Financial services document management is the process of capturing, storing, and organizing all types of online and offline documents securely. When you have hundreds and thousands of documents and files, you need a system to find and access these files to stay efficient.
As your financial services business grows, the need to use document management software increases. Importantly, you need to make sure the documents are stored securely. The biggest challenge for any financial business is the security of the documents.
Think of a bank. If it has stored documents and files in the cloud, the software must be highly secured. Else, the files can be compromised. As a financial services business, the security and privacy of the document management platform are the keys.
If you are looking for the best document management software for your financial services business, we have covered the top platforms for you with reviews and pricing details.
The Best Financial Services Document Management Software
Here is a list of the software we analyzed and compared keeping in mind the specific needs of financial services businesses:
- DocuWare: Overall Best
- AdvisorEngine: Best Multipurpose
- DocuXplorer: Best for Large Teams
- Vitrium: Best for Security
- GLOBODOX: Best On Premises Software
- Document Locator: Best Features
- Iron Mountain
- Document Logistix
- Hyland Software
- GRM Document Management
Here are the reviews of the top ones to help you pick the right software for your business:
DocuWare: Overall Best
DocuWare is the best financial services document management software that offers a lot of specialized services to financial businesses. It makes your business paperless and saves you a lot of money because financial services have to deal with a lot of paperwork and recordkeeping. All the documents are stored in a central cabinet where they're available 24/7 to your employees across multiple devices.
The editor isn’t one of the easiest but it is the most powerful one you'll see. It provides you with tons of editing features with complete control. Here is an example:
You can add annotations for in-house use and these can be hidden. You can tweak documents, add tasks, automate workflows, create and manage forms, and do a lot of things with the editor.
You can convert existing documents and records into digital documents with DocuWare. It automatically captures, converts, and stores paper documents in the software and makes them searchable digital files. The intelligent indexing automatically identifies important data from existing documents and matches it with relevant templates in the software.
So, making your financial services company paperless isn’t a big deal with DocuWare.
You can enforce compliance with DocuWare’s document management with the leading compliance requirements including HIPAA, POPIA, Sarbanes-Oxley, APPI, and GDPR. The software is certified for a lot of security protocols and encryptions including DIN EN ISO 9001, SOC 2, Type 2, DIN EN ISO/IEC 27001, NF203, GoBD, and others.
Here is a list of the key DocuWare features for financial services:
- A highly sophisticated and secure document management platform for financial services
- Convert paper documents into digital documents automatically
- Provides a lot of templates and document types including invoices and eforms
- Ability to import documents from a wide range of third-party apps such as SAP, Outlook, Windows, and more
- Full control over digital document editing with a version control feature
- Strong governance and administration protocols to control permissions and avoid unauthorized people to view confidential documents
- HIPAA, GDPR, and Sarbanes-Oxley compliant
- Storage and communication encryption makes your documents secure
- Fail-safe disaster recovery plan
- Microsoft Azure keeps your data protected against malware and crypto viruses
- Works on desktop and mobile devices
- Integrates with your ERP, CRM, and other business applications without an issue.
DocuWare offers custom pricing based on your needs. You can get a free trial of the software for 30 days to test drive it and see how it works for your business. Fill out a short form to get your trial copy here.
The starting price is in the range of $300, according to sources. However, it isn’t official so use it as a ballpark. The actual price depends on the features you want and team size.
Here is a list of the things I love about DocuWare:
- It is a powerful and highly secure document management software for financial services
- Converts your existing documents into digital and makes your organization completely paperless
- Comes with a 30-day free trial.
Here is what I don’t like about it:
- Not easy to use and require staff training
- If you want to go completely paperless, it requires some serious setup and changes in infrastructure which is a time-consuming process.
AdvisorEngine: Best Multipurpose
AdvisorEngine is much more than a document management software, it is a multipurpose wealth management platform that offers a lot of different tools including CRM, portfolio management, investing tools, administrative tools, and much more.
It is specifically made for financial services businesses and document management is just one part of the platform. It has a document vault that lets you share key documents with your clients such as invoices. The interface looks like this:
It comes with workflow automation, document management, client relationship management, client onboarding, and several other features. It provides your clients with an intuitive interface where they can keep track of their investments and assets.
The platform works both ways. Your employees and clients both have access to different interfaces where they can access what they're looking for.
Here is a list of the top AdvisorEngine features:
- A multipurpose financial services management platform
- Separate interfaces for your clients and employees
- Full support for document management, invoicing, forms, billing, and more
- Client onboarding platform that lets you create a customized client onboarding process
- Ability to create multiple white label client portals with complete branding and customization
- Lead management, contact management, financial management, and expense tracking are a few leading features that you get the with platform
- Auto report generation for clients such as profit/loss statement and balance sheet
- Real-time analytics and advanced reporting for both clients and your employees
- Workflow management keeps your workforce on track with leads and clients
- Works on both desktop and mobile
- Support integration with several third-party apps including marketing tools.
The pricing details aren’t available on the official website of AdvisorEngine. You need to get in touch with them with your requirements including user base and tools needed to get pricing details.
You can try AdvisorEngine in 3 ways at no cost to get an idea of what it looks like:
- 30-day free trial
- Watch a recorded demo video
- Schedule a demo walkthrough.
Click here to pick a relevant option and decide if this is the right document management software for your financial services business.
Here is a what I like about the AdvisorEngine:
- A complete suite for financial services and wealth management businesses
- White labeling lets you brand the dashboard, interface, and reports
- 30-day free trial makes decision-making easier.
Here is what I don’t like about AdvisorEngine:
- It has a high learning curve so you'll need to train your staff. AdvisorEngine offers staff training
- Document management is just a tiny part of the overall platform. If you are specifically interested in dedicated document management software, this might not be a decent option for your business.
DocuXplorer: Best for Large Teams
If you are looking for financial services document management software for a large team preferably for all the employees throughout your organization, DocuXplorer is the ideal choice.
It offers unlimited users. And you are charged for the users who need access at the same time. This makes it extremely flexible for large businesses that need a document management platform with unlimited users.
It allows you to capture key document metadata information via OCR that makes the organization, search, and printing of the documents a piece of cake. Workflow automation and document control simplify editing and collaboration on documents.
The user interface isn’t too complicated but it does require a bit of learning:
It is similar to Windows Explorer so getting started is easy but you'll need to train your employees. In terms of security, DocuXplorer offers data encryption and meets all the security and privacy regulations including HIPAA, ISO, SEC, and others.
Financial services is one of the primary industries that DocuXplorer targets and it scores pretty well on all the security, backup, privacy, and encryption standards.
Here is a list of the top DocuXplorer features:
- A simple yet effective document management system for financial services businesses
- It provides you with complete customization options
- Powerful import engine lets you add data to the software in seconds
- Workflow automation lets your team collaborate and improve document management on the go
- Supports digital signatures, audit trail, annotation, and other document authoring features
- Available in cloud, on-premises, and hybrid forms
- High security and privacy that ensures it meets all the security standards
- Personalized support simplifies infrastructure changes, implementation, and training
- Cloud hosting powered by Microsoft Azure means it is a highly secure and encrypted system
- Works across all the devices including desktop and mobile
- Powerful integration feature that connects your document system with all the tools and apps you are using.
The best thing about DocuXplorer is its simple pricing model. It offers unlimited users with full access to all the features. You only pay for the number of users who need access at the same time. The pricing is based on the number of users who need simultaneous access to the platform.
There aren’t any plans listed on the official website. You can fill out this short form to get pricing details based on the number of users who will be using the software at the same time.
The best things about DocuXplorer are:
- A secure and easy to use financial services document management software
- Supports cloud and on-premises installation
- Integrates with all the leading apps and tools.
Here is a list of the things I don’t like:
- No free trial or demo is available
- Requires training and learning.
Vitrium: Best for Security
If security is a key concern for your financial services company, Vitrium is the best choice for you. It is the best financial services document rights management software that focuses on data security more than anything else.
Vitrium protects your content and documents with AES encryption. It lets you restrict printing, downloading, or even document copying. You can share content securely with people inside and outside your organization with complete control. Secure web link allows people to view a document and you can set open limits. This is ideal for sharing confidential documents over the internet.
The user interface is fairly simple and easy to use. Here is a glimpse of the UI:
You can switch between tabs to move from dashboard to content to users and groups. The left sidebar panel shows details of the files and folders.
Here is a list of the top Vitrium features:
- Vitrium is the best financial services document management and digital rights management software to ensure data security
- Data is secured with AES encryption
- Protects a wide range of documents including text, images, and videos
- Set protection rules such as printing prevention, download restriction, location restriction, open limits, expiry dates, and more
- Advanced user permission features including content licensing
- Ability to set dynamic watermarks
- Tracking and analytics help you identify security breaches and user access logs
- Redistribution lets you license content to clients or customers with full rights
- Integrates seamlessly with apps and tools.
Vitrium offers 3 plans to its users with custom pricing. The price isn’t available for any of these plans. The Vitrium Pro is the basic plan for small to mid-sized businesses with basic needs. The plan offers basic features without integration. The Vitrium Enterprise allows third-party integration via API for content distribution and allows workflow automation.
The VitriumOne is specifically made for businesses that require license distribution such as educational institutions.
For financial services, Vitrium Pro and Vitrium Enterprise are the ideal plans depending on your needs. You can request a demo and quote based on your requirements and user base.
The top things I like about Vitrium:
- Great software for document and content security
- Licensing and redistribution feature available for large B2B financial services businesses
- Training and implementation support.
Things I don’t like about Vitrium:
- Not one of the easiest tools to use. Complimentary training is provided by the Vitrium team but it might not be enough
- Integration and automation aren’t available with the basic plan and this makes the Vitrium Pro plan strictly for small financial services companies.
GLOBODOX: Best On Premises Software
When it comes to document security, cloud document management software is riskier as opposed to on premises solution. This is a reason why a lot of financial services prefer using an on premises document management system that improves functionality, flexibility, and security. GLOBODOX is the best on premises financial services document management software that you shouldn’t ignore.
Here is what makes it the best…
It is the simplest on premises document management software. It offers a wide range of features that make document management not just easy but fun. It begins with an easy to use interface that looks like Microsoft Outlook:
It has a navigation pane and buttons, annotation toolbar, list view, top menu, and ribbon bar. Seems quite familiar, right? You can instantly import documents using SDKs, API, or files. The built-in OCR scans the documents automatically and indexes them for search and organization.
The data is 100% secure as it uses AES, Triple-DES, and Blowfish encryption with event logging and several security features. It ensures compliance with HIPAA, GDPR, and SOX. Stamps, watermarks, and data backup are some additional features that make your documents more secure and ensure privacy.
Here is a list of the key GLOBODOX features:
- A powerful and feature-rich on premises document management software for financial services
- It is installed on your servers which gives you full control over data with no third-party interference
- Simple, familiar, and intuitive user interface
- The file viewer supports all the leading file formats including PDF, DOC, DOCX, and several others
- Drag and drop files and folders to instantly add them to the system
- Scanned documents supported
- Organize files and folders easily with tags, stacks, zone maps, and indexing information
- Multi-language search allows you to search documents in any language
- Advanced user permissions and security settings including multi-layered access, security roles definition, event logging, and more
- Secure printing, emailing, and file saving feature allows only permitted users to perform these tasks
- Customer portal lets you give access to your customers to view their files
- Versioning, check-in, check-out, and advanced editing features
- Workflow automation and the ability to create custom workflows for your specific business needs
- It offers a wide range of annotation services including highlights, bookmarks, signs, watermarks, stamps, shapes, and more
- You can fill scanned documents by directly typing into them
- Advanced security protocols and privacy compliant
- Supports MS SQL and MySQL
- Supports REST API and dedicated SDKs for integration
- Available on mobile devices, desktops, and the web.
GLOBODOX offers two on premises plans with custom pricing: Standard and Suite.
The Standard plan is for basic document management that offers all the services and features except document workflow automation and integration. The lack of integration means you'll use it as a standalone platform on your servers.
If Suite plan is ideal for businesses that need access to all the features. You can use workflows and integrate your software with existing tools and apps.
The pricing depends on the number of concurrent users. So, you'll need to decide how many concurrent licenses you need to receive a realistic quote. You can try the software for 30 days at no cost and see how it works for your business. The trial gives you full access to all the features so you can decide conveniently.
Here is what I like about GLOBODOX:
- Full control over your data and documents as you download and use it on your own server
- Easy to use with tons of features
- Free trial helps you in decision-making.
Here is what I don’t like about GLOBODOX:
- The only drawback is setup, implementation, and training resources. Once the ball gets rolling, things get easier.
Document Locator: Best Features
If you are interested in a financial services document management software that offers the best features, you must go for Document Locator. It provides you with exceptional features and is available as cloud and on premises software.
It has some of the best capabilities that you usually don’t find with other software. For example, it comes with document scanning, ISO 9001 document control, workflow management, email file management, records management, storage, and much more. It offers a complete package to its users that cover end-to-end document management and control.
The best thing about Document Locator is that it works inside Windows and has a familiar and exceptionally easy user interface. Here is what the interface looks like:
The web version has a similar view:
It is built on the Microsoft NT security model that allows setting user roles and privileges. You can control and limit access to confidential documents and prevent the accidental deletion of files. Your documents are encrypted which adds an extra layer of security.
Here is a list of top Document Locator features:
- A feature-rich and easy to use financial services document management software
- User interface works within Windows and the web-based version makes it accessible on the go
- Advanced document import lets you drag and drop documents to add them to the system or you can save directly from the document app you are using
- Converts paper documents into digital full-text searchable documents
- Automated workflows with customization feature
- You can automate repetitive tasks to manage document processes
- Supports PDF production and publication
- Offers several editing and collaboration features including check-in, check out, version control, notification and alerts, digital signatures, quick approval, required reading, and more
- Side-by-side document comparison
- Document log management, reporting, and auto folder structure management
- Supports electronic forms that make your business paperless
- Works with Outlook for the management of emails
- Integrates with several tools via open SDK-API
- Available for mobile phones, tablets, and desktops.
Document Locator offers two types of plans: On site and Hosted.
The On-site plan is the on-premises version that is installed on your server. You'll be hosting the web and mobile versions on your server depending on what you want. The starting price is $22 per user per month.
The Hosted plan is hosted on Microsoft Azure online. This is ideal to reduce maintenance costs but it isn’t as secure as the On site plan. The starting price is $53 per user per month.
You’ll be able to choose from different license types when placing your order:
The number and type of licenses you need will decide the final price.
Additionally, Document Locator offers configuration and integration services along with training which includes remote and on-site training for staff.
Here is what I like about Document Locator:
- A feature-rich document management software that has a lot to offer its users
- Available as both on premises and hosted versions
- Powerful integration that makes it work with all the apps and platforms you have.
Here is what I don’t like about Document Locator:
- No trial is available to test the software. You can get a link to the video and live demo but it just shows you the key features and doesn’t give complete access to the software
- Requires training despite having a simple user interface.
Grab the Best Financial Services Document Management Software Today
It is time to end your quest for the best document management system. Pick the software that’s right for your document management needs from the list above.
One of the key aspects of document management software for financial services is security. Make sure the software offers advanced security features such as encryption and user permissions. Security protocols and features should be your top priority as you can’t afford any data breaches in the financial services industry.
If you need better security, it is recommended to opt for on premises document management software as it is installed on your servers and can’t be accessed by people outside the network. Cloud software, on the other hand, is vulnerable to data breaches as they're exposed to online traffic.
A smart choice is linked to your business’s credibility and growth.