by: Matt Peterson
October 28, 2014—Banks, large and small, are facing more scrutiny and more challenges than ever before. They are being asked to do more with less and to be more transparent. To keep costs low while providing excellent customer services and being in corporate and legal compliance, most banks have turned to some form of document management software (DMS). Using a paperless office is a win-win for both those in the banking industry and their customers. Among the benefits of such a system are:
Financial Benefits—
Mailing millions of customers’ paperwork, such as statements and notices, each month can become expensive. Using DMS to email customers can save banks a vast amount of money in printing costs and postage.
Time-Saving Benefits for Banks—
Mailing customers statements and notices requires human hands to fold and stuff envelopes. Banks can be more efficient with DMS, which allows employees to be utilized for more important purposes. A paperless office system also decreases the amount of time telephone representatives are on the phone. Instead of customer service representatives assisting customers to decipher information, websites and computer systems can be used for this purpose.
Time-Saving Benefits for Banking Customers—
Instead of calling the bank to find out if or when a check or other transaction has come through their account, they can simply view their transactions and statements online, even from a smartphone or tablet. This decreases telephone hold times and creates more satisfied customers. Banking customers now can also electronically sign many different types of banking documents, which can save time and avoid costs associated with driving to the bank or mailing documents.
Compliance—
Banks must comply with many different legal standards and maintain secure systems to protect their customers’ important information. Companies in the banking industry must also follow many statutes and regulations, including those set forth in the USA Patriot Act, the Right to Financial Privacy Act, and the Fair Credit Report Act, all of which can change from time to time. Using a secure, compliant DMS gives banks the peace of mind that their information and their customers’ information is being held in a safe and reliable, yet easily accessible, location. Using DMS can help your bank maintain compliance with all of the financial regulations and statutes it must follow.
The Electronic Audit Trail—
Banks perform internal and external audits to make sure they are in compliance, as well as keep accurate records of financial transactions. These audits are completed more efficiently and with fewer errors when a company uses a DMS with audit trail capabilities.
Banking Workflow—
In an electronic document system, workflow can be built into daily processes. Designating workflow is easier, makes more sense, and usually takes less time. Employees can easily find documents and needed information, while following all proper protocols and work procedures.
Environmental Benefits—
Changing to DMS is also better for the environment. Less paper is consumed and wasted, leaving more trees standing. This also means less waste and chemicals discarded back into the environment.
In the document-heavy world of banking, it makes sense to take advantage of the great technology available today. DMS makes banking easier for both the bank and its customers, keeping documents more secure than ever before.
About the Author:
Matt Peterson is the CEO of Lehi, Utah-based eFileCabinet, Inc. Founded in 2001, eFileCabinet, Inc. began as a cutting-edge tool to digitally store records in accounting firms. As it grew in popularity, eFileCabinet developed into a full-fledged electronic document management solution designed to help organizations capture, manage, and protect their data.
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