Big-time solution for a small-town bank
Many community banks face mounting volumes of paperwork and limited storage space that can sap financial resources and employees' time. But new content management software has enabled the First Bank of Farmersville to create electronic filing systems like those used by the country's largest banks.
The solution, Systemware's Centraspect FS, is tailored to banking and financial services companies and will enable First Bank to improve internal efficiency, meet regulations and reduce the costs incurred with paper-based systems.
Says Cindy Dickens, senior VP at First Bank of Farmersville, "Based on the results that we have seen already, we expect the software to drastically reduce the cost of paper and photocopies, free up valuable storage space, ensure compliance with safeguarding customer information and improve the rate at which employees are able to better assist their customers. When a customer is dealing with an institution that has a secure network environment, eliminating paper and converting to electronic images always strengthens customer information security."
First Bank, located near Dallas, implemented the new system at its three branches. Each is using Centraspect's account records application to automate the process for managing signature cards—documents that are consulted frequently for check verification and customer identification purposes. Prior to the new system, First Bank required each signature card to be photocopied, physically sent to other branches and stored in a paper file for future reference. Now, however, employees can scan the signature cards and store them as digital files, which can be retrieved and viewed by tellers instantly, according to Systemware.
The next phase of the project will involve using the solution to improve loan portfolio performance and risk management.
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