Banking and Financial services institutions comprise of various internal departments that are typically characterized by voluminous data, numerous stakeholders and hierarchies. Similarly the Insurance industry is associated with various specific activities that generate enormous amount of information at different levels. Handling such cases and providing the right information to the right people at the right time; becomes a major challenge to these organizations.
- To establish and manage a single repository that holds crucial information such as handling policies, financial guidelines, document trails and more.
- Interactions and communication has to be collaborative. amongst employees who are located in different regions.
- Information security and adherence to regulatory compliances.
- Claims servicing which involves multiple data collection, document management, collaborated workflow.