Digital Asset Management (DAM) systems are increasingly becoming a cornerstone for banks and financial organizations aiming to enhance their operational efficiency, secure sensitive information, and maintain a consistent brand identity.

In a world where digital assets are as valuable as physical ones, especially in the financial sector, the strategic implementation of a DAM system can provide a competitive edge.

This blog post will explore:

• the benefits of DAM systems for financial organizations, and
• real-life examples of DAM benefitting financial institutions.

The Benefits of DAM Systems for Banking and Financial Institutions

1. Enhanced Security: Safeguarding Sensitive Information

In the financial sector, security is not just a feature; it’s a necessity. Financial institutions deal with sensitive client information, transaction details, and proprietary financial data.

A MediaValetDAM system provides robust security measures like SSO, encryption, access control, and Forensic Watermarking providing an additional layer of security over traditional file storage systems.

MediaValet is ranked the #1 DAM vendor for security by SecurityScorecard and is SOC 2 certified and compliant with numerous industry standards, including HIPAA, GDPR, and more.

2. Branded Portals: Maintaining a Cohesive Brand Identity

Financial organizations often operate across multiple channels and regions, making consistent brand representation a challenging task.

Whether it’s for marketing, communication, internal use, or alignment with the organization’s brand guidelines, centralized management of all brand-related assets is essential. But sharing these, especially externally, can be challenging.

MediaValet’s Branded Portals ensure that every stakeholder has access to the right content, ensuring consistent branding to help build customer trust and recognition among clients.

3. Scalability and Flexibility: Facilitating Growing Operations

The financial sector is dynamic, with organizations often undergoing changes in size, structure, and operations.

Whether it’s increasing storage capacity, adding new users, or integrating with emerging technologies, DAM systems can evolve without disrupting existing workflows. This flexibility is crucial for financial organizations that need to stay agile and responsive to market changes.

MediaValet offers unlimited users and training to ensure that as you expand, your DAM can scale with you.

4. Improved Workflows: Enhancing Collaboration and Productivity

Collaboration is key in any financial organization, where teams often work on complex projects requiring a high degree of coordination both within and outside of core teams.

DAM systems facilitate smoother collaboration by providing tools for quick asset discovery, version control, workflow management, and real-time asset sharing. These features ensure that everyone is working on the most current version of an asset, reducing errors and saving time.

MediaValet’s AI-powered metadata and Advanced Search allow you to discover the right assets, in seconds, while MediaValet analytics to make smarter, data-backed decisions with detailed reports, straight from the DAM.

Use Cases for DAM for Banking and Financial Institutions

ACAMS is the largest global membership organization dedicated to fighting financial crime.

Spread across three main locations; Miami, London and Hong Kong, ACAMS found it increasingly difficult to manage its growing library of digital assets.

They began searching for a DAM platform in 2019 and have since been a client with MediaValet.

At the beginning, they use their DAM to store mostly brand assets like JPGs, PNGs, PDFs and Microsoft files like Excel, Word and PowerPoint.

Eventually, they started to incorporate their creative team‘s work including production files into the DAM to enable collaboration across the creative team. With the addition of Audio/Video Intelligence, they’re also focusing more on video assets.

ACAMS has seen massive returns on their MediaValet DAM, it has saved them time on asset discovery and limits colleagues having to recreate files.

Why did ACAMS choose MediaValet as their DAM provider?

What really made MediaValet stand out was the unlimited support and training. It’s so valuable for us and we’re still taking advantage of it!

James Langan, Senior Global Brand Specialist, ACAMS

Want to learn more about ACAMS DAM Journey? Read their full story here.

A DAM system for banking and financial institutions is not just a tool for managing digital assets; it’s a strategic investment that can enhance security, improve efficiency, and foster a stronger brand identity.

Investing in a robust DAM system can yield significant dividends in terms of operational efficiency, compliance, and competitive advantage. As the financial sector continues to evolve, the role of DAM systems in supporting and streamlining these changes becomes increasingly vital.

When companies first start looking into DAM software to better organize their content, understanding digital asset management pricing models can quickly become complicated. What most organizations don’t fully realize in these early stages of searching for a DAM vendor is that their needs may change over time.

This means the initial price tag for a DAM may not stick for very long. It’s important to fully understand DAM pricing. What the initial cost includes, and what kinds of increases you’re looking at as you grow as a company.

But before you start planning, let’s explain digital asset management pricing in detail.

Digital Asset Management Costs

How much does a DAM cost? There are various factors at play when it comes to determining the cost of a DAM. The size of your organization, your unique use case, storage needs, and more can determine the DAM solution you need. Although there is a lot of information out there about the costs of DAM solutions, there are three main components:

• Subscription costs,
• Upfront costs, and
• Ongoing costs.

Let’s take a closer look at each of these costs below.

Subscription Costs

All DAM solutions have a base subscription cost, which is usually dependent on a combination of things. Storage needs, user numbers, administrators, and user groups. To receive an accurate quote for the subscription price for your DAM solution, you’ll need to answer these four questions:

1. Storage: How many terabytes (TBs) of digital assets will you store?
2. Users: How many people will use (or could use) the DAM?
3. Administrators: How many people will manage the library?
4. User Groups: How many different customized user groups will be needed?

Each DAM vendor has a slightly different approach in how they price their base subscription, as well as what they include with it. For example, MediaValet’s core DAM subscription-only charges for storage, and includes unlimited users, administrators, and custom user groups.

Understanding This Cost

This is often the most variable cost, so it’s important to consider how each vendor’s digital asset management pricing structure will impact your organization’s long-term growth. Some pricing structures can prevent organizations from extending DAM access to other users, such as additional departments or marketing agencies, as it would increase the price of the DAM’s base cost substantially. A subscription model that’s based on just storage, with unlimited users, can greatly improve the scalability and reach of your DAM. This should be a priority if you’re expecting to grow your user base.

Want a more personalized understanding of dam pricing? Check out our MediaValet Pricing page here.

Upfront Costs

There are often one-time fees to cover the upfront costs of implementing the DAM. First, an onboarding fee is an extra cost associated with the initial DAM setup for your organization and may increase with additional storage or integrations. Another is a consultation fee. Many DAMs will either offer consultation internally or have partners that can provide additional support with navigating more complex DAM implementations. Both of these fees are normal but can vary across vendors and quickly add up if they’re estimated based on an hourly rate. With MediaValet, the onboarding fee is a flat rate that covers the entire onboarding process, followed by unlimited training and support over the customer’s lifetime. We also have several partners that can help with additional implementation needs.

Understanding This Cost

In many cases, implementations can take longer than expected, so take care to understand what’s included with these fees to avoid getting caught with an unexpected bill. Make sure you understand if the onboarding and consulting fees are based on a set number of hours and the implications of going over and above what’s included. Understanding the kinds of services that are included also set clear expectations between the DAM vendor and you, the customer.

Ongoing Costs

A typical ongoing cost is for DAM training which involves booking time in with the DAM vendor to train new users on the platform or update users on how to take advantage of new features. This can be in the form of one-on-one training or group training sessions and is usually priced based on a set number of hours and/or sessions. Another ongoing cost is for DAM support, which covers technical challenges with the DAM (system bugs, setting up new users, recovering deleted assets, etc.). Like training costs, support costs are usually bundled or billed hourly. Both DAM training and support are critical to the adoption and usability of the platform, so it should be an expected cost. Again, with MediaValet, unlimited training and support are included in the base subscription cost.

Understanding This Cost

While “optional” training and support can be tempting to pass up, ensuring new users understand how to use the platform ensures better long-term adoption and increased ROI. It can also save you from wasting valuable time trying to solve technical problems yourself, only to make matters worse. In most cases, investing in training and support inevitably saves you time and stress down the road. With this in mind, consider using a vendor that offers unlimited training, or be sure to thoughtfully budget for this additional cost.

Digital Asset Management Cost Comparison

When shopping around for DAM solutions, it’s important to ensure you’re comparing apples to apples. In this section, we’ll cover all the basics you should know about DAM costs before you start comparing digital asset management pricing structures. The three major considerations you’ll need to understand prior to comparing DAM prices are:

1. Features and Integrations,
2. User Needs, and
3. Ability to Scale.

Let’s take a closer look at each consideration below.

1. Features and Integrations

Since every organization has unique needs, the DAM you decide to go with should reflect that. A very important part of comparing the costs of different DAM solutions is only looking at systems that have the features you’ll need. Be sure to deep dive into the DAM’s features on asset organization, search capabilities, distribution solutions, archiving, security, and the ability to scale—and don’t forget to look into their training and support.

What’s the use of investing in a DAM if it doesn’t work with the rest of your tech solutions? Running into a problem with the right integrations can be a major roadblock in choosing a successful DAM. MediaValet integrates with many of the most-used programs like Microsoft 365, Adobe Creative Cloud, and much more.

2. User Needs

The right DAM partner will take into account how the DAM needs to work for your team, and how they can offer ongoing support that will boost user adoption, and foster confident usage. MediaValet offers a customer success program where you’re partnered with one of our customer success managers to make sure your DAM works the way you need it to with unlimited training and support.

3. Ability to Scale

Where you’re at today is not likely where you’ll be six months, a year, or five years down the road. Most organizations are looking to grow, making scalability an important factor to consider when comparing DAM vendors. It’s important to take into account how your costs may grow as your business does. Are these costs are sustainable? MediaValet offers unlimited users and user groups at no extra cost to help our clients who are looking to scale.

Whether you have a library of digital assets already, or you’re starting fresh, MediaValet works with you. We work to develop an intuitive and future-proof taxonomy that will scale and grow along with your business.

Get the Full Picture

When embarking on a digital asset management pricing comparison, it’s important to understand how each vendor’s pricing works, as well as what features and benefits they provide. This will help optimize productivity, get the most out of your DAM, and avoid any unforeseen costs.

To avoid surprises and going over budget it’s important to:

• Map out features and benefits the DAM is providing,
• Take time to choose a partner that will help you find the right plan, and
• Make sure there’s room for you to scale up if needed.

Ensure you understand the subscription, upfront, and ongoing costs of your DAM. Also, clarify what’s included in what you’re paying for. It’s just as important to choose a DAM partner that you trust to find the right solution for you.

We believe in investing in the success of our clients by offering unlimited onboarding, training, support, users, and user groups. Why wouldn’t we help our customers get the most out of their DAM? Get your custom MediaValet pricing today.

Recently, artificial intelligence (AI) has recently been changing the way we do many things. From the way we work, to the way we communicate, the surge in available AI technology has impacted us significantly.

But AI is not a new aspect to most digital asset management (DAM) systems. Over the past several years, AI has been quietly revolutionizing the way DAM systems manage and access assets.

At the heart of this transformation is DAM metadata.

But why is it important and how does it increase asset accessibility for organizations?

To further explain the purpose and benefits of DAM metadata, this blog post will delve into:

• What DAM metadata is,
• Why asset accessibility is crucial for organizations, and
• Why AI-powered DAM metadata is the key to accessibility.

What is DAM metadata?

DAM metadata is the descriptive information and data assigned to digital assets within a DAM. It plays a crucial role in organizing, categorizing, and retrieving digital assets efficiently. It provides context and information about the assets, making it easier for users to search for, locate, and manage their digital files.

DAM systems have evolved significantly, thanks to AI-powered features. Metadata, particularly metadata tagging, plays a pivotal role in making assets easily accessible.

Universal accessibility to assets is crucial to an organization

Imagine a scenario where your organization’s valuable digital assets are scattered across various servers, cloud storage, and individual devices. Finding the right asset becomes a needle-in-a-haystack situation.

Employees waste precious time searching for assets, recreating content that already exists, or using outdated versions. This not only hampers productivity but also creates silos within the organization, hindering collaboration and consistency.

Enabling easy, centralized, and secure access to entire asset libraries is the best way to facilitate universal accessibility. This can benefit organizations in a multitude of ways:

1. Removes Silos

Centralizing your digital assets, helps to break down the silos that typically exist within an organization. Everyone in your organization can access the same assets from a single source, ensuring consistency in branding and messaging.

2. Saves Time

Time is money, and searching for assets manually consumes valuable hours. With universal accessibility, employees can quickly locate the assets they need, leading to increased efficiency and reduced duplication of efforts.

3. Enhances Collaboration

Easy access to assets promotes collaboration among teams. Whether it’s marketing, design, or sales, teams can work seamlessly together, sharing and repurposing assets without friction.

4. Maintains Brand Consistency

Consistency in branding is crucial for brand identity and recognition. Universal access ensures that everyone uses the latest and approved brand assets, helping maintain a consistent brand image.

Now that we understand the importance of asset accessibility, let’s explore how DAM systems leverage AI to enhance this accessibility.

AI-Powered DAM Metadata is Key

DAM systems, enhanced by AI, provide organizations with a secure and streamlined approach to asset accessibility.

AI-powered metadata tagging and search capabilities simplify asset discovery, while robust permission controls ensure data security. This harmonious blend of technology empowers organizations to efficiently access and manage their digital assets while safeguarding sensitive information.

When it comes to DAM systems, MediaValet stands out with its AI-powered features that enhance DAM metadata and, consequently, asset accessibility:

Advanced Search

MediaValet’s Advanced Search leverages AI to provide robust search capabilities. Users can search based on keywords, content within assets, metadata, and even visual attributes. This makes finding assets a breeze, regardless of the size of your asset library.

Auto Tagging

MediaValet’s AI-driven auto tagging feature saves significant time in the metadata tagging process. It can automatically generate relevant tags based on the content of the asset, improving the accuracy of categorization.

Face Recognition

MediaValet’s face recognition technology simplifies the tagging of people in images and videos. Whether you’re managing a library of employee headshots or customer photos, MediaValet’s face recognition ensures accurate and consistent tagging.

Universal accessibility to digital assets is no longer a luxury but a necessity for organizations of all sizes.

DAM systems, especially those leaning in to AI powered features and robust metadata tagging, are the key to achieving this accessibility.

By honing it’s advanced AI-features MediaValet is at the forefront of the DAM market and ensures that customers’ asset accessibility is smoother and more efficient than ever.

If you’re looking to unlock the true value of your assets with AI, it’s time to invest in a MediaValet DAM.

As government teams struggle with the exponential growth of digital media and materials, and the need to distribute these across numerous new channels, efficient systems to manage these assets has become even more important.

There’s a solution. A DAM allows governments to securely take control of ever-growing asset banks and also protect historical assets.

Why is a DAM beneficial for governments and municipalities over other file management solutions?

Because digital asset management systems enable governments and municipalities to:

• Centralize asset libraries,
• Enhance brand consistency,
• Ensure secure asset distribution and access,
• Improve workflows, and
• Save costs.

DAM isn’t just a fancy tool—it’s a game-changer. Digital asset management benefits for governments are countless, but we’l break down some of the most important ones here.

1. Centralized Storage

Historically, government agencies have relied on multiple shared drives, often located in different departments and locations. This lack of centrality leads to duplication, loss of assets, and hours wasted in searching for the right file.

A DAM creates a centralized repository where assets are systematically stored, automatically tagged, and easily searchable. Whether it’s for municipalities or larger government bodies, everyone has access to what they need, when they need it, eliminating the chaos of traditional storage methods.

Time Reduction

88%

Of MediaValet government customers reduced time searching for digital assets to less than 5 a week

2. Enhanced Brand Consistency

Governments, just like businesses, have a brand to uphold. With multiple departments and teams accessing and using brand assets, there’s a risk of inconsistencies cropping up.

A DAM ensures that every team has access to the same set of updated brand assets, fostering consistent branding across all communications.

3. Improved Workflows

Collaboration is at the heart of government functioning and when teams are each working from different tools, it can create chaos.

A DAM for municipalities and larger agencies can streamline workflows. Whether it’s reviewing a public campaign or updating official documents, DAM’s collaborative tools and integrations allow multiple stakeholders and external teams or agencies to work in tandem, reducing bottlenecks and improving efficiency.

Hours saved

400

DAM workflows could have saved The City of Kawartha Lakes weeks worth of work building websites

4. Secured Distribution & Access

More so than most businesses, digital asset security is paramount for government agencies.

With DAM, not only are assets stored securely, but distribution is controlled. User permissions ensure that only authorized individuals can access, modify, or distribute specific assets. This reduces the risk of unauthorized use or leaks.

5. Saved Costs

Though there’s an initial investment in setting up a DAM system, the long-term savings are considerable, especially when compared with other asset management solutions.

From reducing the need for physical storage to cutting down on lost man-hours searching for assets, the efficiencies brought by DAM translate to tangible cost savings.

Costs Saved

66%

Of MediaValet’s government customers have saved on asset creation

Why Choose a MediaValet DAM for Government?

In the 2024 DAM Trends Report, government and municipalities reported incredible feedback on MediaValet:

• 87.5% of government customers are satisfied with their MediaValet DAM.
• 80% of government customers achieved ROI in just 1 year, and 100% achieved ROI in just 18 months.
• MV government customers have a high approval with an average rating of 4.4 out of 5.

Want to learn more about how governments are benefitting from a digital asset management system? Get a free copy of the report here!

In an age where digital is omnipresent, efficient management of digital assets has become essential. For government agencies, this isn’t merely about convenience. It’s about upholding a standard of excellence in public communication, maintaining brand consistency, ensuring security, and, most importantly, serving the public more efficiently.

Digital Asset Management for government entities is more than just a tool—it’s a strategic ally in effective and transparent governing. As the digital landscape continues to evolve, government and municipalities that adopt and leverage DAM are set to be at the forefront, leading with efficiency and innovation.