Survey uncovers significant costs, lost opportunities in CUs document management
DENVER--(BUSINESS WIRE)-- Bluepoint Solutions today published the results of its annual enterprise content management (ECM) survey revealing that approximately 75 percent of credit unions rely on obsolete document imaging systems, resulting in significant costs, inferior member service and weakened operating efficiency. The survey was conducted in the Spring of 2013 and investigated document imaging systems at nearly 200 credit unions of all sizes.
“As an industry, credit unions have resisted modernizing their document imaging systems at the same pace as larger financial institutions that have made it a point to invest in these critical content management systems,” said Andrew Tilbury, chief marketing officer of Bluepoint Solutions. “This has resulted in substantial lost opportunities to improve member service enterprise-wide and reduce the cost of many critical internal operations.” The report indicated that 79 percent of credit unions are running on one or more disparate content management systems and that 69 percent still rely on a mix of paper and electronic storage media.
Only 17 percent of the credit unions surveyed have consolidated their multiple document management systems into a single electronic system. “By managing documents across multiple systems, credit unions are spending more time pushing paper and less time building member relationships,” continued Tilbury. More than 60 percent of credit unions reported that they have significant issues with their current document management processes, including a high occurrence of lost documents, difficulty in using legacy document management systems, expensive training costs, considerable time spent locating documents and data breaches usually caused by an excessive reliance on difficult-to-secure paper documents.
“If credit unions hope to stay competitive with their bank counterparts, they need to begin investing in their enterprise content management systems to take advantage of the technology advancements of the past several years,” added Tilbury. “Bluepoint’s experience with developing content management solutions based on proven best practices has shown us that credit unions are leaving money on the table and, ultimately, their members will pay the price.”
The report, “The State of Enterprise Content Management in Credit Unions,” is based on information collected in a credit union survey conducted by Bluepoint Solutions over a 6-week period in 2013. Bluepoint has launched an online Enterprise Content Management Resource Center to assist credit unions with the decision to go paperless and launch a successful program: www.bluepointsolutions.com/ECM_ResourceCenter.
About Bluepoint Solutions
Bluepoint Solutions provides end-to-end payment processing and content management solutions to community financial institutions. More than 1,400 credit unions and community banks nationwide have deployed its enterprise technology, including the largest corporate credit unions and credit union service organizations in the country. Learn more at http://www.bluepointsolutions.com.
For Bluepoint SolutionsBevin Wallace, 678-781-7230
or Mike Graul, 678-781-7227
Source: Bluepoint Solutions