What’s the cost of information overwhelm?

Hapax recently commissioned a survey of hundreds of financial services professionals at small to mid-sized institutions across the United States to better understand the document-related challenges they’re currently facing. The findings showed critical levels of documentation overload.

As it stands today, bankers are struggling to access the information they need to meet client expectations. But  make no mistake - this information does exist; it’s just buried under mountains of other materials, and tracking it down leads to inefficiencies and employee frustration.

Too much information

Building lasting relationships is arguably the most important part of a banker’s job, but this can only happen when they have immediate access to the knowledge they need to be a reliable resource.

More than half (57%) of respondents to the Documentation Dilemma Report told researchers they feel overwhelmed by the amount of information they must look through in order to locate what they need. The majority called this process cumbersome (78%) and unnecessarily complex (61%).

For a better understanding of the sheer volume of material bankers must sort through on a daily basis, here’s a snapshot of the types of documents they need access to in order to perform their jobs:

• Internal processes and procedures of the bank
• Risk management policies and protocols
• Legal documentation related to financial transactions
• Training materials and resources
• State regulations
• Industry standards and best practices
• Compliance guidelines from regulatory bodies
• Federal regulations
• Economic forecasts and market trends
  

That’s a lot to sift through - it’s no surprise bankers are feeling overwhelmed!

Service takes a hit

When information isn’t easily accessible, bankers can’t deliver the experiences their clients crave. In fact, respondents believe a lack of access to information can lead to decreased customer trust (33%) and security (31%). What’s more, 62% reported that time-consuming document tasks impede their ability to serve their community and build deeper relationships with their clients.

This should be a major cause for concern in a climate where personalized service is in high demand. As the financial world becomes increasingly digitized, clients are hungry for meaningful, human connections with bankers they trust.

Financial services employees need instant access to relevant information in order to perform their jobs with confidence. When their time isn’t spent scrambling to track things down, they can focus their energy on nurturing and strengthening client relationships.

Want to learn more about what’s holding bankers back from the human side of their job? Download the full Documentation Dilemma Report today.