The financial services industries require specialized knowledge and experience. Bankers, lenders, accountants, and financial advisors are the sole gatekeepers of consumer data and services. Information security concerns and regulations governing this sector mandate strict protocols for data entry and processing.
However, data underscores a large number of processes in the financial services industry, making in-house management more labor intensive. This is particularly evident when much of that data exists in paper form, living in countless stapled pages and plastic sleeves. A trusted vendor partner can assist with the secure and efficient handling of documents for firms in this sector, ensuring accuracy and compliance for all mission-critical data.
A Wider Outsourcing Trend in Data Entry
Many have sought outsourcing solutions to help mitigate the challenge of finance and accounting procedures. Certified public accountant firms in particular have benefited as a result of outsourcing, according to Pennsylvania CPA Journal. Outsourcing resolves issues pertaining to tight staffing budgets, operations and controls, among others. For instance, outsourcing is big for compliance and reporting. Despite being critical operations, these tasks give stakeholders less time for decision support and business intelligence. A vendor partner allows CPA firms to devote in-house resources to value-added responsibilities, prompting them and other financial services businesses to consider outsourcing.
This sentiment is echoed in the 2014 Deloitte Global Outsourcing and Insourcing Survey, which reported 20 percent of respondents expected to outsource more F&A services in years to come. That expected growth was in spite of outsourcing still being a “nascent business practice” for F&A.
Data Aggregation via Document Scanning
Within the financial services industry, plenty of opportunities for an outsourced solution exist, including mergers and acquisitions. This process requires constant access to documents and data key to completing the M&A. Moreover, all parties must assemble and coordinate their separate files, all while sharing data across geographic locations.
To simplify this process, a vendor partner can scan scattered documents on site. Document conversion experts gather the hard copies, create digital versions and organize the electronic information with the existing file hierarchy. Moreover, the assembly step includes indexing on file names for streamlined searches. All these benefits are possible with upwards of 500,000 pages of documents across multiple sites and 100 percent accuracy.
Subject Matter Expertise in Data Verification
Given the compliance demands in the financial services sector, vendor partners must demonstrate knowledge of rules and regulations. Such subject matter expertise helps firms mitigate risk while realizing increased efficiency with vital tasks and workflows.
One such endeavor involves the qualification of line of credit applications at financial capital companies. The task requires investigation of each line item on a bank statement to determine if the transaction is valid. Furthermore, speed and accuracy are necessary, and all steps must be compliant.
A vendor-partner-supplied project manager assuages fears regarding regulatory hurdles by taking an in-depth approach ahead of the widespread roll out. This individual reviews submitted documents, all the while mastering in-house procedures and developing best practices. After becoming a subject matter expert in the industry’s and firm’s needs, the project manager trains new members to detect deductions for credits. These items include other other loans; check returns; transfers between a company’s own bank accounts; and other deposits resulting from taxes, purchase returns, or account verifications.
Over time, the project scales up from only a few applications a day to a firm’s full volume, which could be more than 100 applications per day. This implementation phase ensures minimal disruption and quality assurance. As a result of having skilled eyes reviewing fraudulent data, the financial services organization will see cost savings, time savings and increased accuracy.
ARDEM specializes in crafting custom solutions for our clients’ needs. Whether it’s data entry, document scanning, invoice processing or more, we can make sure your institution has the time and resources it needs to flourish. To learn more, contact us today.