Document Management System for Financial Services | GLOBODOX

Document Management System for Financial Services | GLOBODOX

Document management systems help banks & other financial services manage documents & meet compliance guidelines.Financial institutions like Banks, IFAs, Wealth Management Agencies, Credit Lenders, etc encounter large volumes of sensitive personal & financial information at every step. And it is their responsibility to not only provide their customers with fast & efficient financial solutions but also to protect this information from falling into the wrong hands.

Document management systems aid day-to-day financial services like document collection, bank account management, etc by providing users with a secure platform to import, manage & store documents. Be it providing customers with a portal to directly upload Know Your Customer (KYC) documents or creating digital workflows for faster loan approvals, a document management system’s automation-based features improve a financial service’s output by more than 50%.

Document Management System for Financial Services

Here are a few ways how document management system can benefit financial services:

Centralized Data Access & Improved Accessibility:

Sorting through thousands of documents stored at multiple locations can be tedious & error-prone. A document management system’s centralized storage replaces the problems associated with traditional data management tools like emails & paper-filing systems with a more systematic approach to document management.Moreover, a document management system’s centralized data access & multi-format compatibility also lets users access their documents from anywhere at any time.

Automated Document Indexing:

A report by Hubbion states that an average professional spends around 18 minutes searching for a document, which accounts for nearly 50% of their total time on the job. A document management system automatically indexes metadata from scanned & uploaded documents, which can then be used as search keywords to find documents faster. Indexed metadata also helps users organize documents into their respective folders or groups based on their content.

For example, Credit lenders can organize credit applications based on the applicant’s name, requested amount, date, income, marital status, etc.

Digitized Document Approvals:

Fast & efficient approvals for financial processes like account openings, loans, customer grievances, etc are an integral part of the modern-day financial system. A document management system’s digital workflow automation feature replicates & automates paper-based document approvals, eliminating the need for customer walk-ins.Workflow approval processes can be of different types & complexities, like a 2-step approval process for new account openings, or a 5-step approval process for sanctioning loans. A digital approval system also benefits customers by allowing them to sign their digital documents using e-signatures and providing notifications about the progress of their approval process.

Improved Security:

The financial service industry is bound by strict guidelines to protect customer information from thefts & leaks. Document management systems are equipped with technologically advanced security features consisting of 128-bit & 256-bit encryption systems, security labels & hierarchy-based access to restrict unauthorized access, document retention & expiry to archive or destroy documents and much more.

System Integration:

Document management systems are compatible with third-party business software like SAP, CRM, ERP, etc. A centralized location makes it easier to search for third-party documents as well as transfer data into CRM or ERP systems.

Audit Proficiency:

A document management system’s advanced search feature makes it easy to locate documents faster during audits. These documents can further be grouped up into stacks or folders and securely shared with auditors whenever required.Document management systems also have a built-in file tracking system that tracks when documents are accessed, modified, shared or deleted. This is essential to financial audits, as it protects the integrity of the documents.


GLOBODOX is a 5-star rated document management system with users in over 60 countries. GLOBODOX comes packed with features essential to financial document management like built-in document capture, automated document import & indexing, document versioning, document retention, custom workflow, document encryption & more. GLOBODOX is best known for its easy-to-use interface & competitive pricing.

Some of GLOBODOX’s Financial Clients:

Westpac Trust | Jade Financial Solutions | Blue Planet Investments | Washington Federal Central Bank of Sri Lanka | Colombo Stock Exchange |

Know more about GLOBODOX’s features & pricing, or take a 30-day free trial on

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