Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that the company signed 190 new enterprise content management (ECM) clients during 2011. Fiserv has also experienced strong year-over-year growth in this area, adding more than 1,000 new ECM clients during the last five years. In all, more than 3,100 clients use either Director(TM) or Nautilus(R) from Fiserv for enterprise content management.
ECM solutions help transform business processes by driving new paperless process and more streamlined workflows. Fiserv solutions serve a wide variety of organizations, from small community banks and credit unions to the largest financial institutions in the world. Solutions include advanced document imaging, workflow, reporting and risk mitigation tools and all are available as either in-house solutions or outsourced services.
According to a study by PricewaterhouseCoopers, paper consumption is increasing 20 percent every year and an average paper document gets photocopied 19 times during its lifecycle. In addition, 90 percent of a corporation's memory or information still resides on paper documents costing $120 in labor each time a document is lost or misfiled.
"Financial institutions are investing in ECM as part of their efforts to improve operational efficiency and to increase revenues," said Jeanne Capachin, research vice president, Commercial Banking and Spending Guides, IDC Financial Insights. "By streamlining paper-based processes, institutions can not only do more with less, they can also meet revenue-generating goals with initiatives such as improving customer on-boarding. With ECM, they speed up the process and generate revenue more quickly, as well as improving customer experience and creating the right first impression."
Pinnacle Bancorp, a $5 billion financial institution in Nebraska, recently added workflow to streamline its accounts payable system and has seen firsthand the advantages of paperless processing. "We have several vendors who now provide us with electronic invoices. We're able to bring them into ECM, process them and pay them electronically - we literally never have to touch a piece of paper," said Marty Dial, vice president at Pinnacle Bancorp.
"Fiserv has seen adoption rates of up to 85 percent for client segments using our basic document image capture and storage solutions," said Teri Carstensen, division president, Bank Solutions, Fiserv. "Now we are seeing clients move far beyond the traditional image storage systems into enhanced workflow, publishing and specialized applications like accounts payable, document tracking and report delivery. We are excited by the potential to show our clients a very quick payback on investments and help them move toward a paperless organization. Exciting new ECM solutions, like iPad integration, will further strengthen our offerings in 2012 and beyond."