Punjab and Maharashtra Co-Operative Bank (PMC) is a multi-state scheduled bank which has been amongst the top 10 Co-operative banks in the country and operates in the states of Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. It has around 130 branches acrosss the country and has been front runner in disburing loans for Home, Education and Vehicle sectors.
Like many other banks PMC too faced problems of managing the documents that were submitted by customers taking loans. It was an ardous task maintaining documentions, which were required to be kept for periods ranging from 1 year to 20 years, depending on the loan tenure. These documents made physical storage difficult and required them to rent or buy out space for the same in one central location, thus increasing the overheads. Also, since many documents were required to be referred to at regular intervals or when asked for, not only would there be many copies in circulaion, which was again an overhead, but there were chances of documents being lost or misplaced. Further, they were not able to answer customers queries in time which resulted in lower customer satisfaction.
As soon as the Maximus Document Management System (DMS) was implemented, the bank saw tangible benefits like reduced turnaround time on queries. They now need not worry about securing a copy of the agreements or any supporting documents as they were now digitally stored with role and rights based access. Moreover, they had control over what was visible and to whom. They could configure certin types of documents to be visible to certain people and with no rights to disseminate it further, without explicit permission.