As a company in the Financial services industry do you still rely on paper despite the effort to go paperless?
As much as you as an institution are trying to eliminate paper, there are some transactions that paper is still used for, especially loan applications and new customer set up. Residential mortgage and commercial loans are very paper intensive.
You require more intense and in depth business processes. This streamlined work process increases efficiency. And this keeps you at par with your competitors.
You tend to have policies in place towards managing your documents and how you can be able to eliminate paper documents.
As an institution in the financial industry the main focus is always on security and privacy, thus controls are usually in place to ensure information confidentiality despite the documents format. This is to ensure that the documents are not accessed by fraudsters. Documents have to be kept in files for a legally defined retention period.
Solutions to your document challenges
Digitizing your paper documents
As technology is getting closer to the customers financial personnel can scan documents immediately on receipt, inputting in the repository. They can also provide the mandatory disclosures and signatures on electronic devices like tablets.
Prior digitization of documents which were already in paper format eases the whole process
Implementing an electronic document management solution
For you as a financial institution to stay compliant an electronic document management system can be of additional value. Electronic document management software provides secure, audited and unalterable access to your financial records. These will remain secure for years.
The possibility that your documents stored in the system can be altered without detection is nil.
Your recovery in case of fire or flooding is much improved. Items previously managed via fax,mail and other paper processes can now be stored in the central repository of an electronic document management system. Documents are backed up in a secure location, protected from theft,accidental loss or destruction.
Disposal of paper documents
Your documents have a retention period applied through regulations.
For you to maintain the security and privacy of your information, documents that have reached the retention period have to be disposed of in confidentiality.
This can be done using document shredders that provide intense document destruction.
