India’s top MNC bank relies on records management efficiencies to drive growth.
One of India's top MNC bank, with over 100 branches, offering a range of banking products and financial services to corporate and retail customers uses Writer Information's records management solution.
- The Challenge
- Bank has stringent data security and document governance parameters to adhere to
- There is an operation and reputation risk if the content management is not structured
- Regulator-driven control on records generated out of various products, especially Assets and Liability, is a must
- Bank also has to be compliant with RBI and external regulations governing management and retention of records as below
- Banking Regulation Act, 1949
- Companies Act, 1956
- Income Tax Act, 1961
- The Indian Evidence Act, 1872
- The Banking Companies (Period of Preservation of Records) Rules, 1985
- Information Technology Act, 2000 and its rules
- These guidelines require the Bank to store records for various retention periods. These records form the backbone of all customer queries/ requests pertaining to their transactions. Hence proper maintenance and retrieval of records were of utmost importance
- The Solution
- Create exclusive records facilities for archival of bank records at all metro locations
- Decentralize setup with region-wise consolidation of records
- Equip each facility with a dedicated team for servicing the bank requirements
- Provide dedicated vehicles
- Implement Safety & Security standards as per Bank requirements. Align physical as well as IT Security parameters with the Bank’s processes.
- Provide for dedicated teams to manage the Bank’s data and compliance needs
- Use P4 Secured Destruction for the end of life records
- Digitize AOFs and other key documents
- Allow web access for users to view the account, make inquiries, generate reports, and e-mail service requests
- Achieve 100% compliance in the Bank’s quarterly audits and were ranked the best in meeting Bank’s safety & security norms.
Benefits to the Bank
- The Bank achieved all the key benchmarks for storage. It leveraged processing efficiencies by streamlining the archival and retrieval process while growing exponentially.
- The Bank has achieved standardization of processes across all locations
- The Bank achieved cost savings by removing redundant records.
- It achieved scalability providing an immediate and long-term solution to its space problems
- All risk mitigation and compliance parameters were met at every storage facility and in the processes
- The systems ensured audit-trail and transactional transparency for the Bank to track the entire life cycle of any individual document or file and this meant complete protection of Bank’s Customers, Stakeholders, and Employees.