Tackle Rising Compliance Costs Without Hurting Member Service


Steve Comer, Credit Union Industry Manager, Hyland Softwareby: Steve Comer, Credit Union Industry Manager, Hyland Software

Regulatory burdens.  Just uttering those words make most credit union executives shiver.  From The Dodd-Frank Act to The Bank Secrecy Act and beyond, credit unions of all sizes are feeling the stress of today’s rising compliance costs.

Your credit union’s top priority is to deliver excellent service to your members while providing a solid and stable financial cooperative. But how can you give your members all the attention they deserve when you’re spending time and money dealing with compliance issues and so much more?

The solution?  Take your imaging to the next level and leverage an enterprise content management (ECM) or document management solution across your credit union to relieve the burdens of compliance.

Chances are, you already have an imaging system in place. What’s great is that you now have an opportunity to reevaluate your system and discover where you can expand its benefits throughout your credit union. Some of these benefits will help you meet your compliance needs.

An effective ECM or document management solution is much more powerful than simply scanning and storing signature cards.  It’s about making sure documents are secure, auditable, traceable and easily accessible. To do this, an ECM solution must offer advanced capture capabilities, giving users the ability to quickly acquire and classify document images, Office documents like Word or Excel, PDF, reports, or even video.

When you’re fulfilling audit requests, you need to make sure that your information is maintained according to its specific retention policy. In other words, it’s not a matter of having every single piece of information ever created, but having only the right information. To automate the retention process, your solution should enable users to simplify the creation and management of retention plans for electronic content organized within the system. Automating document retention will provide consistent disposition and allow your credit union to respond to audit requests and legal concerns confidently and quickly.

The right ECM solution should provide you with the tools to ensure consistent record keeping.  It guarantees the right information is available to the right people, while making sure your systems are secure, auditable, traceable and flexible enough to quickly adapt to any new regulations.  And it does this by capturing, storing, managing and sharing any type of documentation in one easy-to-use interface. This includes reports from your core banking system and loan origination system.

It also gives you the ability to automate document retention in a secure system, provide consistent disposition and immediately respond to audit requests and legal concerns. You control revisions of documents and instantly track changes to records, making traceability a non-issue. And your increased visibility into information and processes will help you adapt to new regulations.

The right system also gives your credit union the ability to allow instant and secure access to reports and documentation across the enterprise, regardless of geographical location. Not only does this help you meet regulatory requirements but it also provides increased ability to analyze data, so you can make better decisions and support your credit union’s growth initiatives. This gets you back to what’s most important for your credit union’s future – its growth, sustainability and solid membership base.

Steve Comer, Credit Union Industry Manager, Hyland Software
Developed by Hyland Software, Inc., OnBase® document management solution meets the unique service and regulatory needs of more than 550 credit unions. OnBase allows credit unions to instantly access documents by integrating with core systems to reduce costs and increase processing times while safeguarding member information.  In 2011, Hyland Software was recognized again as a Leader in the Gartner Magic Quadrant and was honored as the CUES Suppler of the Year for its contributions and achievements in the credit union industry. www.hyland.com

Steve Comer

Steve Comer

Steve Comer, Director of the Financial Services industry at Hyland Software. For the past 13+ years, Steve has been dedicated to helping the financial services industry transform their business through ... Web: www.hyland.com Details