8 reasons to modernize with a Content Services Platform

Executive summary

After 20 years of Enterprise Content Management (ECM), businesses still face many of the same challenges with finding and managing information. Today, financial services firms stand at an important fork in the road. In this guide, intended for transformation and IT leaders in banking and insurance, we will answer these questions and more:

1. Why hasn’t ECM been able to solve the problems it set forth to solve over two decades ago?
2. How can a platform-based approach better solve modern content challenges?
3. How can financial services firms minimize the risks of modernization and future-proof their infrastructure?

Two decades of ECM. What’s changed?

The more things change, the more they stay the same. That’s the problem with traditional Enterprise Content Management (ECM) systems: after two decades of monolithic software, the technology is reaching its limits — and businesses still have the information management problems they had 20 years ago.

In a 2019 survey (conducted independently by Censuswide for Nuxeo), over 500 respondents working in the financial services industry were interviewed. And several key patterns that indicate a systematic failure of traditional ECM to meet its goals were found:

• Many disconnected systems:

  While ECM was supposed to make information easier to find, respondents indicated that their organization now stores information in an average of nine systems. For 12% of respondents, information was stored on 16 or more systems. Nearly three quarters say these systems are disconnected from one another.

• Productivity challenges:

  System users who need to access information as part of their job spend an average of just under an hour every work day searching for what they need. That’s like wasting 30 work days every year, for every employee — meaning that banks and insurers are spending hundreds of millions of dollars on this problem.

• Compliance complexity:

  Regulatory controls over data have added to the complex problem of storing and accessing information. 67 percent of respondents indicated that increased regulation was hampering their day-to-day work.

Companies using ECM are facing the same challenges they did 20 years ago, before ECM — but on a grander scale, with more types of content. Something needs to change.

Now, a new generation of platform-based technology can tackle these challenges with a new approach.

Download the whitepaper to continue reading.