The Association for Financial Professionals Annual Conference that runs Sunday through Wednesday in Miami Beach is promising attendees best practices, new technology and industry trends. Systemware will be talking about all three as we highlight cloud-based ECM, medical banking and digital mail at the annual gathering of treasury and finance professionals.
Alan Beaney and I will be in Booth 2014 as attendees meet at the Miami Beach Convention Center to discuss industry trends, share technology solutions and network with their peers. Nearby will be Zumbox, one of our partners in digital mail.
Increasing calls for cloud-based ECM
Systemware is well versed in ECM for financial institutions. We have a long track record of helping them electronically capture, index, manage and deliver a wide range of information types, including statements, reports, scanned forms, email, loan documents, financial reports and customer correspondence. These days we see more and more small and medium-sized institutions looking for cloud-based ECM delivered more economically using the SaaS model. And a number of our treasury customers have expressed interest in the potential of offering these same content and document management systems as an additional service to their banking clients.
Naturally, they have questions about security, data confidentiality and regulatory compliance. Our technology is built on a standards-based platform containing service-oriented architecture in a web services environment. The result is a content service that delivers a real-time platform for managing documents to meet regulatory and compliance requirements.
Opportunities in medical banking
The changes coming to our health care laws provide real opportunity for financial institutions to help their physician customers address some of their most pressing business challenges. An increasing number of physician groups and hospitals are relying on their banks to provide generalized lockbox services, and with the advent of health-care specific lockbox services, healthcare providers now can expect additional processing of items such as Explanation of Benefits (EOBs) and increased use of imaging and optical character recognition to lift remittance data from paper EOBs and checks.
Banks can also reconcile payments and the associated electronic remittance advice, closing a productivity and financial gap for their health-care-provider customers. Patient payments are another opportunity. Patient payments represent some 14% of all payments to providers and are expected to grow substantially as the new health care laws take effect.
A Gateway to Digital Mail
We expect there will be continued interest on the part of financial institutions in digital mail, which sharply lowers costs by encouraging print suppression while giving their customers all the convenience of email without its security concerns. Company officials have been stunned to learn about print suppression rates after the second billing cycle of 35 percent to 50 percent. Pressure on company web sites is reduced; and, perhaps most significantly, businesses have another channel for interaction with their customers.
Still, corporations need a seamless integration with all the digital mail providers to overcome their various challenges. The Systemware Digital Mail Gateway captures and then transforms raw print streams of bills, statements, EOBs and other customer communications into an exact copy of the paper notice. They are then packaged and delivered in encoded and encrypted files to consumers through their digital mail provider of choice.
Digital mail, medical banking and cloud-based ECM should make for a busy few days in Miami Beach.