FVCbank
Virginia Bank Yields Digital Transformation with M-Files
Highlights
- Bank examiner file prep time reduced from days to hours
- Customers and auditors gain instant access to loan files from any device
- Staff share documents with customers in seconds, not days
Use Case
Compliance Management
Issue and Claim Management
Process Management
Industry
Financial Services
Country
United States
Company Introduction
Founded in 2007, FVCbank focuses on helping the local business community across Virginia, Maryland, and the Washington D.C. area to not only provide traditional banking products, but also help people achieve their financial goals.
"FVCbank is also unique—we believe in the triangle, if you will: We have to take care of not just the shareholder and not just the customer, but also the employee," Executive Vice President and Chief Operating Officer Todd Dempsey said.
"And by using that concept of building on our workforce, we're able to use both human resources as well as technological resources to advance into what we believe is the future of banking."
FVCbank looked to jumpstart digital transformation at its root—with its document management system.
Key Challenges Before M-Files
However, technological transformation for customers, and employees doesn’t happen with the snap of a finger. For years, FVCbank has relied on paper documents and manual workflow tasks. In fact, as the bank grew more successful so did the complexity of its document storage and processing needs, especially in the loans department.
In addition, since banks face a number of audits across various state and federal agencies, knowledge workers had to haul out numerous boxes with every audit visit, organize them for the audit, and re-box them to return to storage, wasting valuable hours that could better be spent on high-value work.
"We had a lot of paper and a lot of boxes… There's probably three or four of us pulling files and [after audits] putting them together and boxing them up again," Lisa M. Craze, SVP Loan Documentation & Admin said.
"We needed to find a way to make the process easier. We needed to find a way to eliminate all of the manual intervention," Michael G. Nassy, Executive Vice President and Chief Credit Officer said. "We also needed to find a way to eliminate the need for physical file space every six months."
Todd introduced Michael's team to M-Files partner ImageX to set up a document management and workflow automation solution.
The M-Files Solution
By deploying an end-to-end document management platform that scans, digitizes, and automates information management, M-Files creates a new way to automate manual workflows for FVCbank as well as implementing a unified document sharing platform that can be used by banking regulators, loan customers, and team members.
"Now instead of sending us paper—instead of making a copy of a 110-page tax return—a client can just ask their accountant to flip it over to us electronically," Todd said.
"So, we can take an electronic copy and put it right into their file. It makes it much easier for the client to deal with. Plus, when we're looking for a document, it makes it easier for us to find it. I don't have to go looking to see who's got the credit file. Does the loan officer have it? Does the credit analyst?"
By controlling document access and permissions with M-Files, FVCbank maintains control of who can edit or only view a file. They can easily share and collaborate on documents with outside parties without emailing copies of documents.
When bank examiners request specific files, they receive a read-only access to a document vault with all the information they need. "They can go in and choose any one of those loans and they can go in and look for themselves. We don't have to pull a single document," Michael said, adding that the same permissions system works for external loan reviews. "They're sitting in Richmond, VA, and they can do an external loan review online without ever touching foot in this bank."
With M-Files, the FVCbank loan team can automate document access rules, granting access to documents based on defined rules and ensuring that information is kept confidential and secure. Workers never worry about sensitive information being stored in the wrong folder ever again.
Since every action taken within M-Files is logged, Michael and his team can rest assured that compliance processes are being followed and audit trails are easy to create.
"[Examiners] can go in and choose any one of those loans and they can go in and look for themselves. We don't have to pull a single document. They're sitting in Richmond, VA, and they can do an external loan review online without ever touching foot in this bank."
Michael G. Nassy, Executive Vice President and Chief Credit Officer
The Results
“[During the last audit] the employees were so complimentary how they didn’t have any trouble finding anything. You’re going in for a loan agreement and identify it right there as a loan agreement. Super easy. I have had no issues with people internally using it.”
Lisa M. Craze, SVP Loan Documentation & Admin
Before M-Files, Todd, Lisa, and Michael estimated preparations for visits by examiners—locating boxes of paper files, collating the necessary documents, and re-storing the files could take up to ten workdays. After implementing M-Files, they estimated that, at most, a worker may spend less than two hours preparing for an examiner review. All the time saved can be devoted to value creating work. And that same time savings applies to customer service. "What would take [workers] hours, maybe days, to get back with a customer now takes minutes or even seconds to just open up M-Files, find the right document, and right-click 'send,'" Michael said.
"[During the last audit] the employees were so complimentary on how they didn't have any trouble finding anything. You're going in for a loan agreement and identify it right there as a loan agreement. Super easy. I have had no issues with people internally using it," Lisa said.
Todd adds that using a cloud solution also reduces worries about file duplication or loss and promotes seamless collaboration:
"I don't just have [files] stuck sitting in my servers. I don't have to back it up. It is more efficient and as we continue to encourage our users to utilize M-Files as a central repository, I have less duplication…you can have multiple users accessing the information simultaneously."
"M-Files has improved the capacity. I don't have to sit there and wait for [a colleague] to be done with the file before I can get to it, and when I'm asking a client to send me information, all they have to do is call their accountant and say, 'Would you do me a favor and send this over to Todd via this secure access point?'"
Partner
ImageX
ImageX is a woman minority-owned small business in Reston, Virginia that provides secure information management solutions to the federal government, the healthcare industry, and businesses alike.
With over 30 years of expertise, imageX streamlines record organization and retrieval by offering document management software (M-Files), secure document scanning, scanning hardware and hardware maintenance. ImageX remains dedicated to fulfilling the information management needs of its clients. By delivering exceptional services and innovative solutions that align with industry best practices, imageX consistently addresses the evolving demands of modern businesses. Organizations can rely on imageX as their trusted partner that adheres to the highest standards of excellence.
Contact
ImageX
+1 703 883 2500
Why M-Files?
M-Files is the leading platform for knowledge work automation. With the M-Files platform, knowledge workers can find information faster, work smarter, and achieve more. M-Files features an innovative metadata-driven architecture, embedded workflow engine, and advanced artificial intelligence. This enables customers to eliminate information chaos, improve process efficiency, and automate security and compliance.