Adapting to a digital-native world: Financial services document management in 2024 and beyond

FStech and d.velop are conducting a survey of financial services professionals to discover the current state of digital document management and workflow adoption in the industry. We aim to gather insights on document-centric process integration, stakeholder education, workflow optimisation, and digital transformation strategies related to document management.

Questions

1. How does your financial institution's leadership support the optimisation of document-centric workflows? (Select top three)

Allocating budget for document management technologies
Promoting a paperless office culture
Encouraging innovation in document-centric processes
Ensuring access to state-of-the-art document management tools
Promoting cross-departmental collaboration on document workflows
Offering incentives for adopting digital document practices
Regularly reviewing and updating document management policies
Limited support

2. What measures has your institution taken to reduce manual document handling and cognitive load on employees? (Select all that apply)

Implemented automated document classification and routing
Introduced AI-driven document analysis tools
Digitised paper-based processes
Enhanced employee training on digital document workflows
Improved search and retrieval capabilities for digital documents
Outsourced document processing tasks to specialised providers
Implemented electronic forms to replace paper forms
Introduced mobile document capture and access solutions

3. How does your institution ensure compliance and security in digital document management? (Select all that apply)

Regular audits of document access and handling
Implementing strict access controls and permissions
Using encryption for sensitive documents
Automated retention and disposition policies
Regular staff training on document security protocols
Partnering with specialised compliance solution providers
Implementing blockchain for immutable document tracking
No specific measures in place

4. What has been the most impactful document management innovation your institution has adopted in the past 3 years? (Select one option)

AI-powered document classification and data extraction
Cloud-based document storage and collaboration platforms
Mobile document capture and approval workflows
Integration of document management with core banking systems
Automated compliance checking for documents
Electronic forms and automation
Document lifecycle management solutions

5. What percentage of your institution's document-centric processes are currently digitised? (Select one option)

75-100%
50-74%
25-49%
10-24%
Less than 10%

6. What are the top three goals of your institution's digital document management initiatives? (Select top three)

Improving speed of access to documents
Enhancing regulatory compliance and audit readiness
Reducing physical / digital storage costs
Improving document-centric workflow processes (approval / alerts and notification for key milestones or expirations / retention etc.)
Improving collaboration and information sharing
Enhancing document security and data protection
Enabling remote work through digital document access
Improving customer experience through faster document processing

7. How does your organisation view the involvement of third parties in streamlining processes and development? (Select one option)

Essential for success
Very beneficial
Somewhat beneficial
Not very beneficial
Detrimental

8. In the next 2-3 years, which emerging technologies do you anticipate will have the biggest impact on your institution's document management practices? (Select top three)

Artificial Intelligence and Machine Learning
Blockchain for document verification and tracking
Advanced analytics for document insights
Internet of Things (IoT) for automated document capture
Natural Language Processing for improved search and categorisation
Augmented Reality for interactive document experiences
Edge computing for faster document processing
Quantum computing for enhanced encryption and security

9. How has the shift to remote/hybrid work impacted your institution's approach to digital document management? (select all that apply)

Accelerated adoption of digital document solutions
Increased focus on digital document accessibility
Influenced our document management strategy
Exposed gaps in our current document management capabilities
Led to security concerns about remote document access
Prompted a complete overhaul of our document management systems
No notable impact on our approach

10. How efficient is your organisation in the intelligent capture and automated processing of unstructured data (Including incoming document, email, social media interactions etc.)? (Select one option)

We have a fully integrated system for both structured and unstructured data
We are in the process of implementing solutions to integrate unstructured data
We handle structured and unstructured data separately
We currently do not have a strategy for managing unstructured data
We are exploring options but have not made decisions yet
We rely on third-party solutions for unstructured data management
This is not currently a priority for our institution

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