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ViewMyRecords Aug. 04, 2019

How can financial institutions identify the best document management system?

Online cloud document management system is gaining traction as organizations are realizing its potential. Big businesses have already swapped their bulky file cabinets for agile cloud storage systems. But cloud storage adoption has been extremely slow in the financial sector due to security and privacy fears. A recent study by Cloud Security Alliance found that in 61% of financial services companies were at the early stages of cloud adoption.

A prudent cloud strategy is essential for the financial sector with stringent compliance and privacy needs. There are many essential conditions that need to be fulfilled while identifying the right cloud document management system provider.

A good infrastructure

Financial enterprises are entrusting cloud document management system providers with critical data which should be safe and accessed on demand. It is imperative to choose a vendor who has strong financials and can provide cloud back-up infrastructure. Entrusting your data with a venture without solid financials is a strict no-no. Financial companies can look for third party accreditation like ISO 27001 which certifies that the vendor has met with international standards on information security management.

Secure with a robust encryption

A fool-proof security with personal key encryption is essential while considering a cloud storage provider. Cloud storage vendors such as ViewMyRecords provide access controls and fool-proof security with multiple levels of authentication, encryption and Bring Your Own Key (BYOK) encryption. They do not go through your data either.

Compliance with data formats

Financial organizations would frequently need their information to meet internal and external regulatory concerns. The data should be stored in specific formats that can meet all compliance-related concerns.

Easy on-demand access

The cloud document management system provider should dynamically respond to changes in service demands. The information stored should be accessed across geographical boundaries by multiple personnel. Financial entities can have an online repository of documents that can be accessed anytime to collaborate with clients and auditors. With online storage, businesses can support a highly mobile workforce through multiple devices. Rich in features that address user concerns over document storage, ViewMyRecords has powerful search engines and location tagging facilities that ensure efficient storage and retrieval of digital and physical copies of documents. Financial entities undertaking a green field storage or migration must have the right identifier and application updates for structured storage.

Transparent pricing model

https://cloudsecurityalliance.org/research/surveys/ Check for the pricing model offered by the cloud storage service provider. The service must be able to help you cut your costs on document storage infrastructure and maintenance. It must prove to be a scalable option that can guarantee higher returns.

Cloud document management system is a broad term and financial businesses must identify providers who can understand their specific needs and dynamically respond to a changing economic landscape.

In addition to document management system(DMS), View my records also provides cataloguing management and offsite physical storage as other key services.