Information is king

FST. Reacting to IT emergencies is vital for any company, but particularly in banking. Why is this?

HH. Many processes in the financial services sector are supported by IT systems and staff that are available 24/7. IT systems play a vital role for these organisations. Given the increasing competition between banks, as well as the volatility of the financial markets, it is extremely important to know your position as a bank more or less every minute. Real-time information is needed for the assessment of risk and the decision taking process, for example when it comes down to new investment. IT emergencies can negatively influence the quality of decisions, which can lead to financial losses and damaged reputation of the bank.

FST. Compliance is requiring companies to keep better records that can be consulted immediately. How else has compliance changed the business landscape?

HH. If one looks “outside-in”, compliance results in new customers. It also offers better data security and protection. However, I have my doubts whether or not the bank with the highest compliance rate is also the most reliable one. Typically, rules and regulations that prompt for change apply to all competitors in a market equally. The real changes in the landscape are still caused by consumer behaviour and real market dynamics.

FST. Keeping more accurate data can mean lower operating costs for enterprise. What other benefits are there?

HH. The opposite of a cost-perspective is the revenue perspective. More accurate data means better information about your clients and their needs. If you listen better to your clients and act faster, you can grow faster than the competition. While the accuracy of data is important, communicating this data faster to the right persons is crucial.

FST. Is it important to choose a provider with global outlook? Why?

HH. It depends in what markets banks are operating. Global players have better understanding of the differences in local operations, languages and regulations. Also enterprise rollout and support of IT systems can be managed better and cheaper by global players. Central planning and local execution can bring huge value to international companies.

FST. How can intelligent capture & exchange solutions be of particular help to the financial services industry?

HH. Inside a bank, unstructured paper and electronic documents are slowing down processes like new account opening, loan processing or the administration of funds trading. By capturing documents the instant they enter an organisation’s front office or subsidiary and by exchanging the information between its stakeholders, banks can speed up their processes by more than 50to 70 percent. The Intelligent Capture & Exchange solutions provided by DICOM help the financial services industry to make their processes “real-time” and move closer to their customers by offering pro-active communication, such as instant confirmations, status-updates or notifications about missing or incorrect information. Looking at the typical set-up of banks, Intelligent Capture & Exchange can make a difference in operational excellence and customer focus.

About Henk Honders
He serves as Vice President of Business Development EMEA for DICOM Group. In this position he is responsible to drive DICOMs horizontal and vertical Intelligent Capture & Exchange solution strategy. Prior to this role, Honders was an employee of DICOM for 12 years in various leading sales functions. Most recently he was Director of Business Communications, being responsible for DICOM’s unified communication solutions, mainly installed in the banking and insurance industry. Before his career at DICOM, Honders worked for various IT retailers and system integrators. He holds a Bachelor’s degree of Commercial Economics.