The Financial Service and Insurance Industries Need Intelligent Document Processing; Here’s Why
Analyst firm IDC recently published a Vendor Spotlight report featuring ASG Mobius Content Services (Mobius) and its applications in the financial service and insurance industries. Mobius is a modular, API-led platform that supports complete content lifecycle management in private, public or hybrid cloud as well as on-premises environments.
Steve Charbonnier, research manager for IDC’s Enterprise Content Strategies program, shares data-backed insights in the report that explore the trends, challenges and benefits around adopting intelligent document processing (IDP) applications. The report illustrates the importance of automated document processes in enabling digital transformation throughout finance and insurance verticals, which are especially document intensive.
Read on to learn how Mobius helps customers manage content from capture to distribution, and more of the highlights from IDC’s research.
IDP Trends in the Financial and Insurance Industries
The report notes that while organizations have been working for years to transform digital document processes, the dramatic shift to remote and hybrid work structures has sparked greater urgency. With employees, partners and customers engaging with content from anywhere at any time, digital content is expanding exponentially and becoming more complex (and critical) to manage.
In this context, it makes sense why IDC survey respondents in insurance and financial roles noted that IDP-enabled automation for governance and compliance was their highest technology priority after the onset of the pandemic. Other software architecture priorities include cloud-native platforms that allow businesses to scale usage and the use of AI/ML for improved decision-making. Mobius fits within these specifications as it is hosted in private, public or hybrid cloud environments and leverages AI to streamline workflows.
Overall, businesses are seeing gaps in their document processes—for instance, the report notes that 46% of paper documents are scanned on an ad hoc basis by staff with other primary functions. Going forward, businesses need to fill these gaps with the right solutions to manage critical information assets securely and effectively.
Challenges to Effective IDP
The primary challenge financial and insurance organizations are facing is the sheer volume of documents that require processing. These industries rely heavily on customer information that is often sensitive, Personally Identifiable Information (PII). This data needs to be securely stored and managed, while also being readily accessible when users need it. When information is incomplete or disorganized, it is challenging to search, resulting in delays in workflows and ultimately damaged customer relationships.
Organizations also face challenges when implementing a new technology to digitize and transform their document processes. Scanning paper documents is a manual, time consuming process with high labor and hardware costs. On top of the time it requires, it can also expose organizations to security and compliance risks and increase the likelihood of human error.
Solving these challenges requires employee training and prioritization of documents to manage the increasingly high volume. With Mobius, customers get best-in-class scan and capture tools including high-volume batch scanning to ensure images and documents can be uploaded and indexed efficiently. Plus, ASG’s expert support teams facilitate deployment and any questions that arise throughout the transformation journey.
Benefits of Truly Digitized IDP
Achieving truly digitized and automated document processes delivers significant business value in several ways. First, business continuity is improved, and risk is minimized through content life cycle management with features such as discovery and automatic redaction of PII. Automation of audit and reconciliation processes streamlines compliance in the heavily regulated insurance and finance industries.
In addition, organizations can operate more productively and improve the employee experience by reducing repetitive manual tasks such as scanning and data input. With Mobius, teams can focus on higher-value tasks, like enhancing the customer experience. Integrations with applications such as Microsoft 360 facilitate collaboration, especially for dispersed workforces. Mobius also provides modernized user experiences and low-code/no-code functionality so that both citizen and professional developers have a simplified interface to create process workflows. These benefits make employees’ jobs easier, thereby helping increase engagement and satisfaction, which ripples into retention and overall culture improvements.
With actionable data insights from IDP, businesses can accelerate their decision-making processes and improve responsiveness to customers with information that is easily discoverable. Insurance and financial services are built on trust, so these changes will help organizations differentiate from competition.
Digital Transformation is More Than Scanning Paper Documents
Transitioning from hard-copy, paper document processing to digitized, automated processing is just the beginning. True digital transformation is about more than simply scanning documents. To extend beyond image capture and processing, finance and insurance organizations will need tools to support orchestration, quicker, more accurate decision making and integration with their entire tech stack to deliver greater business value.