Identifying Potential Sources of Preventable Loss
Credit unions have a duty to protect their members’ sensitive data. Recent findings, however, show that 76% of credit unions—more than three out of four—still rely on paper and antiquated, poorly secured, and inefficient document management systems to manage critical information. (The State of Enterprise Content Management in Credit Unions, 2013).
As a storage medium, paper is inherently unreliable and carries with it risks of misfiling, loss, damage, theft, and accidental destruction. Multiple incidences of both small-scale and large-scale paper-based data losses cited in this white paper illustrate the exposure that credit unions and their members face when relying mostly, or even partly, on paper. And losses are not limited to the data itself, but include damage to the credit union’s reputation and the hard costs of fixing a breach. Such risks can only be mitigated by an enterprise content management (ECM) solution that adheres to industry-proven best practices.
Consumers now have higher standards around what their financial institutions should do to proactively secure their information. Making reparations after the fact, such as card replacements and identity theft protection, is expensive. The importance of securing member data makes it a priority requiring attention at the highest executive level of every credit union.
This white paper explores the multiple risks to credit unions from continuing to rely on paper-based document storage and management.
Other White Papers
1. The Elusive Balance Between Member Services and Internal Dynamics
2. Disruption in Financial Services: Threats and Opportunities
3. Creating Value for Your Members
4. The True Cost of Teller Capture
5. Are You Prepared for a Data Breach?
6. Enterprise Content Management for Regulatory Compliance
7. The Future of Mobile Banking
8. Best Practices in Reducing Check Losses
9. In-House Item Processing