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.