Document Management Systems are software solutions designed to manage all types of documents, images, records and other essential business and financial information. While document management systems can vary in their purpose, features and amount of data storage, it’s important for banks to select the software solution that best fits the overall goals and strategies of the business. A bank’s document management system provides a highly effective way to manage all of the most important documents in one central location which helps reduce costs and improve efficiency.
Best Document Management Software for Banks
Complinity
A document management system for the banking sector is called Complinity. Startups, SMEs, agencies, and businesses can all use this document management system. It offers fundamental capabilities including case management, document management, and audit trails.
dMACQ DMS
A document management system for the banking sector is called Complinity. Startups, SMEs, agencies, and businesses can all use this document management system. It offers fundamental capabilities including case management, document management, and audit trails.
eFileCabinet Document
The audit trail, document management, and auditing for the banking industry are only a few of the features included in this document management system. Yearly payment options are available from eFileCabinet.
LogicalDOC
Software called LogicalDOC is used by all banking-related firms. This document management solution is available for purchase with yearly, one-time (perpetual license), and free trial options.
FileHold
FileHold is a document management system based in the cloud that is appropriate for the banking sector. This solution provides a wide range of capabilities, such as Document Management, Audit Trail, and Search Options.
PracticeLeague
The banking industry is the target market for this Any DMS software. Basic modules like Audit Trail, Document Management, Task Management, and others are available.
E-Securus DMS
A document management system ideal for startups, SMEs, agencies, and businesses in the banking sector is called E-Securus DMS. This software offers customization and supports the English language.
CannyDocs
A document management system ideal for startups, SMEs, agencies, and businesses in the banking sector is called E-Securus DMS. This software offers customization and supports the English language.
Document360
Cloud-based document management tool Document360 is ideal for startups, SMEs, agencies, and businesses in the banking sector. Asset management, audit trails, case management, and other features are important ones.
nuxeo
The banking industry uses nuxeo as a document management solution. Enterprises are able to use this document management software. It offers essential features like Case Management, Cloud Computing, and Audit Trail.
greytHR
A DMS program called greytHR is accessible through Web App platforms. Additionally, this banking sector software offers mobile compatibility for IOS and Android devices.
ShareDocs Enterpriser
This document management system offers a number of features like an audit trail, search options, and banking industry auditing. Payment options for ShareDocs Enterpriser include monthly, annual, and one-time (perpetual license) payments.
Kizeo Forms
Kizeo Forms is a piece of software that supports all banking-related enterprises. This document management solution is available for purchase with monthly and annual payment plans, as well as a free trial. View reviews of Kizeo Forms.
List of Document Management Systems
DocuWare
Overview: One of the top providers of document and content management systems, DocuWare was formed in 1988. (as of 2021). Major corporations including IKEA and Sony utilize it, and it is available in 16 different languages.
DocuWare offers automated workflow and digital document management solutions. It works well for businesses of any size in all significant sectors, including manufacturing, retail, healthcare, and government.
Key features:
- Operates on Windows desktops, web browsers, or iOS/Android mobile apps.
- Offers training in person and remotely, with customer support available during regular business hours.
- Provides collaboration tools, compliance tracking, and eSignature.
- Offers features for document archiving, assembly, indexing, and retention.
- Offers optical character recognition (OCR), file recovery, version control, and offline access.
- Enables integration with over 500 different applications.
Pros: The user interface is easy on the eyes, intuitive, and user-friendly. The tool has an effective drag and drop functionality, and users can perform multiple tasks in multiple documents without leaving the main console.
Rating: 4.4 out of 5 on G2.
Price: DocuWare offers a free trial. Its basic plan provides four users with 20GB of storage for $300 a month.
Dropbox Business
Dropbox is a platform for collaboration and cloud-based file storage created for the modern workplace to lessen busywork so you can concentrate on the things that matter. Dropbox Business enables limitless business growth while giving you total control over user behavior and sensitive company data.
Dropbox Business is best suited for collaboration across a team of users.
Key features:
- Operates on Windows/Mac desktops as well as web-browsers, iOS, and Android apps.
- Provides live training with 24/7 support with live representatives.
- Offers collaboration tools, eSignature, version control, and compliance tracking.
- Offers features for document archiving, assembly, indexing, and retention.
- Offers file recovery, file type conversion, offline access.
- Enables administration with user and role management.
Pros: Dropbox Business provides a good amount of storage space for a business entity. It is a great collaboration tool for our team. Working on common projects, revising documents, and creating system backups can all be done with ease.
Rating: 4.3 out of 5 on G2.
Price: A free trial is available. The Standard plan is $12.50 per month per user (starting at five users). For full access to more sophisticated features and unlimited storage, purchase the Advanced plan at $20 per month per user.
eFileCabinet
Overview: On a single platform, eFileCabinet offers companies intelligent organizing, workflow automation, secure file-sharing, and eSignature requests.
This tool is ideal for content management of businesses of all sizes across industries, including accounting, construction, real estate, manufacturing, and healthcare.
Key features:
- Offers a cloud-based and on-premise platform.
- Operates on Mac and Windows, iOS, and Android mobile apps.
- Provides features for managing workflows, OCR, secure file-sharing, email importing, and eSignature.
- Allows file type conversion, version control, file recovery, and document archiving.
- Offers in-person and remote training along with 24/7 support.
Pros: Offers on-premise and cloud options, giving customers the flexibility to choose the best plan for their business.
Rating: 4.4 out of 5 on G2.
Price: eFileCabinet offers three subscription tiers:
- Advantage: The Advantage tier is priced at $55 per user per month (billed annually). It requires a minimum of three users.
- Business: The Business tier costs $99 per user per month (billed annually).
- Unlimited: The Unlimited tier costs $199 per user per month (billed annually).
Google Drive
Overview: Anyone with a Google account can access Google Drive, a cloud-based DMS. It makes it simple to save, sync, and share files.
This tool is best suited for teams collaboratively working on real-time projects. Shareability and real-time editing features of Google Drive take professional collaboration to the next level.
Key features:
- Provides extensive storage for many file types.
- Enables integration with other Google products and outside apps and files.
- Offers Search function to find documents by file type or by name.
- Allows file conversion, file editing history, document back-up to the cloud for easy synchronization across devices and easy recovery.
- Offers easy file sharing with external members through like sharing and email.
- Offers offline capabilities for selected files and accounts.
Pros: Due to its intuitive UI, Google Drive aces it when it comes to usability. Its efficient built-in search engine is a highlight, allowing users to search files by type and owner.
Rating: 4.7 out of 5 on G2.
Price: Free, single users are given 15GB of storage, and they can pay for more storage (billed by month). GSuite subscriptions include 30GB with the Basic Plan at $6 per user per month for those looking to implement it in a business setting. The Business plan, which is the most popular one, offers unlimited cloud storage for $12 per user per month.
Laserfiche
Overview: Laserfiche offers automated business processes and intelligent document management. By using effective workflows, electronic forms, document management, and analytics, it eliminates manual processes and automates repetitive tasks, speeding up corporate operations.
Laserfiche platform is suitable for content management of businesses of all sizes in industries such as accounting, construction, education, real estate, manufacturing, and healthcare.
Key features:
- Operates on Windows, iOS/Android apps, and web-based access.
- Offers collaboration tools, eSignature, and compliance tracking.
- Offers features for document archiving, indexing, retention, version control, and offline access
- Offers file recovery and file type conversion.
- Provides business process management, workflow management, and enterprise content management features.
Pros: Laserfiche boosts efficiency with automation, optimizing the application process, simplifying case management, and eliminating paperwork for employee onboarding. Laserfiche makes it easy to create, store, and send digital documents within the business, speeding up correspondence and making it easy to make data-driven decisions since all the information is in one place.
Rating: 4.6 out of 5 on G2.
Price: The product uses a subscription-based model for $50 per month.
Editorial comments: Laserfiche seems more expensive than other solutions and does not provide document assembly
LogicalDOC
By emphasizing quick document retrieval and business process automation, LogicalDOC seeks to assist enterprises in taking control of their document management.
Because of its adaptability, LogicalDOC is best suited for small, medium, and large businesses, such as banks, healthcare facilities, mechanical industries, and medium-sized towns.
Key features:
- Operates on web-browsers, iOS, and Android App with a multilingual interface.
- Provides multilingual full-text indexing, version control, document password protection.
- Allows document search, check-in/check-out function, annotations, internal messaging, and email sharing.
- Enables modifications under specific functions.
Pros: LogicalDOC is a very intuitive tool for planning, executing, and managing business projects.
Rating: 3.5 out of 5 on G2.
Price: LogicalDOC Community is free, open-source software. There are larger packages available with consultation. Check LogicalDOC’s website for more.
Editorial comments: The free, open-source software, while being a cost-effective option, lacks some safety and document recovery features. These are available with paid licenses.
M-Files
A next-generation intelligent information management platform from M-Files helps individuals access and use information more efficiently, which boosts corporate performance. M-Files unites systems, data, and content throughout the organization without interfering with current systems and processes or necessitating data migration, in contrast to standard enterprise content management (ECM) solutions or content services platforms.
M-Files is suitable for small to mid-sized businesses that lean heavily on paper-based processes. Their packaging is unique. Customers can choose which features they want and can opt-out of others, making it both flexible and cost-efficient.
Key features:
- Enables customization with other features available for purchase and bundling.
- Offers offline access, file recovery, file type conversion, version control.
- Provides OCR features for more complete search capabilities.
- Offers collaboration tools, automated workflow, compliance tracking, eSignature.
- Offers features for document archiving, assembly, indexing, and retention.
- Provides access and control permission tools.
Online document management tool Folderit is appropriate for both personal and professional use. The advanced search function in Folderit is a special feature that makes it easy to locate all the required files.
Utilizing three access levels, the electronic document management system enables you to share files, folders, and even accounts (Previewer, Viewer, Editor). Additionally, you can make a user group and share the papers with everyone in it at once. You may view a history of each activity any team member has made on a file using the Audit Trail function.
It is feasible to upload updated versions of a file while keeping older versions of the file and its associated information. Additionally, you may access all of your files stored in Folderit from any device and retrieve your document with only one click.
Best Document Management Software
Rubex
Rubex by eFileCabinet Online is a cloud-based service that gives remote workers the same capability that they would have in the office when they log in from any computer with internet connection. In fact, we’ve already named Rubex by eFileCabinet as the top document management solution for companies that employ remote workers. It features a smart mobile app that allows access to all of the files that are kept. The system offers a number of ways to search for documents and utilizes a conventional cabinet-folder file structure. There are three pricing tiers for Rubex by eFileCabinet Online, each with a different amount of storage and features.
Microsoft SharePoint
Microsoft SharePoint is a leader in the document management and collaboration space, and for good reason. Its comprehensive slate of features includes the ability to establish content hubs or organize archives by teams. It allows you to create custom metadata fields across all files stored in the system, making it easy to tailor the way you organize your documents to your business’s needs. It is especially convenient for businesses that already use other Microsoft products, such as Office 365.
SharePoint provides a scalable and adaptable platform for managing and organizing your documents as well as working together on their production and editing. But because it’s a complicated system with a steep learning curve, you can assume that your team will need training and some time to get used to it.
M-Files
A complete document management solution with an elegant and simple to use interface is M-Files. Numerous industries, including accounting, business consulting, building, engineering, energy, finance, manufacturing, professional services, and real estate, can benefit from it. Numerous capabilities in M-Files enable companies to automate workflow procedures, digitize huge amounts of physical paper, and manage documents with ease. It streamlines the storage and retrieval process, for instance, by providing version control and metadata suggestions. You may further expedite and streamline your document management processes by integrating it with Parashift, a deep-tech business that specializes in machine learning document retrieval. You can automatically process a wide variety of organized, semi-structured, and unstructured documents rather than manually classifying documents and reading data.
Three alternative service plans are provided by M-Files. We like that each one may be used on-premises, in the cloud, or in a hybrid system, allowing customers to select the kind of system that best suits their organization’s requirements and capabilities. You can be guaranteed that your document management system is current with each plan’s simple deployment and automatic updates. If you require more help, M-Files provides managed services, team training services, and rapid deployment packages. In addition, the business provides a wide range of online learning tools, including case studies, infographics, e-books, films, podcasts, and on-demand webinars.
VIENNA Advantage Community
Businesses can use VIENNA Advantage, an open-source, community-driven document management system, for nothing. Its user-friendly interface is intuitive to use and well-structured. It includes features for process automation to speed up tasks and secure document encryption. Additionally, it is expandable, enabling your company to expand with a free document management solution.
The technical hurdle with VIENNA Advantage is that you have to rely on the community of users to assist you set up the software and resolve any problems. VIENNA Advantage does not have a tech support staff, in contrast to commercial document management software.
Microsoft SharePoint
One of Microsoft’s top document management programs is called SharePoint. For companies of all sizes, it offers a complete and incredibly effective document solution. Not only does it interact with popular tools and apps, but it is also affordable, simple to use, and feature-rich.
Workflow management and sharing are its main focuses. It will be simple to travel around SharePoint for those who have used Microsoft Office 365. Each user has access to at least one TB of space and it is connected to OneDrive.
Sites that function as independent content libraries can be made. You could, for instance, designate a site for every project and every team. People are aware of the websites they can access for a certain project. In huge organizations where you must work on hundreds of projects at once, this keeps documents ordered.
Microsoft SharePoint also makes use of artificial intelligence, which analyzes the data of your company and generates insights that may be used to improve workflows, file searches, picture scanning, and other aspects of your organization.
Workspace by OnlyOffice
The versatile document management program OnlyOffice provides you with a wealth of productivity tools and resources. Its official document management program, Document Management, aims to swiftly and easily make your office paperless.
The nicest part about document management is how many helpful applications it comes with, which simplify sharing, collaboration, and document management. These are the characteristics that you don’t find with many document management systems; it supports a variety of file formats, including spreadsheets, text files, multimedia, and digital forms.
Permissions, teamwork, revision tracking, and concurrent, real-time document editing are all supported. Your files and documents are protected by AES-256 encryption in the private area.
The Workspace platform from OnlyOffice provides document management software in addition to other capabilities like email, CRM, projects, calendar, and more. All of these platforms will be available to you, making document management more potent than it would be with alternative options.
OpenKM
A free version of the open-source document management program OpenKM is available for companies. The free version is available for download; you can use it for your company. It provides all the capabilities found in the majority of document management systems available today.
The fact that OpenKM is free, web-based document management software is its strongest feature. Due to the fact that it is written in Java, you can employ a programmer to add more features as necessary. All the essential functions, such as document management, record management, workflows, task automation, and more, are included in the free open source version.
The fundamental features are completely covered by the free edition, but if you require more features and sophistication, you must upgrade to the professional version, which isn’t free. Therefore, you have two choices: either upgrade to the professional edition or have your IT team add more customized features internally.
Free Document Management Software
One of the few available open-source document management programs is OpenDocMan, which is a favorite among open-source programmers.
To categorize papers and make it simpler to search for a given document, you can add custom metadata-like tags. Additionally, it is possible to generate papers that will expire at a specific date and then be erased.
Due to its out-of-date design, the user interface would have looked better on Web 1.0. However, if you place more emphasis on utility than form, you won’t care as much about the platform’s appearance as long as it functions well.
Users have access to each and every edit made to a particular document, and file versioning is available. Decision-makers with the power to examine and approve fresh or revised documents can also be added.
OpenKM
For handling documents, the OpenKM document management system is excellent. It has automations to make living simpler. Automated file transformations (to convert Word documents to PDFs), automatic file security, and automated file movement based on the file description and metadata are only a few examples of automations.
Digital signatures, file versioning, reporting, and an integrated task management are further features. With the help of these capabilities, OpenKM becomes more of a workstation with a DMS integrated, aiding users in managing all aspects of their organization.
OnlyOffice
OnlyOffice is a free service that may be used as a DMS and workstation that was created by Ascensio System SIA. The platform is an open system, which frequently produces superior products with greater flexibility and security. Additionally, you don’t have to be concerned about a private corporation being able to look through your paperwork (we see you, OneDrive and Google.)
OnlyOffice’s built-in document maker offers the ability to produce Word documents, spreadsheets, forms, audio and video files, and more. It is rather simplistic, and personal users on the free plan are not given access to document templates like those with a paid subscription.
OnlyOffice is cost-free for private usage only. You’ll need to search elsewhere or try one of the paid options if you work in a team. The free version is a basic document management system, therefore users with particular requirements could find it insufficient.
Hightail
Hightail has less features than a premium subscription, similar to OnlyOffice. There are only 2GB of storage and 100MB file upload limits under the free Lite plan. However, its practicality and a few of its distinctive qualities appeal to us.
Hightail gives you the ability to create documents, save them in specific projects, and exchange them with other people in terms of DMS functionality. Even while the platform has more sophisticated capabilities for organizing documents, the majority of them are only included in the subscription plans, which is a drawback for the free service.
Confluence
Confluence is a document management software that provides a space for small teams to create and store documents that pertain to specific projects.
There’s a basic word processor where you can create original documents, or if you’re looking for something specific — like a performance chart — you can select from the many templates available inside the platform. There’s also a search bar that allows you to easily locate specific documents.
The free Confluence plan allows for up to 10 members, all of whom can contribute documents to the space you create. As a group you share the 2GB of cloud storage, so this service is only suitable for light use.
Confluence is free, so don’t forget that it lacks many of the clever and efficient features you’d find in a more expensive document management system.
In light of this, we think the platform has produced something with enough personality to draw in users with limited (or no) financial resources. We now have a document management system that is more than capable thanks to the addition of the app connectors.
Conclusion
Banks are in business to make money. Documents are one of the most important ways of keeping track of customer information and credit scoring. If your bank doesn’t have a good document management system, you’ll run into problems. This information will help you understand what features you should be looking for in a document management software company.