Academic journal article ABA Banking Journal

Another Way to Get Rid of the Paperwork Burden

Academic journal article ABA Banking Journal

Another Way to Get Rid of the Paperwork Burden

Article excerpt

While Congress fiddles with regulatory relief, banks are left with the aftermath of the current regulatory process--veritable mountain range of paper that must be maintained in support of bank records and transactions. Here's how one bank handles it.

Chase Manhattan Bank, even prior to its pending merger, had to maintain hundreds of thousands of cubic yards of old banking records at a huge cost. The bank owned and operated its own storage facility in upstate New York. The warehouse was nicely air-conditioned and well lit, recalls John Mitchell, vice-president and division executive for office services and purchasing. "But records don't need light," he says.

And the burgeoning paperwork pile was growing to the point where additional technology just for managing the paper was starting to become necessary. So when Chase was investigating ways to save money, the bank looked into outsourcing records storage. The bank decided to use the facilities of an outside records storage and management firm--Iron Mountain Records Management, Inc., Boston. Iron Mountain operates a network of records management and storage centers around the country--many of them literally inside mountains. …

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