3SG’s Guide to OnBase for Financial Institutions

1. Document Management

Financial institutions handle vast amounts of documents daily including loan applications, customer forms, regulatory reports, and transaction records. OnBase provides robust document management capabilities that enable financial institutions to:

• Convert paper documents into digital formats, reducing physical storage needs and minimizing the risk of loss or damage.
• Store all documents in a single, secure repository, ensuring easy access and retrieval by authorized personnel.
• Maintain accurate and up-to-date versions of documents, reducing errors and ensuring consistency.
• Automate document-centric processes such as approvals and reviews, improving efficiency and reducing processing times.

2. Streamlined Loan Processing

Loan processing is a critical function within financial institutions, which often involves complex workflows and multiple touchpoints. OnBase can significantly streamline loan processing through:

• Automated data capture for loan applications and supporting documents using Optical Character Recognition (OCR) technology to reduce manual data entry and errors.
• Workflow automation through predefined workflows for review, approval, and processing to ensure timely decision-making.
• Integration with core banking systems to ensure data consistency and eliminate the need for duplicate data entry.
• Detailed audit trails of all actions taken on loan applications, which aids in compliance with regulatory requirements.

3. Customer Service Enhancement

Customer service is a key differentiator for financial institutions. OnBase helps enhance customer service by:

• Providing a 360 degree view of customer interactions, accounts, and documents, so staff can respond to inquiries quickly and accurately.
• Enabling customers to access account information, upload documents, and track the status of their requests through secure, self-service portals.
• Managing customer cases and inquiries efficiently through automated routing and timely follow-ups.

4. Regulatory Compliance

Compliance with regulations like GDPR, HIPAA, etc., is paramount for financial institutions. OnBase aids in compliance with:

• Secure Document Storage: Documents are stored securely with encryption and access controls, protecting sensitive information.
• Retention and Disposition: Automatic document retention and disposition schedules comply with regulatory requirements for document lifecycle management.
• Audit Trails: Comprehensive audit trails maintain a log of document access and actions, providing transparency and accountability.
• Policy Management: Institutions can manage and distribute policies and procedures, so employees are aware of and adhere to regulatory requirements.

5. Risk Management

Effective risk management is crucial for financial institutions to safeguard against financial and operational risks. OnBase supports risk management through:

• Tracking and managing incidents to ensure timely resolution and risk mitigation.
• Managing vendor relationships and monitoring vendor performance for compliance with internal policies and regulatory requirements.
• Streamlining internal audit processes with automatic audit data collection and analysis.

6. Fraud Detection and Prevention

Fraud is a significant concern for financial institutions. OnBase can help detect and prevent fraud with:

• Data Analytics: Staff can analyze transaction data to identify patterns and anomalies indicative of fraudulent activity.
• Real-Time Alerts: Users can generate real-time alerts for suspicious activities, enabling swift investigation and action.
• Document Verification: Staff can verify the authenticity of documents submitted by customers and third parties, reducing the risk of fraudulent documentation.

Conclusion

OnBase by Hyland is a versatile and powerful tool that can transform the way financial institutions manage their information and processes. By leveraging the comprehensive suite of document management and lifecycle tools, financial institutions can enhance operational efficiency, improve customer service, and ensure compliance with regulatory requirements.