How to Build an Effective Digital Transaction Management Platform

How to Build an Effective Digital Transaction Management Platform

More and more large enterprises are supporting digital transaction management initiatives. To be successful with such initiatives, here is what they need to do.

What Does Good DTM Look Like?

Success here requires more than secure, trustworthy e-signatures and the electronic signing ceremony workflow. It requires the ability to streamline the entire business process, and create, assemble and deliver information and digital documents into and out of key applications, repositories and e-vaults. Process intelligence and visibility are also necessary to ensure compliance, reduce risk and enhance efficiency, while information integration speeds and streamlines transactions.

Digitize Information at the Point of Origin

This is required to eliminate the need to handle paper and manual input. Organizations today receive information from different types of sources in various formats and mediums. Information captured via mobile devices, scanners or multifunctional printers, Web portals, fax or email should be digitized, no matter the original medium. Automatic classification, separation, content extraction and validation of structured and unstructured information will speed the accurate execution of downstream processes.

Incorporate Workflow Automation

This streamlines the entire digital business process, not just the signing ceremony. Electronic signature solutions include simple workflow capabilities, but these are limited to a few steps specific to the signing ceremony. A signing ceremony is merely a subset of the overall process. DTM needs to be able to streamline the entire end-to-end business process, and business users and process designers should be able to easily integrate it into smart process applications.

Use Information Integration Capabilities

This will speed, streamline, validate and enrich digital transactions. Information integration automates human interactions with Websites, portals and information cloud services to streamline customer interaction, gain valuable customer knowledge and improve customer experience. Connecting systems of record with systems of engagement informs employees more quickly and allows them to be more agile in decision making. By automatically extracting data and content from any source and turning it into meaningful information for driving insight and customer understanding, businesses can promptly and effectively respond to customers instead of just executing a transaction.

Manage Creation, Assembly and Delivery of Documents

Managing all docs into and out of key applications and processes is important. According to Forrester Research, as customer experience becomes a core aspect of competitive strategy, pressure builds to deliver a consistent and continuous customer experience for every channel and stage in the customer life cycle. Interactive statements, statement presentment for mobile payments, and mobile content creation are examples that support omni-channel goals. Digital communications to customers throughout the entire business process enables better control, quality and compliance, while delivering a better customer experience.

Obtain Secure, Trustworthy E-Signatures

You need this function to meet international regulatory requirements. It is not enough that a document be signed electronically and digitally; it is critical that unique signature biometrics be captured so the signer can’t repudiate it later. Automating high-value transactions requires a high level of assurance that an electronically signed document was not tampered with post-signing. Digital signatures should be applied to each individual signature, to each document and to the overall signing package or envelope. An audit trail must be accessible in the document to verify and provide proof that a legally binding transaction took place.

Offer Flexibility for Multichannel Customer Interaction Anytime, Anywhere

Meeting customers wherever they are in their preferred way is essential to be truly digital. Do they want to interact via a Website, their mobile device, email, SMS, fax or phone call? Do they prefer to conduct business in a branch, from the comfort of their own home or on the go? Make it convenient for customers to connect throughout their daily lives.

Integrate with Enterprise Content Management

This means integrating with repositories and secure e-vaults, whatever form they may take (cloud or on-premises). Upon completion, electronic assets must be stored. The ability to manage and verify secure, legally compliant electronic assets is critical.

Include Process Intelligence and Visibility

This is to ensure compliance, reduce risk and enhance operational efficiency. The use of analytics to gain insight about the quality and effectiveness of business processes allows organizations to quickly and accurately discover and address critical issues that, left unchecked, would lead to operational problems or missed opportunities. By monitoring the operational aspects of your processes, organizations are in the driver seat for ensuring compliance, eliminating risk, and providing a consistent and positive customer experience.