Business as usual is no longer an option
In such a highly regulated, ultra-competitive and rapidly changing industry, it is imperative that you partner with someone who can meet the changing requirements of banks.
The financial services industry is continuously evolving due to challenges stemming from regulation, legacy systems, disruptive models and technology, increased competition and a drive for improving the customer experience.
As a result, the way your financial institution identifies, accesses, monitors and protects different types of information has to evolve as well. It is essential that you adapt your financial services records retention and internal audit requests, while also ensuring the security of your customer’s information.
Enabling Innovation and Digital Transformation
Whether you're a commercial bank, mortgage lender, or credit union, Iron Mountain makes it easy to manage your information throughout its lifecycle.
Financial institutions of all sizes must maintain records – both physical and digital – for a long periods of time. Specifically, mortgage and other loan documents are complex and demand rigorous records retention management processes throughout its lifecycle.
From backing up laptops and servers to archiving cloud data to recovering information from older systems, we can help. Iron Mountain offers reliable and secure storage options as well as a document management and AI system. Our innovative solutions will enable you to achieve your digital transformation goals by allowing you to store any remaining paper offsite while digitizing your information going forward. We also provide you with the tools to automate workflow processes and maintain online access to your records.
Our solutions are flexible and can be tailored to meet your company’s requirements to manage the records critical to your business.
Financial Services Use Cases
A major US bank was experiencing a high level of cheque fraud. As a result, it became necessary to review a very large number of previously processed cheques in a very compressed time frame. The bank did not have the equipment, manpower, or data capture expertise and technology to process these cheques within the deadline.
Iron Mountain quickly configured a solution to receive the previously imaged cheques, capture the required metadata using both automation and manual techniques, and then fed that data back to the customer.
- Met required deadline and completed necessary analysis to inform their fraud system
- Leveraged the Iron Mountain solution for incident management and day-forward monitoring
A global financial services company was consolidating facilities nationwide, looking at how to best utilize available space. The company struggled to manage physical files, which at the time were being stored in cabinets located near specific employees who needed access to those particular files. The goal was to simplify access to these files for authorized employees as the company transitioned to a more mobile and remote workforce.
Iron Mountain partnered with the customer to create and execute a holistic solution to back file highly active images and store, microform and deploy an image on demand solution for the less active files. A day forward plan was put in place for image capture and born digital documents to optimize business processing and enable employee access to information.
- Lowered operating expenses
- Reduced cycle times
- Greater control and visibility into processes
- Optimized spend with day-forward process
- Uniform indexing scheme to manage older documents
A global professional services firm was looking to better manage human resources files, including maintaining a proper inventory of current documents. This was becoming more challenging, particularly as they rolled out a hoteling strategy that allowed an already mobile workforce even more flexibility to work anywhere.
Iron Mountain created a centralized capture process to ingest Human Resources documents as they are received, validated those documents with the client’s HR database and provided an inventory of the document types along with other attributes to maintain replacement dates.
- Reduced duplicate and ghost files
- Reduced costs for processing incoming documentation
- Greater compliance with up to date paperwork for employees