It is the subsidiary in the UK that has taken on the mission to convert their 120-employed subsidiary in to a paperless office, not immediately, but by completing a step-by-step plan, converting first one department to a new work process and then the next. It is the most viable solution in order not to put reliability, integrity, security and confidentiality at risk as these are four important attribute of the company and reflect the bank’s image as a whole.
The bank divides its activities into three main areas: one office dealing with HNWI on a personal level, one for banking and corporate accounts, leaving one office to only handle investment portfolios.
As a result, a main file for each customer is kept. However, many other files are necessary on one single person as documents come in for filing in various departments. Basically, the information collected on these individuals are crossdepartmental. For example, the customer’s due diligence mandates are kept by the private banking department’s office, while the corporate banking department has files on the same customer’s corporate loans in their office.
There are several different departments such as the data maintenance unit and the records department that manage internal operations and support the banking employees. Hundreds of transaction records are filed away, many of which are only looked at once and then filed away and only pulled out years later in order to resolve disputes or similar discrepancies. The UK government regulations require that transactional records are kept for 7 years. Even transaction recording details of the customer’s banking details from different bank locations anywhere in the world have to be kept for up to a minimum 5 years.
The infrastructure is based on a Windows network and two primary banking systems are being used: GLOBUS and Optic. Naturally, DocuWare would have had to be able to integrate into these. It was also important that the solution would be fairly easy to customize to Butterfield’s fling requirements, but, the primary objective was to reduce the huge amount of paperwork created each day and to break even within a year by calculating the amount of paper purchased and stored within a year.
The secondary objective was and still is, to get each department involved on a step by step basis, choosing a small group of customers first, firstly email correspondence, then banking transactions, then moving on to different departments.
“Not all were convinced that a bank could function on storing documents electronically only,” Greg Wilson, Head of Records Management at Butterfield Private Bank, “some people just don’t like change.”