Overview

Financial institutions continue to struggle with information overload and paper processing. Legacy systems can’t manage all types of content that are part of the case. Virtual customer file is thus the right solution.

What is a Virtual Customer File?

• Contains processes, tasks, data and documents;
• Some activities can be shared by multiple users;
• Declares reached milestones;
• All aspects are visible;
• Contains policies for decisions and how information is managed;
• Collaborations - accounting for how and why decisions were made.

Challenges and problems

• Manual and Paper Processes- Financial institutiions continue to struggle with information overload and paper processing;
• Inefficiency and expense - Legacy systems can't manage all types of content that are part of the case;
• Inadequate information access-It's increasingly difficult to rapidly retrieve needed information and view all content across a branch /central office;
• Missing Content Management- Legacy systems often miss the workflow, versioning, and records management;
• Limited Collaboration- Current systems limit external access to other related bank/banking agencies;
• Low Visibility- "Management by surprises" rather than dashboards and proactive management.