Going paperless: a financial institution lowers cost, improves performance

Industry

Finance

Challenge

Replacing slow manual operations and document signing processes while achieving a traceable, secure solution

Solution

enVision EDM solution

Value

• Optimises workflows to reduce costs
• Speeds up transaction processes to increase performance management outcomes
• Secures digital document handling via traceability for regulatory compliance
• Delivers greener solution via reduced paper consumption

Kredi Kayıt Bürosu (KKB) in Turkey was founded in 1995 by nine leading banks. Today, this highly-regarded financial institution has 156 members, including 44 banks, 61 factoring companies, 23 leasing companies, 4 insurance companies, 14 consumer financing companies, 7 asset management companies, and 3 other types of companies.

KKB’s mission is to become a leading and exemplary credit bureau. The institution offers effective risk assessments, innovative products, and other services. Recent business objectives for KKB include digital transformation, efficiency, and sustainability.

To further its mission and meet these objectives, KKB needed to transform its paper-based processes into an integrated digital environment while maintaining traceability, especially related to e-signatures.

KKB also aimed to reduce its use of resources while reducing costs. After a careful selection process, KKB partnered with the enVision team to implement the electronic document management (EDM) system.

Digitally transforming key workflows

KKB was ready to modernise its operations, such as automating administrative processes, enhancing end-user experiences, and deriving deeper insights from data. By selecting the enVision EDM solution, KKB was able to optimise workflows, break down data silos, and improve security.

“It is the most comprehensive and ideal solution for eliminating manual operations and document signing processes, digitising our business hours,” shared Ersan Rasim Hoşrik, KKB’s Director of the Legal Compliance, Legal and Operations Division.

Now, KKB has centralised transactions made by different institutions and enriched its database. These upgrades have helped KKB improve its risk management offerings through valueadded products and services. At the same time, the institution can maintain the highest security standards and service levels.

Driving performance and efficiency

Iron Mountain solutions give clients document access control and version control and include audit trail features. For example, the enVision platform provides certified and applied electronic signatures and approvals technology. It also allows users to set their own records retention schedule.

After KKB started using enVision, the institution noted significant time savings and performance improvements. By upgrading the manual signature steps to a digital operation, KKB was able to speed its processes. The additional benefit of traceability allows for efficient document search, retrieval and instant sharing.

“The fact that all processes can be traced made a positive impact on performance management, and reports of transactions can be received quickly,” Rasim Hoşrik stated. “Traceability through the system and e-signature integration are the most important features for our institution.”

Becoming an environmentally friendly office

One of KKB’s business strategies is to raise awareness of projects that benefit society and the environment. The move to digital processes has supported this endeavor. The institution has been able to reduce its paper consumption and limit spending — both within the scope of its sustainability goals.

By using natural resources more effectively and efficiently, KKB is becoming a more environmentallyfriendly office. This work aligns with a critical tenet of Iron Mountain as well. For both organisations, environmental and social principles are top-of-mind with internal operations, as well as with customer engagements.

"Within the scope of our institution’s sustainability policy, we think it is an important step to move to enVision,” Rasim Hoşrik said. “Although we are obliged to use some paper due to our contractual obligations, paper consumption has been reduced as much as possible with this system, and an active role has been assumed in protecting the environment thanks to our digitalised processes."

Seeing even more benefits

One major takeaway for KKB after deploying enVision is that the advantages of sustainability go far beyond corporate social responsibility. By implementing a digital transformation and moving away from paper-based processes, the institution is experiencing lower costs and stronger performance. At the same time, KKB can maintain the highest standards for security and traceability to better serve its members.

Learn about a five-step digital transformation journey with a video and white paper from Iron Mountain.

Explore how financial services organisations are unlocking new opportunities with information management.

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