DENVER (11/13/13)--About 75% of credit unions surveyed rely on obsolete document imaging systems, according to the results of the Bluepoint Solutions annual enterprise content management survey.
The report, "The State of Enterprise Content Management in Credit Unions," is based on information collected in a credit union survey conducted by Bluepoint Solutions over six weeks this year. The survey was conducted in the Spring and examined document imaging systems at about 200 credit unions of all sizes.
"As an industry, credit unions have resisted modernizing their document imaging systems at the same pace as larger financial institutions that have made it a point to invest in these critical content management systems," said Andrew Tilbury, Bluepoint Solutions chief marketing officer. "This has resulted in substantial lost opportunities to improve member service enterprise-wide and reduce the cost of many critical internal operations."
The report indicated that 79% of credit unions are running on one or more disparate content management systems and that 69% still rely on a mix of paper and electronic storage media.
About 17% of the credit unions surveyed have consolidated their multiple document management systems into a single system. "By managing documents across multiple systems, credit unions are spending more time pushing paper and less time building member relationships," Tilbury said.
More than 60% of credit unions reported significant issues with their document management processes, including a high occurrence of lost documents, difficulty in using legacy document management systems, expensive training costs, considerable time spent locating documents and data breaches usually caused by an excessive reliance on difficult-to-secure paper documents.