Financial institutions are looking to invest more in digital transformation efforts, including automation and AI, to ensure they can access and understand the robust data they have and continue to collect.
Insights and critical metadata are hidden in documents within financial institutions, and they reside in digital and physical documents across the organization, Iron Mountain Senior Director of Product Management Mario Paralla said Bank automation news. To leverage these insights, clients turn to Iron Mountain for intelligent business process management and intelligent document processing.
Pararca said Boston-based Iron Mountain has 225,000 customers around the world, including financial and insurance institutions.
Bank automation news I sat down with Palarca will discuss how Iron Mountain is expanding its digital capabilities to meet clients’ evolving and unique digital transformation demands. Below is an edited version of that conversation.
Bank automation news: How is Iron Mountain enhancing its capabilities to meet the digital needs of its clients?
Mario Paralla: At Iron Mountain, what started as a document storage, shredding, and transformation service has now evolved into a suite of information lifecycle management products that include process execution and automation. Previously, our customers relied on us to ensure that documents were properly organized and that customer records were stored in a compliant and secure manner, but now our customers are relying on more intelligent document processing. They look to Iron Mountain for features and solutions that streamline workflow efficiency through automation.
The concept of intelligent document processing starts at our core and enhances our ability to deliver these critical success factors to our customers in a more automated way.
Prohibited: What automation does Iron Mountain implement to increase efficiency and streamline document processing?
Member of Parliament: Clients can leverage the InSight Digital Experience Platform (DXP) to automate checks and balances, document validation checks, document integrity checks, document enforceability checks, and more.
Consider the document workflow within a bank’s infrastructure. These workflows can be flooded with multiple operational operations and data trapped in legacy systems. This applies to a variety of business areas for banks, including consumer lending such as mortgages and auto loans, due diligence checks for corporate banks, complex global payments transactions for financial managers, retail wire and consumer ATM transactions. Possibly. We support our clients’ infrastructure to meet the needs of increasing regulatory demands for increased transparency and easier client access to data, while balancing governance and the ability to support data anonymization. Recognizes common and unique themes across structures.
The DXP platform includes intelligent document processing technology that uses machine learning to examine documents, both digital and physical, to understand exactly what they are and identify key elements of them. is included. This improves the overall organization and accessibility of the document and its content.
Prohibited: What role does AI play in intelligent business process management?
Member of Parliament: For compliance reasons, companies need to ensure that they have access to all documents and their contents, both physical and digital, to ensure they are accurate, complete and enforceable. There is. Some companies may be missing out on a lot of insights locked away in physical documents.
With all these documents now digitized, companies now have access to important metadata that is organized, accessible, and meaningful. With data now accessible, organizations can now use AI models to navigate and understand that data.
Prohibited: How can the efficiency of technologies like DXP be quantified?
Member of Parliament: According to a report by forester consultingAccording to Iron Mountain’s Total Economy Impact study, Iron Mountain’s InSight DXP platform delivers savings such as:
- Software-as-a-Service technology increases a company’s ability to find documents and information by 40%.
- Document understanding and cataloging improved by 55%.
- Share and receive information more quickly, saving approximately 26,000 hours per year.
- Security and compliance processes can be reduced by 25%. and
- Organizations can save more than $200,000 over three years in physical document storage costs.
Prohibited: How do financial institutions identify which parts of the documentation process should be automated?
Member of Parliament: Iron Mountain is committed to understanding customer pain points and identifying flow inefficiencies. Iron Mountain’s team of industry experts can identify where organizations are not using technology to automate document enforcement, document integrity, and document accuracy. Process experts look at facility maps to identify where a lot of time is wasted in processes that can be automated.
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