David E. Mickey is a longtime expert in financial services who has made pioneering strides toward electronic management and storage. He is an Enterprise Sales Executive at Docupace Technologies, which provides electronic processing solutions for financial services firms and runs the first ever Web-based, SEC/FINRA compliant Straight-thru-Processing (STP) platform.
From his beginnings in back-office management to his eventual senior roles at First Niagara Bank and M&T Securities, David has always looked for ways to streamline business processes. Every method he has conceptualized and implemented has a common thread: they are all paperless, and thus more cohesive and easily accessible. He worked on his first major project when he was responsible for strategic business unit planning at M&T Bank in the early 1990s. He developed a branch contribution assessment system which was done through Lotus software models delivered to each branch manager. He knew that as the bank rapidly grew, it couldn’t just rely on Lotus Software spreadsheets, so he worked with developers to create a better system through Microsoft Access and Visual Basic. Users would log in and outline their business planning, and the system would then complete a batch rollup of all the systems, determining the profitability of every bank branch and ultimately their hierarchy.
David continues to manage projects which improve efficiency in the storage and subsequent analysis of financial records and business data. He emphasizes the importance of doing business with customers electronically because they ensure the security of records and also their compliance with new regulations. Many financial institutions use paper systems, and key documents can easily fall between the cracks during relocations or reorganizations; this is a major problem when it comes time for audits by regulators.
Paperless storage solutions are also more cohesive so that all records related to financial services are accessible from one place. The aggregation of personal capital is vital. With options such as those offered by Docupace Technologies, customers can rely on an “electronic locker,” where they store records such as life insurance policies and investment portfolios all together. They create a more thorough, “big picture” view of one’s financial situation, and they are available from anywhere.
The importance of technology in financial services is not only important for the convenience of individuals, but for addressing the worldwide problem of decreasing banks’ footprints. The typical bank owns a massive amount of real estate just to store its paper files; if they can create and use a paperless system, they can decrease that footprint while also increasing their own trustworthiness. Technology makes records infinite, and it is a matter of adoption by major institutions.
For now, David, who oversaw a massive commission system upgrade himself while he was at First Niagara Bank, knows that most banks consider electronic commission systems more pressing than storage systems. However, in his role at Docupace Technologies and his daily life as an advocate for tech evolution and cloud-based technology, he plans to make the transition easier.