DocuWare Case Studies Banking on DocuWare

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	Banking on DocuWare DocuWare

Banking on DocuWare

DocuWare

Technology Category	Platform as a Service (PaaS) - Data Management Platforms
Use Cases	Regulatory Compliance Monitoring Remote Asset Management
Services	System Integration
Challenge	Butterfield Private Bank, a part of the Butterfield Bank Group, was facing a significant challenge with the huge amount of paperwork created every day. The bank was looking for a solution to reduce this paperwork and save on paper and storage costs. Additionally, the bank needed to meet government regulations and requirements of the Data Protection Act. The bank's activities were divided into three main areas: personal banking for High Net Worth Individuals (HNWI), banking and corporate accounts, and investment portfolios. As a result, a main file for each customer was kept, with many other files necessary on one single person as documents came in for filing in various departments. The information collected on these individuals was cross-departmental, leading to a complex and paper-heavy filing system. The UK government regulations required that transactional records be kept for 7 years, adding to the volume of paperwork. Read More
About Customer	Butterfield Private Bank is part of the Butterfield Bank Group, a full-service community bank and a provider of specialised offshore financial services to High Net Worth Individuals (HNWI) worldwide. The bank is headquartered in Bermuda and was established in 1858 as the Island’s first bank. It has operations located in the Bahamas, Barbados, Canada, the Cayman Islands, Guernsey, Switzerland and the United Kingdom and other subsidiaries. The Group provides private banking, asset management and personal trust services to customers worldwide. The bank's philosophy is to retain all the traditional values of a truly personal and high value-for-money private banking service while combining them with speed, efficiency and flexibility. Read More
Solution	The bank implemented DocuWare, a document management system, to handle their internal files and specific types of documents such as mandates, checks and copies of bank statements. The solution was initially introduced to handle internal files in Q2 of 2005, and by the end of 2006 to the beginning of 2007, Butterfield Private Bank UK was working on getting all operational data stored on DocuWare. By Q3 in 2007, the records department initiated that all due diligence information, client mandates, direct debits orders, standing orders and KYC (Know Your Customer) information were gradually added over a three-month period. Since then DocuWare is being used by more than 110 employees every single day. The process of storing documents evolved from simple inbound and outbound correspondence to all types of banking and investment transactions. About 300 – 500 documents are stored each day, which equals thousands of sheets of paper a day. Read More Log in to view content
Contents

Technology Category

Platform as a Service (PaaS) - Data Management Platforms

Use Cases

Regulatory Compliance Monitoring

Remote Asset Management

Services

System Integration

Challenge

Butterfield Private Bank, a part of the Butterfield Bank Group, was facing a significant challenge with the huge amount of paperwork created every day. The bank was looking for a solution to reduce this paperwork and save on paper and storage costs. Additionally, the bank needed to meet government regulations and requirements of the Data Protection Act. The bank's activities were divided into three main areas: personal banking for High Net Worth Individuals (HNWI), banking and corporate accounts, and investment portfolios. As a result, a main file for each customer was kept, with many other files necessary on one single person as documents came in for filing in various departments. The information collected on these individuals was cross-departmental, leading to a complex and paper-heavy filing system. The UK government regulations required that transactional records be kept for 7 years, adding to the volume of paperwork.

About Customer

Butterfield Private Bank is part of the Butterfield Bank Group, a full-service community bank and a provider of specialised offshore financial services to High Net Worth Individuals (HNWI) worldwide. The bank is headquartered in Bermuda and was established in 1858 as the Island’s first bank. It has operations located in the Bahamas, Barbados, Canada, the Cayman Islands, Guernsey, Switzerland and the United Kingdom and other subsidiaries. The Group provides private banking, asset management and personal trust services to customers worldwide. The bank's philosophy is to retain all the traditional values of a truly personal and high value-for-money private banking service while combining them with speed, efficiency and flexibility.

Solution

The bank implemented DocuWare, a document management system, to handle their internal files and specific types of documents such as mandates, checks and copies of bank statements. The solution was initially introduced to handle internal files in Q2 of 2005, and by the end of 2006 to the beginning of 2007, Butterfield Private Bank UK was working on getting all operational data stored on DocuWare. By Q3 in 2007, the records department initiated that all due diligence information, client mandates, direct debits orders, standing orders and KYC (Know Your Customer) information were gradually added over a three-month period. Since then DocuWare is being used by more than 110 employees every single day. The process of storing documents evolved from simple inbound and outbound correspondence to all types of banking and investment transactions. About 300 – 500 documents are stored each day, which equals thousands of sheets of paper a day.

Impact #1	Improved customer service
Impact #2	Easily meet regulations on minimum and maximum retention periods
Impact #3	Freed up space

Impact #1

Improved customer service

Impact #2

Easily meet regulations on minimum and maximum retention periods

Impact #3

Freed up space

Benefit #1	Reduced paperwork by storing 300-500 documents each day
Benefit #2	Saved on paper and storage costs
Benefit #3	Improved efficiency by making all records available either to all or to specific groups

Benefit #1

Reduced paperwork by storing 300-500 documents each day

Benefit #2

Saved on paper and storage costs

Benefit #3

Improved efficiency by making all records available either to all or to specific groups

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Overview

Banking on DocuWare

Operational Impact

Quantitative Benefit