Enterprise Content Management Systems Technology Analysis

Enterprise Content Management Systems Technology Analysis November 2015 For full copies please contact TowerGroup.Support@cebglobal.com CEB TowerGroup Wealth Management

CEB TowerGroup Wealth Management Executive Director Matt Dixon Managing Director Jaime Roca Practice Leader Peter Delano Quantitative Insight Team Project Manager Jasleen Sindhu Senior Analyst Mat Swatek Vendor Assessment Team Practice Leader Anne Marie Houston Operations Consultant Karen Fay Senior Research Analyst Madeline Storck Operations Analyst Rachel Griffin Research Associate Colin Gibbons Confidentiality and Intellectual Property These materials have been prepared by CEB for the exclusive and individual use of our member companies. These materials contain valuable confidential and proprietary information belonging to CEB, and they may not be shared with any third party (including independent contractors and consultants) without the prior approval of CEB. CEB retains any and all intellectual property rights in these materials and requires retention of the copyright mark on all pages reproduced. Legal Caveat CEB is not able to guarantee the accuracy of the information or analysis contained in these materials. Furthermore, CEB is not engaged in rendering legal, accounting, or any other professional services. CEB specifically disclaims liability for any damages, claims, or losses that may arise from a) any errors or omissions in these materials, whether caused by CEB or its sources, or b) reliance upon any recommendation made by CEB. 2

EXECUTIVE SUMMARY Technology Analysis Scope and Methodology In response to feedback from our membership, we developed this technology analysis product to identify key components of a technology investment decision and effectively compare vendor technology products. The basis of our process comes from the knowledge that investment decisions revolve around the benefit to the end user and impact on enterprise objectives, rather than the feature set alone. This technology analysis is tailored to reflect the needs of the end user to diagnose the technology attributes particular to a firm, and to effectively identify vendor products that align with the firm s needs. To that end, we conducted a series of interviews and surveys with financial services executives, industry experts, and vendors regarding enterprise content management technology. The results of this research formed the basis of our diagnostic anatomy and informed the five-point rating system on which we scored individual products. Current Market and Future Investment Firms are investing in automation technology to free up advisor time. As firms seek to differentiate on a holistic advice model, wealth executives should be mindful of the amount of effort required from clients to participate in the goals-based planning process, especially since clients who expend high effort are more willing to switch advisors. In order to create the low-effort experiences that drive client loyalty, firms can automate and digitize traditionally paper-driven processes, both freeing up advisor time and making customer-facing processes efficient and seamless. Enterprise content management (ECM) systems provide value in time savings and process improvements. For wealth firms trying to attract clients in an increasingly competitive market, ECM systems that make document-heavy processes such as onboarding quick and painless can dramatically boost client referral rates. By digitizing documents, wealth firms can cut down customer response time by removing dependence on mail and courier systems. ECM technology can help free up advisor time by automating service and compliance tasks. Emerging technologies, such as e-signature capabilities, can help to reduce client effort and improve the customer experience. High-quality onboarding experiences are critical for building customer loyalty. Firms can double the likelihood of a client recommendation by providing an excellent first interaction, versus a fair or good interaction. Firms can improve the onboarding experience by digitizing signature collection, which speeds up the process and reduces paperwork. Source: CEB analysis. 3

EXECUTIVE SUMMARY Vendor Landscape and Rankings Enterprise content management systems enable the sharing of materials (regulatory documents, brochures, videos, forms, etc.) across multiple platforms. This technology analysis profiles and quantitatively evaluates enterprise content management technology for wealth management firms from Cabinet, Doxim, Fiserv, Hyland Software, Laserfiche, and Lexmark. By combining our qualitative and quantitative data from interviews with industry experts, financial institutions, and technology providers, we identified 19 attributes that define a bestin-class system. These attributes are grouped into four categories that highlight a firm s user and enterprise needs. Technology provider rankings are based on our five-point rating scores on each of the 19 best-in-class attributes. The top technology providers were designated as best-in-class performers based on their composite scores in each of the technology categories below. Best-in-Class Technology Categories Technology executives investing in enterprise content management systems should use our Diagnostic Anatomy on page 13 to select the vendor that best aligns with their firm s needs and business objectives. CONTENT MANAGEMENT includes those attributes and tools that support core transactional ECM processes across the content lifecycle. Leaders include Laserfiche and three other products. USER EXPERIENCE includes those attributes that support delivery of a customized experience to users and end-consumers. Leaders include Laserfiche and one other product. ENTERPRISE OPERATIONS SUPPORT includes those attributes that enable enterprise-level processing, customization, and customer experience. Leaders include Laserfiche and two other products. ENTERPRISE SUPPORT includes those attributes that influence the financial institution s tactical fit and strategic alignment with the vendor. Leaders include two products. Source: CEB analysis. 4

Our technology analysis provides a customer-driven, transparent, and unbiased review designed to drive informed business decisions. Current Market: Provides a view of industry and customer changes, and best practices for technology investment and implementation. Future Investment: Identifies emerging technologies and innovations. Vendor Landscape: Provides an overview of key vendors, product features, and market position. Product Rankings: Highlights Best-in-Class attributes and shows a comparative perspective of leading products. TECHNOLOGY ANALYSIS OVERVIEW Technology Analysis Presentation Roadmap Current Market Market Drivers: Assess changes in the industry and customer behavior. Future Investment Spending Forecast: Benchmark global and regional enterprise content management technology spending. Emerging Technology Landscape: Pinpoint emerging technologies and innovations. Vendor Landscape Diagnostic Anatomy: Choose your investment priorities with our diagnostic framework. List of Players: Identify key technology firms and their products. Feature Audit: Compare the relative feature offerings from vendors. Product Rankings Best-in-Class Products: See the top products based on our anatomy categories. Ranking Methodology: Review the key components of an investment decision. Vendor Profiles: Understand the key differentiators among products. Source: CEB analysis. 5

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As advisors seek to differentiate based on a holistic advice model, firms must free up advisor time by automating service and compliance tasks. FREEING UP VALUABLE ADVISOR TIME WITH AUTOMATION TECHNOLOGY Integration of Automation Technology to Focus Advisor Capacity on Advice Delivery Illustrative Firms are seeking to deepen advisory relationships, yet have low capacity to do so because of the time spent on compliance and service tasks. Strategic investment in automation technologies such as ECM can automate nonessential tasks and free up limited advisor time for value-generating activities. High Share of Total Advisor Time Spent on Each Type of Activity Advisor time spent on services and compliance activities continues to grow, leaving less capacity for advice delivery. Advisor Time Spent On Services and Compliance Activity Advisor Time Spent On Advice Delivery Low Automation technologies dramatically decrease advisor time spent on service and compliance while increasing capacity for advice delivery. Time Source: CEB analysis. 7

Firms are looking to ECM to increase internal efficiencies and optimize business processes that drive customer engagement and loyalty. PRIORITIZING EFFORT REDUCTION THROUGH PROCESS AUTOMATION Top Areas of Wealth Management Technology Investment for the Next 12 Months Percentage of Respondents, 2014 Automation technologies, like BPM and ECM, have become increasingly important to wealth firms technology strategy. Customer Relationship Management 57% ECM and BPM were ranked among the top three areas of technology investment by 43% of executives. Portfolio Management/Managed Accounts BPM and ECM 43% 54% Financial Planning 36% Advisor Desktop 32% Client Reporting 21% Account Aggregation 18% Trust Accounting 11% Advisory Technology Provided by Custodians and Clearing Firms 7% n = 28. Source: CEB TowerGroup Wealth Management Agenda Poll, 2014. Note: Respondents could select top three investment areas. 8

Document management and workflow tools are perceived as time savers by advisors, preserving a valuable commodity in wealth management. For wealth firms trying to attract clients in an increasingly competitive market, ECM systems that make documentheavy processes, such as onboarding, quick and painless can dramatically boost client referral rates. Based on the operations function across different types of financial institutions, digitizing documents helps wealth firms cut down customer response time by removing dependence on mail and courier systems. ECM AIDS ADVISORS BY SAVING TIME, DRIVING EFFICIENCY Advisors Rankings on Value Derived from Document Management and Workflow Percentage of Respondents, 2012 42% 23% Saves Time Improves Service Quality n = 1072. Source: CEB 2012 Advisor Productivity Survey Note: Totals do not add up to 100% due to rounding. 7% 6% Improves Sales Process Top Performers in Automation Are More Efficient Expense to Revenue Growth Ratios, 2010-2011 1.5 Expenses Growth Rate 50% Faster Than Revenue Growth Expenses Growth Rate Equals Revenue Growth Rate 1 0.5 0.51 Expenses grow 49% slower relative to revenue growth. Improves Advice Quality 1.04 23% None of the Above Expenses grow 4% faster relative to revenue growth. Expenses Growth Rate 50% Slower Than Revenue Growth 0 Top Performers n = 27. Source: CEB 2012 Operations Leadership Council Automation Survey. Others 9

ECM ranks lowest in installation risk out of the high-value technologies identified as strategically important to wealth firms in 2015. ECM IS LOW RISK TECHNOLOGY FOR WEALTH FIRMS Value vs. Installed Risk for Strategic Technology Investments Percentage of Respondents, 2015 80% Portfolio Management 75% Financial Planning Value 70% 65% Advisor Desktop BPM Client Reporting Managed Account Platforms 60% ECM 55% CRM 50% 10% 15% 20% 25% 30% 35% Installed Risk n = 106-217. Source: CEB TowerGroup 2014-2015 Adoption and Investment Survey. Note: Respondents include those indicating the technology provides somewhat high value or very high value and somewhat high risk and very high risk. 10

ECM systems provide value across departments and roles by providing a single point of access for the most up-to-date client and firm documents. ECM PROVIDES BUSINESS VALUE WHILE MANAGING RISK Sample Processes Wealth Management Firm ECM Capabilities Business Value Client Onboarding The process through which the client is introduced to the firm. Marketing Enablement The process through which the firm stores and retrieves marketing and sales collateral to support advisor-client interactions. Regulatory Audit The process through which the firm performs regulatory audits for industry bodies such as the SEC, FINRA, and IIROC. Check dollars Content Capture Content Storage Version Control User Collaboration Content Security Workflow and Automation Drives loyal client relationships by reducing client effort in the onboarding process. Saves client time by prefilling forms. Frees up valuable advisor time by providing quick access to current client information, and automating document routing and filing. Improves advisor-client interactions by enabling advisors to quickly access marketing collateral during presentations, or share with a client through email or web portal. Reduces risk by allowing compliance staff visibility into the collateral in use. Reduces compliance risk and saves time during regulatory audits by providing one source for staff to access the most upto-date firm and client documents. Saves time and reduces risk of missing information by standardizing forms for regulatory audit. Source: CEB analysis. 11

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Wealth firms spend on ECM systems is expected to grow steadily as volumes and types of content continue to rapidly proliferate, and firms make the transition from paperbased to digital workflows. GLOBAL ECM TECHNOLOGY SPEND Global Enterprise Content Management Technology Spend In Millions USD, 2015E 2020P $1,400 $1,300 $1,279 $1,218 $1,200 $1,159 $1,100 $1,035 $1,103 $1,000 $976 $900 $800 $700 $600 2015E 2016P 2017P 2018P 2019P 2020P Source: CEB analysis. Note: E indicates estimated values; P indicates predicted values; CAGR: compound annual growth rate. 13

The quality of the initial onboarding experience affects how likely a client is to recommend the firm. Wealth firms can double the likelihood of recommendation by providing an excellent first interaction. Firms can improve this experience by digitizing signature collection, speeding up the process and reducing paperwork. SMOOTH DIGITAL ONBOARDING CAN BOOST REFERRALS Problems Encountered During Online Account Opening Percentage of Responses, 2013 70% 67% 58% 52% 40% 40% The Bank Had to Send Me the Paperwork to Sign Before the Account Was Opened I Had to Call Customer Service to Activate My Account I Had to Go to the Branch to Sign Paperwork and/or Show Identification The Account Could Not Be Opened Immediately The Process Was Confusing or Did Not Work Other n = 1630. Source: CEB 2013 Client Experience Survey. Current E-Signature Deployments Percentage of Wealth Firm Executives, 2013 10% Have an E-Signature Solution for Wealth Management 90% Do Not Have an E- Signature Solution for Wealth Management n = 10. Source: CEB TowerGroup Wealth Management October 2013 Technology Executive Roundtable Survey. 14

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ENTERPRISE CONTENT MANAGEMENT DIAGNOSTIC ANATOMY 1 Content Capture 2 Document Creation 3 Content Retention 4 Document Management 5 Distribution 6 User Interface The system captures data and other relevant information across a variety of sources. The system generates, modifies, and reuses content both dynamically and automatically based on the user's needs. The system provides superior content storage in a common repository that facilitates search, retrieval, and collaboration. The system provides market-leading document management capabilities, including versioning, library services, and lifecycle management. The system enables personalized content distribution to both internal and external audiences. The system possesses an intuitive and configurable user interface with dashboards that guide users through defined processes. 19 18 17 Vendor Stability The vendor has an established industry presence and can provide long-term support for institutions. Product Maturity The vendor possesses a mature product with a growing market share and client base. Technology Innovation The vendor possesses a proactive strategy to incorporate innovative technology and strategies into its product development roadmap. HOW TO USE THIS ANATOMY The anatomy is designed to assist wealth management executives to better assess and prioritize components of their technology investment. As you use this anatomy, please consider your firm s business strategy and current technology maturity. 1. Rate the impact of each attribute to your business and your firm s effectiveness on a 1-5 scale using the grading scale below and tally the results using the scorecard. 2. Map the results on the scorecard to identify areas that are most important, but where your firm is least effective. Attribute Grading Current Effectiveness 5 = Superior Capability 4 = Strong Capability 3 = Adequate Capability 2 = Marginal Capability 1 = Weak or not at all Content Management We or our vendor offer this regularly, systematically, and at the highest standard. We or our vendor offer this regularly and systematically. We or our vendor offer this regularly but in an ad hoc manner. We or our vendor offer this irregularly and in an ad hoc manner. We or our vendor do not do this at all. Enterprise Support Potential Impact 5 = Very High Impact 4 = High Impact 3 = Moderate Impact 2 = Low Impact 1 = No Impact User Experience Our firm considers this attribute mission critical when performed at the highest standard. Our firm considers this attribute highly important when performed at the highest standard. Our firm considers this attribute moderately important when performed at the highest standard. Our firm considers this attribute somewhat important when performed at the highest standard. Our firm does not consider this attribute important when performed at the highest standard. Enterprise Operations Support 7 8 9 10 Collaboration The system provides intuitive tools to support collaboration between users and with external parties. Administration The system provides access controls that satisfy workflow hierarchies, reporting, and security/compliance requirements. Workflow Management The system provides design tools for the configuration of workflows to the requirements of serving different client segments. Business Rules Engine The system provides a robust and configurable rules engine that allows the enterprise to alter or design rules to meet changing business needs. 16 Deployment and Support The vendor offers multiple options for and provides superior support during deployment of the system. 15 Solution Pricing The vendor offers multiple pricing options with flexibility surrounding additional ongoing support packages and price discounting. 14 Compliance Strategy The system provides superior support for meeting regulations and guidelines with detailed tracking for audit purposes. 13 Geographic Capability 12 System Integration 11 Content Security The system provides configurable multilingual capabilities to support the wealth firm in all regions in which it operates. The system seamlessly integrates with thirdparty core systems and ancillary applications. The system takes superior precautions to reduce security risk at both front-end access and back-end storage points. 16

Wealth management executives should complete this scorecard using the ECM Diagnostic Anatomy tool. DIAGNOSTIC ANATOMY SCORECARD Categories Attributes Current Effectiveness Potential Impact Content Management User Experience Enterprise Operations Support Enterprise Support 1. Content Capture 2. Document Creation 3. Content Retention 4. Document Management 5. Distribution 6. User Interface 7. Collaboration 8. Administration 9. Workflow Management 10. Business Rules Engine 11. Content Security 12. System Integration 13. Geographic Capability 14. Compliance Strategy 15. Solution Pricing 16. Deployment and Support 17. Technology Innovation 18. Product Maturity 19. Vendor Stability Source: CEB analysis. 17

Wealth management executives should map their effectiveness and impact scores from the previous page to identify the most important areas when selecting a technology provider. DIAGNOSTIC ANATOMY SCORECARD 5 = Very High Areas of Focus Potential Impact 4 = High 3 = Moderate 2 = Low 1 = No Impact 5 = Superior 4 = Strong 3 = Adequate 2 = Marginal 1 = Weak Current Effectiveness Source: CEB analysis. 18

VENDOR LANDSCAPE AND PRODUCT LAUNCH DATES Featured ECM Technology Providers By Product Launch Date Fiserv Nautilus 1993 Cabinet Cabinet Document Management 1999 Laserfiche Rio 2008 1990 2000 2010 Hyland Software OnBase 1991 Lexmark Perceptive Content 1995 Doxim Solutions Doxim ECM 2001 Selecting Featured ECM Vendors We identified technology providers for this analysis based on expert opinion, product maturity, size of installations, and technological innovation. Source: CEB analysis, Participating technology providers. 19

FEATURE AUDIT Vendor Laserfiche Vendor Laserfiche Product Name Laserfiche Product Name Laserfiche Content Types Capture Channels Document Photo Audio Video Web SMS/Instant Message Paper Document Capture Paper Content Capture Electronic Document Capture Electronic Content Capture System to System Web Portal Mobile Phone Mobile Tablet Print/Mail Printer/Scanner Fax Email Document Creation Regulatory Compliance Documents and Forms Standard Native Feature: A feature contained in the base package of the solution. Standard native features are provided solely by the technology provider. Premium Native Feature: A feature that is only available at an additional cost or as an addition to the base package of the solution, and is provided solely by the technology provider. Plan to Offer in 12 Months: A feature that is on the technology provider s product roadmap for the next 12 months, to be provided by the technology provider, third-party firm, or integration partner. Plan to Offer in 24 Months: A feature that is on the technology provider s product roadmap for the next 24 months, to be provided by the technology provider, third-party firm, or integration partner. Third-Party Premium Feature: A feature that is only available at an additional cost or as an addition to the base package of the solution, and is provided by a third-party firm or integration partner. Source: CEB analysis; Participating technology providers. 20

FEATURE AUDIT Vendor Laserfiche Vendor Laserfiche Product Name Laserfiche Product Name Laserfiche Capture Channels continued Access Channels continued Content Repository Mobile Tablet Email Archive Print/Mail Library Services Business Rules Records Management Role-Based Security Physical Records Management Single Sign-On Lifecycle Management Third-Party System Integration Search Function Standard APIs Third-Party System Content Transfer Online Collaboration Enterprise Content Transfer User Notification External Business Partner Portal Canned Reports Distributor Portal Ad-Hoc Reports Customer Portal Report Mining Social Media Administrative Tools Access Channels Business Activity Monitoring Web Portal Business Process Management Desktop Application Workflow Management Mobile Phone Audit Tools Standard Native Feature Premium Native Feature Third-Party Premium Feature Plan to Offer in 12 Months Plan to Offer in 24 Months Source: CEB analysis; Participating technology providers. 21

FEATURE AUDIT Vendor Laserfiche Product Name Laserfiche Access Channels continued Data Encryption File Backup Multilingual Multicurrency Delivery Channels Web Portal Social Media Mobile Phone Mobile Tablet Print/Mail Fax User Interface Deployment Model Installed SaaS ASP Content Management as Infrastructure Standard Native Feature Premium Native Feature Third-Party Premium Feature Plan to Offer in 12 Months Plan to Offer in 24 Months Source: CEB analysis; Participating technology providers. 22

FEATURE AUDIT DEFINITIONS Content Types Document Photo Audio Video Web SMS/Instant Message Paper Document Capture Paper Content Capture Electronic Document Capture Electronic Content Capture Capture Channels System to System Web Portal Mobile Phone Mobile Tablet Print/Mail Printer/Scanner Fax Email Document Creation Regulatory Compliance Documents and Forms Content Repository Email Archive Library Services Records Management The system supports storage of document files. The system supports storage of photo files. Examples: driver s license, passport, etc. The system supports storage of audio files. Examples: voicemail messages, podcasts, etc. The system supports storage of video files. The system supports storage of web files. The system supports storage of SMS messages. The system supports multiple software options for scanning physical documents for storage. The system supports multiple software options for scanning physical content for storage. The system can capture electronic documents from multiple sources. The system can capture electronic content from multiple sources. The system can capture data from existing bank systems. Examples: from core brokerage systems, trust platforms, etc. The system can capture content from firm web portals. The system can capture content from mobile phones. The system can capture content from tablet devices. The system can capture physical documents. The system can capture content from printers and scanners. The system can capture faxed content. The system can capture content from email. The system can automatically create new account, beneficiary, transaction requests, etc. according to business rules. The system provides support for country-specific regulatory compliance documents and forms. The system stores content in a common repository. The system automatically classifies and stores email and email attachments. The system enables check-in/check-out of content by users. The system has automated process for retaining and deleting archived content. Source: CEB analysis. 23

FEATURE AUDIT DEFINITIONS Capture Channels continued Physical Records Management Lifecycle Management Search Function Third-Party System Content Transfer Enterprise Content Transfer External Business Partner Portal Distributor Portal Customer Portal Social Media Access Channels Web Portal Desktop Application Mobile Phone Mobile Tablet Print/Mail Business Rules Role-Based Security Single Sign-On Third-Party System Integration Standard APIs Online Collaboration User Notification Canned Reports Ad-Hoc Reports Report Mining The system tracks, locates, and accesses physical records. The system manages the lifecycle of content involved in a specific business process. The system facilitates document and content to third-party systems. The system can automatically transfer content to third-party systems. The system can automatically transfer content between business units. The system enables external business partners with access to content stored within the solution. The system provides distributors with visibility into archived and stored content. The system enables distribution of content requested by a customer. The system can capture and track client communications from social media platforms. The system provides a web portal for access to content. The system provides a desktop application for access to content. The system provides a mobile app for access to content. The system provides a mobile app for access to content on a tablet device. The system can access physical content from printed or mailed documents. The core system includes a robust set of rules governing content, workflow, etc. The system includes a set of security permissions based on user role. The system supports single sign-on for all applications utilized by an employee on a daily basis. The system allows users of third-party systems to access content without switching to another interface. The system provides standard, configurable APIs that enable system integration. The system enables collaboration between users and internal or external parties. The system provides an automatic notification of users for involvement in a specific business process. The system can create standard pre-built reports. The system allows the creation of one-off reports based on configurable parameters. The system allows data stored within the system to be aggregated and presented in a single view. Source: CEB analysis. 24

FEATURE AUDIT DEFINITIONS Access Channels continued Administrative Tools Business Activity Monitoring Business Process Management Workflow Management Audit Tools Data Encryption File Backup Multilingual Multicurrency Delivery Channels Web Portal Social Media Mobile Phone Mobile Tablet Print/Mail Fax User Interface Deployment Model Installed SaaS ASP Content Management as Infrastructure The system provides graphical tools that allow administrators to easily configure the system to meet changing business needs. The system can monitor the business activity of users. The system simulates and models business processes for specific lines of business. The system contains a set of tools allowing the design and monitoring of workflows without changing code. The system provides an audit trail of user activity. The system enables encryption of sensitive document files. The system provides file backup to enable business continuity in a disaster. The system natively supports multiple languages. The system natively supports multiple currencies. The system can push content to and from a firm s web portal. The system can push content to and from social media platforms. The system can push content to and from mobile applications. The system can push content to and from mobile applications on tablet devices. The system can deliver content in physical channels. The system can push content to fax machines. The systems has a configurable user interface that guides users through defined processes and can be configured based on a user's role or primary tasks performed. The system can be deployed as an installed solution. The system can be deployed as software as a service. The system can be deployed via the application service provider model. The system can embed ECM capabilities into the technology stack. Source: CEB analysis. 25

KEY STATISTICS Company Type Private Year Founded 1987 Headquarters FT Employees FY 2014 Revenue Clients for Product Long Beach, CA Not Disclosed Not Disclosed Not Disclosed CLIENT DISTRIBUTION BY REGION 0-4% 20-39% 60-79% 5-9% 40-59% 80-100% DEPLOYMENT MODEL 97% Licensed /Installed On- Premise 3% SaaS/Cloud LASERFICHE LASERFICHE COMPANY OVERVIEW Laserfiche is a privately held software company providing enterprise content management, business process automation, and records management solutions primarily to the financial services, government, healthcare, and education industries. Laserfiche provides automation solutions for accounting & finance, case management, contract management, regulatory compliance, and human resources business processes. The company serves clients globally, with the majority in the United States, Canada, Mexico, Australia, and South Africa. PRODUCT OVERVIEW Laserfiche is a horizontal solution that can be configured for small, mid-sized, or large wealth management firms. The solution bundles content management and process management tools through an integrated architecture. Through a centralized repository, Laserfiche clients can manage users, accounts, and licenses from one location, and unify document imaging, document management, records management, and automated business process capabilities. Though typically installed on-premise, Laserfiche has launched a cloud application with several financial services clients, and has a hybrid cloud offering on their roadmap. PRODUCT HIGHLIGHTS New Account Packets: Configurable documents are aggregated into one digital packet to simplify and automate the new account opening process. Workflow Automation: All workflows can be easily configured through an intuitive, drag-and-drop GUI, allowing users with limited IT skills to quickly pull together a new business process. esignature Integration: Through an integration with DocuSign, Laserfiche clients can request and capture customer signatures electronically. DocuSign sends a secure link directly to the customer, who is directed through the document to add initials and signatures digitally. All signatures can also be handled through Laserfiche s mobile app. CEB TOWERGROUP VIEW Laserfiche s ECM solution clearly demonstrates the company s effort to keep current with the needs of wealth firms, with configurations available for small, mid-sized, or large firms. Laserfiche has a solid grasp on the industry challenges faced by wealth management firms, and translates this expertise into strong deployment support. The firm should continue to adapt the platform for cloud capabilities, in order to remain competitive with industry veterans. The solution is sold directly through Laserfiche, as well as through a network of resellers. Laserfiche has established a certification program to help customers identify preferred resellers. Laserfiche s scalable deployment model positions it to support decentralized business offices, enabling the home office to centralize document processes for easy access to advisors in the field. Source: Laserfiche; CEB analysis. 26

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CREATING OUR BEST-IN-CLASS PRODUCT RANKINGS Phase 1 Utilizing qualitative and quantitative data, we identified 19 attributes that define a Best-in-Class enterprise content management system, which are grouped into four categories. CATEGORIES Content Management Those attributes and tools that support core transactional ECM processes across the content lifecycle. User Experience Those attributes that support delivery of a customized experience to users and end-consumers. Enterprise Operations Support Those attributes that enable enterpriselevel processing, customization, and customer experience. Enterprise Support Those attributes that influence the financial institution s tactical fit and strategic alignment with the vendor. Phase 2 Recognizing that all attributes are not equally important, we divide them into tiers to reflect their level of importance as mission critical, strong priority, or product differentiators. ATTRIBUTES Mission Critical Strong Priority Content Capture Document Creation Document Management Distribution Collaboration Administration Workflow Management Content Security System Integration Business Rules Engine Deployment and Support Compliance Strategy Solution Pricing Vendor Stability Phase 3 Certain products are recognized as Best-in-Class after scoring each product based on its performance at an attribute level. Product Differentiator Content Retention Best-in-Class Content Management User Interface Best-in-Class User Experience Best-in-Class Enterprise Operations Support Geographic Capability Product Maturity Technology Innovation Best-in-Class Enterprise Support Source: CEB analysis. 28

Wealth management executives should use this ranking matrix in combination with the ECM Diagnostic Anatomy to select the provider that best aligns with their firm s needs. PRODUCT RANKING MATRIX Provider Product Content Management User Experience Enterprise Operations Support Enterprise Support Provider rankings are based on our five-point rating system for each of the 19 attributes in our ECM Diagnostic Anatomy. Laserfiche Laserfiche 4.77 5.00 4.74 4.15 Cabinet Cabinet Document Management -- -- -- -- Doxim Doxim Enterprise Content Management -- -- -- -- Fiserv Nautilus -- -- -- -- Hyland OnBase -- -- -- -- Lexmark Perceptive Content -- -- -- -- Category Averages 4.72 4.47 4.67 4.06 = Best-in-Class in Anatomy Category This graphic was published by CEB as part of a larger research report and should be evaluated in the context of the entire report. CEB Technology Assessment research is a qualitative evaluation of a set of vendors in a specific market; it is NOT a stack ranking. CEB does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. CEB and CEB TowerGroup research publications consist of the opinions of its research analysts and should not be construed as statements of fact. CEB Disclaims all warranties of commercial viability or fitness for a particular purpose. Source: CEB analysis. 29

Laserfiche received Bestin-Class achievements in the Content Management, User Experience, and Enterprise Operations Support categories. BEST-IN-CLASS ACHIEVEMENTS FOR LASERFICHE Content Management capabilities include those attributes and tools that support core transactional ECM processes across the content lifecycle. User Experience capabilities include those attributes that support delivery of a customized experience to users and endconsumers. Enterprise Operations Support capabilities include those attributes that enable enterpriselevel processing, customization, and customer experience. Category Content Management User Experience Enterprise Operations Support Scoring Analysis Document Management: Laserfiche provides secure distribution of documents both internally within the firm, and externally with end-clients via consumer portals. Distribution: Laserfiche s native integration with DocuSign allows firms to send documents out securely for signature, and then brought back into the system once signed. Collaboration: Laserfiche has native support for Digital Asset Management, Web Experience Management, and Social Content Management, allowing effective collaboration between advisors, customers, and third-party business partners. User Interface: The system s user interface is configurable by individual users, including foldering, access rights, and attributes. Workflow Management: The system provides design tools for effective configuration of workflows to meet unique client needs. Business rules can be designed using a GUI interface, easily performed without developer skills. Business Rules Engine: Laserfiche provides strong support for wealth management-specific business processes, from routing documents to the correct folder, to automatically configuring new user accounts. Business processes can be mapped out using more than 100 native, pre-built activities. Source: CEB analysis. 30

ENTERPRISE CONTENT MANAGEMENT WEIGHTED ANATOMY 1 Content Capture 2 Document Creation 3 Content Retention 4 Document Management 5 Distribution 6 User Interface The system captures data and other relevant information across a variety of sources. The system generates, modifies, and reuses content both dynamically and automatically based on the user's needs. The system provides superior content storage in a common repository that facilitates search, retrieval, and collaboration. The system provides market-leading document management capabilities, including versioning, library services, and lifecycle management. The system enables personalized content distribution to both internal and external audiences. The system possesses an intuitive and configurable user interface with dashboards that guide users through defined processes. 19 18 17 Vendor Stability The vendor has an established industry presence and can provide long-term support for institutions. Product Maturity The vendor possesses a mature product with a growing market share and client base. Technology Innovation The vendor possesses a proactive strategy to incorporate innovative technology and strategies into its product development roadmap. 16 Deployment and Support The vendor offers multiple options for and provides superior support during deployment of the system. 15 Solution Pricing Enterprise Support The vendor offers multiple pricing options with flexibility surrounding additional ongoing support packages and price discounting. Content Management 14 Compliance Strategy The system provides superior support for meeting regulations and guidelines with detailed tracking for audit purposes. Scoring Methodology To arrive at a vendor ranking, we developed a scoring metric outlined by the attributes within this anatomy that highlights the major elements of an enterprise investment decision. This metric assumes that every element is not equally important, and therefore assigns a higher level of importance to those attributes critical to an enterprise content management system. The attributes are divided into three tiers, outlined below. Tier 1 Attributes Mission Critical Content Capture Document Creation Document Management Collaboration Workflow Management Content Security System Integration Deployment and Support Tier 2 Attributes Strong Priority Distribution Administration Business Rules Engine Compliance Strategy Solution Pricing Vendor Stability 7 8 9 Collaboration The system provides intuitive tools to support collaboration between users and with external parties. Administration The system provides access controls that satisfy workflow hierarchies, reporting, and security/compliance requirements. Workflow Management The system provides design tools for the configuration of workflows to the requirements of serving different client segments. 13 Geographic Capability 12 System Integration 11 Content Security The system provides configurable multilingual capabilities to support the wealth firm in all regions in which it operates. Tier 3 Attributes Product Differentiators Content Retention User Interface Geographic Capability Technology Innovation Product Maturity The system seamlessly integrates with thirdparty core systems and ancillary applications. User Experience Enterprise Operations Support 10 Business Rules Engine The system provides a robust and configurable rules engine that allows the enterprise to alter or design rules to meet changing business needs. The system takes superior precautions to reduce security risk at both front-end access and back-end storage points. 31

We develop a unique scoring methodology that highlights the key priorities for an executive s investment decision. UNDERSTANDING OUR SCORING METHODOLOGY Sample Technology Analysis Scoring Guide Illustrative Every vendor product featured in this report is scored against each of the 19 attributes outlined in the Diagnostic Anatomy on a standardized 1-5 scale. We calculate the weighted average of a product s attribute scores in each of the four categories of the anatomy to arrive at an overall category score. Anatomy Category Attribute Title Attribute Definition SCORE 5 Content Management Content Capture The system captures data and other relevant information across a variety of sources. The system supports all internal devices and all B2B and B2C devices, including mobile and tablets, without manual updating. Structured, semistructured, and unstructured content types can be captured. Scoring Metric 4 3 The system supports all internal devices and business-to-business captures with no manual input, as well as B2B tablet and mobile devices. The system supports all internal devices and business-to-business capture with no manual input required (batched or automatic updating). 2 The system supports centralized business-to-business document capture but requires manual entry into the ECM. 1 The system supports only single source inputs from internal sources. Attribute Score: 5.0 Source: CEB analysis. 32