JP Morgan Chase will implement Oracle enterprise content management software in a bid to automate document capture processes and improve efficiency.
The bank will initially roll out the Oracle Distributed Document Capture software to 750 US users, before extending the use to a further 2,250 staff across the Europe, Africa and Asia by the end of next year.
It said the software would improve its electronic capture and management of a range of documents including bank statements, loan applications, invoices and cheques. The software operates on a web-based interface.
Faster document cycle times, improved records management and compliance with regulations, and better access to information, would combine with a higher proportion of business processes being automated, the bank explained.
Trevor Salt, manager of distributed document capture at JPMorgan Chase, said the use of the software would “help us increase efficiency and gain tighter control over records for compliance requirements”.
The bank has been highly active on the IT front in recent months. In April, it announced it was spending $30 million (£15 million) rolling out a centralised operating platform from banking specialist Temenos, to support its treasury management and liquidity services businesses. A month later, it it announced it would bring payment systems back in-house after a joint venture with processing firm First Data is terminated at the end of the year.