Content services for the future of banking

Part two

Introduction

Building a strategic team to enhance CX and reduce technical debt

Like many industries, financial services institutions are feeling the squeeze in maintaining technical teams and competing with the latest technology. For institutions using OnBase, a platform that can be a powerful tool and asset to banks and credit unions, finding the right team members and dedicating enough resources go hand in hand with utilizing the platform to its full strength. Finding and keeping technical team members and other positions like loan officers is increasingly more difficult in banking. 

That's why more banks, credit unions, and other industries outside of financial institutions are increasingly looking at strategically building teams to get the resources they need without investing in several full-time employees. 

This move strategically tackles issues like technical debt, employee churn costs, customer experience, expertise access, scalability, and regulatory compliance. In part two of our series on building a content services infrastructure for the future of banking, we delve into how outsourcing transforms banking teams into nimble, customer-centric powerhouses.

Here are 5 core pieces that we’ll explore further in this series on building a content services strategy for the future of banking. 

Technical debt

Technical debt resulting from suboptimal technology choices or shortcuts taken during development can plague banking operations. Legacy systems and outdated processes hinder agility and innovation. Outsourcing liberates banks from the shackles of obsolete technology, ensuring a fresh start with modernized techniques and access to the technology that will move banking into the future. This directly elevates operational efficiency and allows teams to concentrate on value-driven initiatives.

Cost of employee churn

Employee churn can bleed an institution's resources, hampering productivity and knowledge retention. Outsourcing mitigates this cost by reducing reliance on in-house staff for non-core functions. This means less turnover-related expenditure, ensuring stability and continuity in operations. It fosters a team culture focused on strategic tasks rather than routine management, thus yielding a more motivated and productive workforce.

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Enhanced customer experience

In the banking world, customer experience reigns supreme. Building an effective and efficient content management system allows quicker response times, smoother processes, and error reduction. You need your team members focused on serving customers, which sometimes means there needs to be more time and attention to dedicate to a complex system like OnBase. With streamlined document handling and data accuracy, customers enjoy a seamless journey. This enhanced experience cements loyalty and attracts new clients, creating a competitive edge that fuels growth.

Access to expertise

Navigating the complex world of content management requires specialized knowledge. Bringing in outside resources gives you access to experts well-versed in industry trends and compliance. These specialists stay attuned to evolving regulatory standards, guaranteeing the institution remains compliant. The result? Enhanced decision-making, as teams can tap into the collective wisdom of industry professionals.

Flexibility and scalability

Market dynamics are anything but predictable. Utilizing outside resources equips banking teams with the flexibility and scalability needed to adapt swiftly. The ability to upscale or downscale resources in response to changing demands ensures operational continuity. This agility enables banking institutions to capture opportunities and navigate challenges with finesse.

Regulatory compliance

The stringent regulatory landscape of banking necessitates adherence to standards. Non-compliance can lead to severe repercussions. Outsourcing content services management to experts well-versed in these regulations alleviates this burden. Specialists ensure that processes align with legal requirements, protecting the institution from penalties and reputational harm.

The OnBase teams of the future

Where could thinking differently about structuring and organizing your technical teams take you? As you plan for an infrastructure that serves the banking customer of not just today but of the future being created by FinTech, understanding how to allocate resources and invest in technical teams strategically will be inextricably linked with your ability to provide a unified customer experience. 

By seizing these advantages, banks transition into agile, customer-focused entities, primed to tackle challenges and seize opportunities. Embracing outsourcing isn't merely a cost-saving measure; it's a paradigm shift towards a more dynamic, resilient, and strategically sound future in banking.

DataBank is the #1 OnBase reseller in North America, and we have a long history of working with (and even within) financial services organizations. Learn more about how we help banks and credit unions run better with OnBase. 

 

Next up: How financial institutions are investing in information security
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