Lake City Federal Bank was founded in 1934 as Lake City Federal Savings and Loan Association. The bank was organized by local citizens to help fulfill housing needs during the Great Depression. Today, Lake City Federal Bank now offers a wide range of financial services to people and organizations in the Lake City, Minnesota area. The bank has one location, 18 employees and $68M in assets.
Lake City Federal Bank had been using a document management system since 2005, but in 2014, they realized they needed a system that had more robust capabilities. Their current system was unable to capture and index transactions or perform efficient searches. Full-text searches were not an option, so searches of documents had to be configured using zones. The bank was also spending time and money to pre-print transaction tickets, and tellers had to manually process them. Working with solution provider EO Johnson, Lake City Federal Bank began to seek a solution that would greatly improve upon the old system and make transaction processing more efficient and costeffective.
How did PSIGEN help Lake City Federal Bank replace their outdated system?
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