Monday, May 8, 2017

Game Changer for Credit Unions, Loan Servicers and the Banking Industry - ShareBase EFSS by Hyland

The Problem
In today’s loan origination climate, it is more competitive than ever for lenders - yet, the regulations and oversight have not at all eased for the financial institutions.  The ability to share content quickly originating from the commercial or retail consumer, lender, loan servicers, QA, or internal/external auditors, etc. is a growing need – as is the need to share it securely.  Using encrypted email as a means of sharing creates a number of hassles and challenges for all parties involved  and encrypted email doesn't work very well when it comes to the mass distribution and/or collection of data and documents.  SFTP (secured file transfer protocol) is an IT driven solution and again, for the layman, it isn't deemed the most user-friendly of options.

Typical internal IT infrastructure requirements and investments that are needed to provide document sharing capabilities include:
  • Storage Area Networks (SANS)
  • VM shells
  • Operating systems, hotfixes, patches, etc.
  • SFTP services
  • Firewall rule/ Encryption keys
  • Backups and Disaster Recovery Plans
  • And more...
Is there a better alternative to all this IT driven infrastructure, non-user friendly encrypted email and/or SFTP (secured FTP) available in the market that will meet the needs of the fiercely competitive lending market without comprising security while satisfying the internal and external regulatory and compliance mandates?

Practical and Affordable Relief
Banks, Credit Unions and Loan Servicers, can now consider a viable alternative available in the marketplace that offers secure, bi-directional file sharing in the Cloud providing 24 x 7 access for their commercial and retail customers.  And, they can achieve all of this new capability using a rapid application deployment approach that is unmatched in the industry while simultaneously freeing their internal IT staff from laborious, complex, infrastructure deployment hassles - typically fraught with lengthy, costly delays and oversight.

Document sharing in the loan origination marketplace many times originate with e-signature enabled PDF documents (available from DocuSign) such as the Initial Truth in Lending Disclosure process.  However, document sharing does not stop at the disclosure; it further extends to the loan funding, post-closing, trailing documents, HMDA reporting processes and beyond.  With the emergence of EFSS (Enterprise File Sync and Share) products such as ShareBase by Hyland, all of these document types and more – which can originate from various sources, at different points of time, containing PII (personal identifiable information); - can now all be easily and securely shared outside of the lending institution’s firewall.  Email becomes simply the notification tool directing the recipient where the content can be accessed securely in the Cloud.

ShareBase is hosted in a purpose built, private cloud specifically designed for content management in Hyland's data centers that are strategically located across the globe. Your organization will know exactly which region and datacenter your content is located and where it is also backed up.  Because ShareBase is hosted in a purpose built, private cloud, you can be assured your organization’s data will never be co-mingled with other client data and that it is protected with an encryption key that is unique to your organization.   

Employee turnover can create a challenge as well for organizations - especially when content has been shared outside of the organization.  When using ShareBase, your organization retains control of all content being shared.  That means your organization can easily transfer ownership of shared folders when employees change roles and easily revoke rights when employees leave the organization.   Active Directory integration is available as well.   

Integrating your existing internal business workflow process with the ShareBase cloud is generally a breeze.  ShareBase offers a RESTapi that allows third party applications such as CAPSYS CAPTURE to directly provision populate, assign security rights, etc. to folders and documents in the ShareBase EFSS cloud.  Folder and document names are set using index values created during the capture process and through automation processes such as barcode processing or web DB lookups thus, become dynamically generated and subsequently are passed along through the RESTapi.  Our development team found this integration process to come together quite nicely in a very reasonable period of time.  The RESTapi services for ShareBase from Hyland are well documented.  The RESTapi integration with CAPSYS allows firms like ours to share documents without the need for the traditional, core OnBase offerings - automatically and according to business rules defined in our capture workflow process.  In the world of mortgage processing, the concept of trailing documents are a common challenge and getting that content properly captured, classified, indexed and quickly moved to corresponding EFSS folders quickly is a must and CAPSYS CAPTURE’s collection of extract, transform and load technologies coupled with ShareBase fulfills those needs.

Hyland also offers “ShareBase Interaction with OnBase” which provides previously developed and mature internal workflow processes used to underwrite paperless loans that can automatically provision secured and trackable EFSS (Electronic File Sync and Share) folders with necessary disclosure and loan documents that adhere to the credit union/bank loan origination process.  Actions such as creating the folder, populating the folder, setting access rights, including moving disclosure and loan documents outside of the bank’s brick and mortar to the secured cloud, notifying appropriate parties through email that the loan portfolio is available for their review and signature are all now entirely possible with ShareBase Interaction with OnBase.  

Read about how ShareBase from Hyland was deployed to solve real world external sharing challenges with their credit union partners while relieving some IT stress and simultaneously supporting compliance mandates by clicking here.

Document sharing is a two way street.  Retail or commercial customers can quickly add their own collection of documents to the initial loan package such as W2’s, Tax Returns, Employment Verification, etc.   Commercial customers could add quarterly statements, personal financial statements, year-end personal and corporate tax returns and upon submission of those documents. ShareBase Interaction with OnBase can monitor a folder for new incoming document additions, triggering an ingestion process to kick into gear and route those newly submitted documents into the Credit Union or Bank’s workflow and capture process for continued downstream processing.  The net result is you have a fully functional, bi-directional, safer and more secure alternative to sending documents through email systems or consumer grade, public cloud file sync and share services.

Some of the other noteworthy benefits of ShareBase that are noteworthy to mention include:
  • Easily transfer ownership of shared folders when users change roles and easily revoke rights when users leave
  • Provides an audit trail to see who has accessed what and when
  • Retain control over what documents get published outside of the organization
  • Very affordable, unlimited amount of storage, no storage fees
  • File sizes and file types are unrestricted
  • No software or licenses needed for recipient / external access
  • Licensed users can obtain a mobile version that allows your mobile device to not only browse and view folders and documents, but also contribute content from your mobile device such as documents, pictures, videos, etc.
    In summary, if you desire end-to-end, industrial strength EFSS that can be integrated with existing systems using RESTapi services, while providing a comprehensive bread crumb trail, well you got it with ShareBase.  Questions or comments? Feel free to drop me a note below!

    Best,

    Paul