Banks and credit unions have important responsibilities they must keep to both their clients and regulatory institutions.  These responsibilities involve proper records management and the ability to locate their customers’ documents in a timely manner.  The ability to locate records is critical to providing the efficient records management services promised to customers.  If a customer can’t trust their bank with their documents, then this trust becomes broken and may adversely affect their business.

“Something as simple as following up with a customer on a question or service request in the time frame they’re given can greatly increase or reduce their trust in their bank. When people learn they can trust a bank with small things, they are far more willing and likely to trust the institution with bigger items.”

American Banker

A customer’s dissatisfaction with their bank, for any reason, may cause them to switch banks and minimizes the bank’s ability to attract new customers. 

“44 million U.S. consumers plan to switch or are considering switching banks within the next year. This presents an incredible opportunity for leading banks to attract new customers who aren’t satisfied with their primary bank.”

The 2020 Bank Marketer’s Playbook
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Bank customers trust that their account records and personal account information will be stored safely and securely. Customers don’t want to be informed that it takes two weeks to get a copy of their loan file when a competitor can access it right away.  Excuses that don’t work: We need to search the basement for your record. We just went through a merger and can’t locate your loan file.   If a bank wants to retain its customers and bring in new customers, then its records need to be organized, it needs to dispose of records that are not legally needed, and, finally, it must image those highly transactional records that require quick access.  These steps will help banks remain competitive, develop trust, and grow the business.  If there are time constraints on bank employees, then utilizing outside records management consulting services to complete defined records management projects is always an option. 

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