FSDH Goes Paperless, Achieves Milestones Toward Its Digital Transformation Drive – Partners Mitiget
Mitiget, an enterprise information security firm, recently implemented a comprehensive document management solution for FSDH Group to help accelerate its digital transformation and increase efficiency. FSDH Group, which has built a reputation as a dependable and innovative provider of financial services in Nigeria over the years, is constantly deepening its business lines and expanding its offerings through its subsidiaries. It has already recognized the efficiencies, security, and cost savings made possible by the paperless culture instilled by the deployment of the Document Management system and the associated governance.
“We are delighted to partner and collaborate with FSDH Group in delivering the innovative solution,” says Sunny Ukeachu, CEO of Mitiget. “This solution is well-suited to a forward-thinking organization like FSDH, which processes and stores a high volume of critical records weekly, has massive legacy documents, and is constantly looking for ways to improve and streamline its processes,” concluded Sunny.
Given that financial institutions generate and process a large volume of various types of documents on a daily basis, and that there is frequently a lack of standardization in managing records – file naming, archiving, and general business practices – an environment can be created that makes identifying and accessing documents difficult. By implementing this project through Mitiget, FSDH successfully addressed significantly the challenges associated with a cluttered document system. The scope of the project included the establishment of a functional records governance and the deployment of electronic document management software (EDMS). For digital records, there is now a single source of truth, which simplifies search and retrieval while also improving business processes and security posture.
Aside from the functional EDMS that every stakeholder uses to track and manage documents, the Mitiget solution also includes high-volume digital conversion of over 10 million active and legacy paper documents, as well as workflow automation, which effectively reduces an organization’s reliance on paper. One of the primary advantages of the solution is that it eliminates the need for depending on paper works. Furthermore, whether digital-native or newly digitized, all documents can be auto-indexed and filed automatically in the EDMS, reducing business risks including errors caused by manual processes. Preparing for and responding to audits is greatly simplified with the establishment of a central repository, the reduction of paper use, and the implementation of standardized folder structures. All required documents are easily identified and gathered. Once all audit requests have been completed, auditors can be granted online access to a limited set of documents for review.
Speaking on the new adoption, the Executive Director, Information Technology, Operations and Compliance; FSDH Merchant Bank, Taiwo Otiti said “Our partnership with Mitiget is very timely as we continuously push for the adoption of technology to simplify our processes and improve service efficiency. With this, we can be sure that we have a platform that protects, and safeguards customer data, reiterating our promise to be a trusted partner on all fronts. Adopting the Mitiget solution has enabled us to be more customer-centric, meet the stringent requirements of the document management process, such as access anywhere, at any time, and improve the efficiency of both internal and regulatory audits. This initiative is a critical component of FSDH’s digital transformation roadmap, and it has reduced the time required to handle paper-based processes while increasing productivity”.
While speaking with us, the Head of Admin, FSDH Merchant Bank, Sola Taiwo expressed excitement at the security of the documents saying, “All the files in offices and in drawers have been safely processed, digitized, and transferred to the archive where physical security and privacy is guaranteed. Working with Mitiget was an amazing experience.” Furthermore, the Chief Compliance Officer of FSDH, Taiwo Sanusi reiterated that the solution has improved the group’s compliance posture and simplified audits with the regulators, especially that of the Central Bank of Nigeria (CBN).