Financial institutions are increasingly focusing on digital transformation initiatives, particularly in the realms of automation and artificial intelligence (AI), to leverage the vast amounts of data they collect. This trend is prompting companies like Iron Mountain, based in Boston, to expand their offerings to meet these evolving demands because financial institutions seek to unlock insights hidden within both digital and physical documents.
Mario Palarca, Senior Director of Product Management at Iron Mountain, shared insights with Bank Automation News regarding the company's strategic shift from traditional document management services to a more comprehensive suite of information lifecycle management solutions. Palarca noted, "With Iron Mountain, what started as document storage, shredding and transformation service has now turned into a suite of information lifecycle management offerings that include process execution and automation." The company aims to provide clients with intelligent document processing capabilities that streamline workflow efficiencies.
Iron Mountain’s InSight Digital Experience Platform (DXP) is central to its automation efforts. Palarca explained that the DXP enables clients to automate numerous checks, such as document verification and completeness assessments. This technology can significantly improve various banking processes that rely heavily on documentation. He cited examples from consumer lending to treasury management, illustrating that the DXP can alleviate the burden of multiple operational touches often required in traditional systems.
The intelligent document processing technology embedded within the DXP employs machine learning to analyse both digital and physical documents. It can identify key elements of these documents, enhancing overall organisation and accessibility. Palarca highlighted the importance of digitising documents to unlock valuable metadata that can be utilised effectively. "Now with accessible data, organizations can use AI models to help navigate and understand that data," he stated.
Palarca also referred to findings from a report by Forrester Consulting, which conveyed significant benefits from using Iron Mountain’s DXP. The report indicated that the platform enhances document retrieval by 40%, while understanding and cataloguing documents improves by 55%. Additionally, organisations benefit from saving approximately 26,000 hours annually by streamlining information sharing processes. Compliance and security efficiencies can be improved by 25%, while savings on the storage costs of physical documents can exceed $200,000 over three years.
To identify segments of their operations suitable for automation, Palarca noted that Iron Mountain collaborates with clients to pinpoint pain points and inefficiencies. Their team of industry experts examines operational workflows to highlight areas where technology can effectively enhance document enforceability, completeness, and accuracy.
As financial institutions strive to balance regulatory demands for transparency with efficient data management, the incorporation of automation and AI into their operations is expected to have lasting implications on business practices. The ongoing developments in digital capabilities suggest that companies like Iron Mountain will continue to play a pivotal role in supporting these transitions within the financial sector.
Source: Noah Wire Services