing number of client claims over extended periods of time is now a daily challenge. We must also consider the environmental impact of paper intensive banking.” Rein Hofstra – Bank of America

Discussions at the FST US summit (hosted by GDS International) quickly turned to the need for green solutions; top of the list was pushing the consumer to back paperless banking, how to create a system which allows easy options for the consumer to choose the green solution, and encouraging in house paper saving.

If we were to argue that big business is interested in the bottom line then switching to ECM is the sensible choice, printing and mailing costs can reach anywhere up to $3.50 per customer but the preparation and delivery of and electronic statement is a snip at $0.15 per customer.
“Data Document automation will aid in freeing up staff, reducing costs and maintaining 100% data accuracy. Changing compliance regulations, non-integrated technologies, and the complexity of the document life cycle are the main document management challenges integral to the financial services industry. Big business discussed how they would reduce costs and eliminate wasted resources ultimately saving money and streamlining processes.” Madhavan Rhagamacharvi – Morgan Stanley
We could become enamored with the glamorous savings, an environmentally sustainable banking system and improved customer relations but ultimately the test will come when implementing the technology to reach the consumer majority and digital storage capabilities.

Jeanne Capachin – Research VP, Global Banking, IDC Financial Insights led the 50 strong conglomerate including Rein Hofstra – Bank of America, Leon Wilson – BB&T and Madhavan Rhagamacharvi – Morgan Stanley discussing Enterprise Content Management (ECM), Streamlining information sharing and information access across all business lines, Eliminate paper waste and the costs associated with it and supporting green initiatives that promote environmentally responsible practices.
If we are to reach the ultimate goal of a green banking future and consumer control of digital banking solutions meetings such as the FST US summit must remain an open discussion platform for financial executives to discuss as an industry and not as a sole corporation.

More Mobile than Banking

Finance leaders across the US will meet to discuss Mobile Banking Growth

Mobile companies are now jumping on the Finance bandwagon, Nokia have just announced the launch of a mobile financial service which they plan to roll out next year. The growth potential of Mobile banking has not yet been harnessed by the banking community, and it is the mobile providers who have made the first move. The opportunities available to the financial industry are to be discussed at the upcoming FST US Summit (hosted by GDS International).

Some of the key points to be raised will focus on Understanding the U.S. wireless ecosystem, Finding the reality of mobile internet, Defining business opportunities, Comparing technology options and managing security complexity while utilizing mobile services to expand on consumer satisfaction.

“Wireless and mobile services are changing the way people live and work impacting the service model of every industry across the globe. The financial industry is no exception. On the other hand, opportunities around the mobile internet often remain undigested despite its popularity in the media.” Ben Riggle - Summit Director
Recent data has also shown that the majority of existing mobile banking users have accessed their information via Mobile browsers as opposed to a using a specific application and a massive 67.8% of US Smartphone users are regularly using mobile banking. However there is a generalized belief that Mobile Banking is not secure and leaders in the finance sector must work with the consumer to build a platform that works for both the industry and the consumer and a trust between the two.

Mobile and financial services offer huge growth, with over 4billion mobile phone users globally but only 1.6 billion bank accounts emerging markets will create fantastic potential which is already seeing interest from industry leaders such as the Bank of America - Ron Tagle, SVP, Capital Group Companies - Julie St. John, CIO, JPMorgan Chase - Michael Sztejnberg, MD Enterprise Technology and Morgan Stanley - Jim Rosenthal, MD who have all confirmed to attend the FST Summit in Florida next month.

It is now up to the finance sector to recognize the consumer calling for mobile services and begin the chase of those mobile providers already exploiting the growth potential of mobile banking.