Financial ServicesFinancial Services

The financial services industry has seen large technology-led changes over the last few years. With pressure from the smaller more agile start-ups, it is getting increasingly important for financial services to embrace digital technology to ensure they meet customers’ expectations. Influenced by other industries, customers are demanding better services, seamless multi-channel experience and value for money. This can be seen with the move towards cloud-based accounting and the growing automation of accounts production; the advent of online digital accounts from HMRC; and the growing need for accountants to move from being data producers to account consultants.

Coupled with almost continuous regulatory and legislative change, having digital workflows and back office systems enables the finance industry to track customer legacy records, improve future workflows, and increase efficiency while decreasing bottom line costs.

Restore understand the challenges facing the financial services industry, through our work with 78% of the top 50 UK accounting firms.

Services Offered

Digital mailroomsDigital Mailrooms

All inbound correspondence, post, email, fax, web etc, is pushed into one central system. Any hard copy documents are scanned, then categorised and tagged so that our software can automatically push the information to the correct people.

We worked with the FSA to provide a complete digital mailroom solution for handling its inbound communications for one million live and 500,000 new cases a year. In the first year alone, we processed 30 million sheets of inbound paper, and five million emails, as well as ten million of live case files.


Know-Your-CustomerKnow-Your-Customer and Anti-Money Laundering Checks

Restore can help you automate the data gathering process linked to know your customer and anti money laundering checks. Instead of data-collection tasks taking approximately 15 minutes, they can be completed in under 90 seconds. Not only are these investigations faster, but they reduce costs and the risk of regulatory non-compliance.

It is essential that firms can accurately identify their high-risk customers and segment them for closer monitoring. However, it’s important that this is completed in an efficient and cost-effective way.


Record and archive scanningScanning to Archive

There is still a requirement to store standard files, which are generally broken down into client files, on-going correspondence files, yearly account audit files, tax files, corporation tax files, personal tax files, HR and payroll. These archive files can be easily digitalised, and not only does this make retrieval easier; but it also aids GDPR compliance, as a full audit and gap analysis can be completed.

Retention & Disposal Guide

Type of Document Must be kept secure for

Copy of customer correspondence

3 years post sent/received date

Accident books

3 years from date of last entry

Invoices

6 years after audit

Personnel records (including directors' contracts)

7 years after employment ceases

Minutes of committees or board meetings (official copy)

The life of the organisation

Key benefits of digitalisation

  • Reduction in storage costs and space
  • Compliance and clear audit trails
  • Enhanced customer service as information can be accessed quicker
  • Data transparency and accuracy
  • Ease off access to records
  • Improved disaster recovery and data security
  • Reduced reliance on paper and associated environmental benefits

Find out more about how we help financial services go paperless

See how we can help you

Case Studies

Restore Digital Jardine Lloyd Thompson Case Study

Mitsui Sumitomo Insurance London Management Case Study

Financial Services Authority (FSA) Case Study

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