Free Trial

Why is email management important for Financial Services firms?

Mail Manager 11 May, 2020

Risk and regulation compliance are even more important to Financial Services organisations than those in most other industries. But employees’ everyday email and document management practices could be putting those pillars of security under threat.

Businesses in the financial world are faced with an ever-increasing number of regulations they must comply with. MiFID II is changing their security requirements, Basel IV requires fundamental business change, GDPR requires businesses to be more aware of how they handle data than ever. Yet these are just a handful of the key legislations that organisations must now comply with.

In the face of this, the smartest businesses no longer see these regulations as a mere tick-box exercise that helps them to mitigate risk and manage their regulatory agenda. Instead, they see dealing with risk and regulation as an opportunity to innovate and drive profitability.

Indeed, they now look to software that helps them to be more productive and helps employees to work as effectively as possible. And helping them to better manage their documents plays a key role in delivering this.

Why email matters for Financial Services firms

Losing emails may seem a trivial issue, it happens all the time with people managing accounts that are overloaded with masses of incoming and outgoing correspondence. But considering the information that’s included in email correspondence, having a handle on this information can often be business-critical.

Email remains the most widely used source of communication and collaboration for people working on projects. For example, 80% of people use email for more than 70% of their project correspondence, according to our recent research. 55% of those respondents told us they use email for at least 80% of their project communication.

But it’s not just active project correspondence that sees the importance of email come to the fore. The communication tool is also vital to helping businesses source agreed on project information and deliverables or scopes of work when chasing payments. In this situation, it’s vital that they know where the information is located and are able to access it quickly.

Therefore, not having a good handle on email and document management can see firms left open to financial risk, cyber threats and reputational damage. To counter this, they need to ensure that staff can manage the amount of email correspondence they receive, ensure project information is consistently filed into the correct location and is easily discoverable by anyone who requires access to it.

To do this, financial services require software that simplifies and automates email and document management and ensures that information doesn’t become locked away in individual inboxes.

Financial Services’ email management solution

Mail Manager is specifically designed to tackle the email and document management issues that Financial Services are experiencing. The Outlook plugin tool uses Artificial Intelligence and learns employees’ filing habits to automate the filing of emails into the most appropriate location. Emails are then securely stored in a centralized folder, which reduces inbox storage space and increases collaboration between teams.

This ensures that anyone that needs access to project information is able to find it in just a few seconds and provides peace of mind that important documents won’t be lost.

Here are four key areas in which Mail Manager can make a major difference for financial services:

Cybersecurity: Emails are automatically saved and securely filed away from the email server. This not only helps businesses to become better organised but ensures they protect sensitive information from hackers.

Privacy: By taking control of their document management, organizations are able to better manage who has access to which email folders. This means they retain greater control of corporate information.

Shadow IT: Mail Manager prevents employees from stealing data and ensures emails don’t get locked away in inboxes when a person leaves the company.

Regulation: Financial Services can avoid the risk of fines and reputation damage by ensuring meet FCA regulations with the guarantee of better audit trails.

Document management is key to regulation

Faced with a landscape comprising of multiple rules and regulations on how they handle their data, it’s vital for businesses to look for tools that help them with managing their documents. Software can now help them ensure that all project correspondence is stored in the most appropriate location, which can be easily and securely accessed by everyone that needs.

Mail Manager is an invaluable resource for even businesses bound by the strictest of regulations to take better control of how they store and manage their emails. It also helps them to ensure that all information is accessible as and when employees need it and enables them to keep better auditing trails for any legal requirements.

Get a free 30-day Mail Manager trial to see how you can quickly manage your emails better.

Try Mail Manager