Back to Blogs

Document Management and Collaboration is Important for Client Experience

It’s no secret that customer experience is incredibly important. This is even more of a big deal when you consider how consumers approach customer service. If the experience isn’t customer-centric, easy to get through, and extremely convenient, most consumers will simply opt for a different service.

For financial institutions, this consumer push for digitization and better customer experience is even more of a must-have. Recent studies found that 40% of bank users have experienced difficulties navigating banking websites, and 30% of customers will opt to move to a competitor when they struggle. This bounce rate can be a problem for banks. That’s why document management and collaboration are so vital.

When it comes to financial planning services, online investments, and other online banking services, a financial institution’s customer experience can be greatly improved with automated document management and improve collaboration processes.

Document management involves the paper trail that comes along with banking. While it may not be a paper trail in the literal sense, advisors and financial institutions are wasting a lot of time and energy on organizing documents, seeking out specific paperwork, keeping those documents secure, and collaborating with other departments to use those documents. Wasted time is wasted money-- and consumers don’t have the patience to wait for a bank that does things the old-fashioned way.

So how can financial institutions improve their document management and collaboration? It all comes down to using the right tools and software.

How to Improve Document Management and Collaboration with SideDrawer

At SideDrawer, we’re proud to offer our API-framework that make it possible for banks and other financial institutions to improve the client experience of their document management and collaboration, especially in wealth management, retail and business banking.

Gathering statements, acquiring tax returns, pay stubs, and sharing documents are largely done through email which are becoming extremely vulnerable as attack protocols become more sophisticated. Having clients download statements and email them to their accountant, bookkeeper, lawyer, also increases the risk of your client’s private data being compromised. SideDrawer’s collaboration features allow your client to bypass the need for personal data in email traffic, creating efficient document management and collaboration process. Get in touch with us today to learn more about how SideDrawer can radically change how you manage your documents and collaborate.