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Financial Services Document Management Dos and Don'ts

3 min read


Financial services organizations deal with critical corporate and client information that must be kept confidential and secure while still being easily accessible for employees, often at multiple branch locations. Effective document management is crucial for ensuring compliance, security, and operational efficiency. However, navigating the complexities of document management can be challenging. To help you streamline your processes and avoid common pitfalls, here are some common use cases along with the essential dos and don'ts.


Use Cases for Improved Financial Services Document Management


Some common applications for a financial services document management system include:

  • Loan processing. Digitize paper forms and automate processing workflows for faster loan approvals and have visibility as to where the loan is at - from application to post close.
  • Account opening. Streamline account opening procedures with automated document generation and workflows. Pull together any supporting documentation with one click.
  • Mortgage processing. Simplify mortgage applications and approval routing by capturing and managing required documents.
  • Claims management. Efficiently process insurance claims with automated document organization and notifications.
  • Audit and compliance management. Automate the creation and management of historical and audit documents to enforce procedural and security compliance.

The Dos of Financial Services Document Management


Let’s take a closer look at some best practices for implementing financial services document management.


 Do embrace digital transformation


  • Digital documents instead of paper. Transitioning from paper-based to digital documents is fundamental. Digital documents are easier to store, manage, and retrieve from multiple locations. They also offer better security and compliance features.
  • Automate workflows. Implement automated workflows to reduce manual entry and minimize errors. Automation ensures that documents are routed to the right people at the right time, improving efficiency and accuracy.
  • Centralize document storage. Use a centralized document repository to store all documents in one place. This helps maintain consistency, improves accessibility, and ensures compliance.

Do prioritize security


  • Implement robust security measures. Use encryption, access controls, and regular security audits to protect sensitive financial documents from unauthorized access and cyber threats.
  • Use permission-based access control. Ensure that only authorized personnel have access to certain documents. This limits the risk of data breaches and enhances security.
  • Regularly update security protocols. Stay ahead of potential threats by regularly updating your security protocols and conducting security training for employees.

Do focus on compliance


  • Maintain audit trails. Ensure that your document management system maintains comprehensive audit trails. This helps in tracking document changes and access, which is essential for regulatory compliance.
  • Standardize document formats and naming conventions. Establish and enforce standardized formats and naming conventions for all documents. This ensures consistency and makes it easier to manage and retrieve documents during audits and compliance reviews.
  • Create a record retention policy. A document management system can offer a more efficient process for purging documents in accordance with established compliance protocols.

Do optimize for efficiency


  • Apply process mapping. Utilize process mapping to clearly understand the current workflow and map the new path to efficiency with digital document management storage.
  • Include and train employees. Gather input from the employees currently involved in handling documents and provide comprehensive training on how to use the document management system effectively. This includes understanding the importance of document management, using the system efficiently, and adhering to security protocols.
  • Regularly review and update document policies. Periodically review and update your document management policies to ensure they align with current best practices and organizational needs.

The Don'ts of Financial Services Document Management


Implementing a document management system in the financial services industry can present certain challenges. However, these challenges can be easily overcome with the right approach and the assistance of a reliable provider and platform. Here are some common pitfalls to watch out for.

  • Don’t use weak passwords. Ensure that all users of a document management system create strong, unique passwords and use multi-factor authentication to enhance security.
  • Don't share sensitive information. Implement strict policies regarding how sensitive customer, corporate, and employee data is accessed.
  • Don't forget to think ahead. No one expects a disaster to happen to them, but it’s important to secure your financial documents with a disaster recovery backup solution.
  • Don't assume everyone knows best practices. Regularly train your employees in best practices for document management, including security education and compliance requirements.
  • Don’t overload users. Customize the document management system to the needs of your organization. Overloading users with features they don't need can lead to confusion, lack of use, and inefficiency.
  • Don't ignore user feedback. Listen to user feedback to identify pain points and areas for improvement in your document management system.

How EO Johnson Can Help with Financial Services Document Management


Effective document management is essential for the success of financial services organizations. By following these dos and don'ts, you can ensure that your document management system enhances compliance, security, and operational efficiency.


In an industry where information security is paramount, having a robust document management strategy and the expertise of a business technology partner are critical. EO Johnson is a SOC 2 Type 2 audited and FFIEC examined provider of digital documents, workflow analysis, and document management systems. Our business consulting service can help you implement these best practices to streamline your processes and safeguard your valuable information.




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