How an electronic archive helps bankers automate routine work
Kazakhstani banks have taken stock of the benefits of digital transformation and have set about automating routine processes. Digital document management is becoming the hot topic of 2020 among players in the local financial market
According to researchers at Forrester, in 2020 more than half of the revenue of organizations worldwide will depend on digital technologies. According to IDC, by 2021 new digital business models will have transformed more than half of the global economy.
According to the indicators of the Digital Adoption Index, the public sector is the main driving force behind digital transformation in Kazakhstan. The press office of the Ministry of Digital Development, Defense and Aerospace Industry reports that the overall economic effect of digitalization in Kazakhstan has already reached $578 million.
Kazakhstan's private sector is not lagging behind state-owned companies here. VTB Bank (Kazakhstan), for example, has implemented an electronic archive platform based on Enterprise Content Management (ECM) and Optical Character Recognition (OCR) technologies. ECM technologies create a single information environment for the enterprise in which data is captured, stored, processed, classified and categorized. OCR technologies convert text from printed and handwritten documents and from images into editable text using machine learning models.
The new platform saves time by simplifying the collection, recognition, classification and retrieval of business documents. Whereas before the electronic archive bank employees gathered most information by hand (making copies of original documents, scanning them and passing paper duplicates to particular departments), now it is enough to scan the documents and upload them to the system. There the papers are automatically checked for correct completion and sorted by type of banking procedure, document type, client name and existing or new client file.
The system also checks that a file is complete in line with the bank's requirements. If an error occurs in the algorithm, the manager receives an alert.
The system synchronizes easily with other work applications and keeps data secure: employees do not need to be involved in building the document base, which rules out the risk of forgery or damage to documents.
“Understanding the new demands of the times, we are consistently applying new approaches and solutions in our business. Implementing an electronic archive for the retail business is one of the steps towards the digital transformation of our bank. This solution will streamline our employees' work and resolve the storage of paper and electronic documents”, comments Yeskendir Kulimbekov, head of the electronic archive implementation project at VTB Bank (Kazakhstan).
The platform was built into the bank's architecture by Prime Source.
“Digitalization means a revolutionary transformation of an organization's model. Tectonic shifts begin with small changes in mindset, structure and development strategy, in the continuous refinement of products and services and in the reorganization of enterprise business processes. Digitalizing organizations helps our clients not only to stay a step ahead of their competitors, but to transform their operations completely and deliver benefits on a national scale”, commented Evgeny Scherbinin, CEO of Prime Source.
Similar programs for storing and managing document bases are widely used by major international financial companies such as Morgan Stanley, HSBC and MasterCard. Workflow automation solutions are popular not only with financial firms but also with other large manufacturing corporations, such as Airbus, KLM, Cisco, Sony and NASA.