CNG-SAFE, the flagship document management product by Cabinet NG, provides a means of viewing, managing, and sharing your documents after they have been scanned. We all know that software isn’t free, but what is the cost of not having electronic documents and an electronic workflow?
Reliance Bank has done the legwork and have calculated that it’s significant, and have implemented an electronic document repository system with CNG-SAFE. Four times a year, for several days at a time, their hired loan auditors need access to the bank’s documents in the Alabama office. If you’ve ever booked hotels, meals, and transportation, you know they aren’t cheap, either. And that’s if everything goes according to plan. Figuring in delays, cancellations, and availability, your company might need to employ a full-timer just to manage the travel affairs.
Reliance Bank is trimming that back significantly. Now, three of the four audits are handled via mail. Disks with thousands of images of scanned documents are sent off to the auditors for review.
Other features of Cabinet NG’s CNG-SAFE that Reliance Bank is utilizing are a Super Search desktop app for Vista/Windows 7, a “mind reader” that performs scanned document searches from a users clipboard, a cabinet specifically for frequently viewed documents, and other features that allow quicker filing of outside scanned documents.
“The paperwork becomes cumbersome to keep up with. And [in the past] documents would get shredded that didn’t need to get shredded. If we have a paperless file, even if a document got shredded, it wouldn’t be a problem.”
David Kinchler, CEO of Reliance Bank
While the ROI on document scanning and electronic workflow systems is invariably high, many small banks are still reluctant to enact them because of the initial investments required, reports Sheri McLeish, an analyst for Forrester Research.
Rod Nelsestuen, a research director for TowerGroup, also believes document management “as a service” should emerge shortly, bringing costs down even more and providing additional incentives for adoption since banks will be billed as they use the technology.
Source: AmericanBanker.com