Lake Elmo Bank29 May 2019
Lake Elmo Bank was founded in 1911 when it was started by a group of farmers and local business owners, and today it remains the same community-minded bank envisioned by its founders. Lake Elmo serves a diverse and growing community while maintaining a tradition of personal service and lasting relationships. But as the Bank continued to grow, the day-to-day operations became inundated with paper. The KnowledgeLake Platform was adopted to reduce the burden of paper, boost service, and improve operational performance.The Challenge
Lake Elmo Bank, like the community it serves, has grown and changed over the past 108 years. As a result, the Operations, Financial, Retail, and Trust departments had all become overwhelmed by mountains of paper and manual workflow. Being able to access documents quickly and completely had become a growing operational issue; one that only became more pressing as the need to share and retain documents across different branches and departments increased. Staying compliant with bank regulations was also a pressing challenge because of the need to retain and manage their ever-increasing volume of paper files.
Since the bank was already using Microsoft SharePoint for their intranet, it made sense to find the right technology to complement and leverage the investment in SharePoint. Lake Elmo wanted to be able to control access to documents by limiting the permissions to certain types of documents while making information more easily available across three different branches and five separate departments. “We pride ourselves on protecting the sensitive information of our customers,” explains Pam Richert, operations assistant at Lake Elmo. “But it is also essential for us to be able to access documents quickly and completely no matter where the employee is located.”
The solution also needed to integrate with a 20/20 core banking system, Jack Henry. “Providing a link to lookup tables to access our customer information was key to making it easier to index the volume of documents we had,” says Richert. “It soon became clear that SharePoint and KnowledgeLake would be a powerful combination that would work for our business.”The Solution
The KnowledgeLake platform has allowed Lake Elmo Bank to dramatically streamline its daily operations with faster, easier access to documents. It has also extended the use of SharePoint, turning it into a valuable, centralized, and logically organized resource for the bank’s numerous documents.
“We already had SharePoint on our system, so the integration with KnowledgeLake was a great use of existing technology,” says Kathy Jeanson, Assistant Vice President - Operations Manager.
The integration also leveraged synergies between bank operations and IT because the solution spawned discussion and collaboration regarding infrastructure and workflow. “Involving our IT department made for good discussion in the design phase,” explains Jeanson. “Through a great deal of review of the process we were able to come up with a solution that met our needs as well as our IT department’s development process so we could grow our storage and retrieval options.”
Lake Elmo soon found additional ways to leverage the KnowledgeLake Platform. “We started out scanning 30,000 documents and doubled to 60,000 in two months,” says Jeanson. “And we’re continuing to identify a number of other documents like ACH reports, EOD reconcilements and processing packets, and various transaction reports to include in the process, and we are able to implement very quickly in the KnowledgeLake structure that was designed.”
“We needed a solution to access documents at the click of a key stroke. So we started the search for a solution that could speed up the process and reduce the amount of manual labor it required storing all these documents.” - Pam Richert, Operations Assistant, Lake Elmo Bank