Going paper free drives quality of service for banks

Thursday, January 16, 2014

The financial sector has always strived to maintain a positive public image, and despite criticism or concerns in the past, many firms have managed to do so by focusing on the quality of customer service they provide. As technology improves the path to optimizing service lies in improving the tools used in a branch and the back office, while adopting the trends that customers most want to see. Paperless operations is at the top of this list, and financial institutions need to invest in the appropriate paper conversion services to cut the clutter and boost the customer experience in the way it is most needed.

According to World Finance, Turkey has been one of the latest countries to embrace paperless banking on a broad scale. The nation's first foreign-owned bank, Odeabank, as converted to almost completely paper-free operations, making it more eco-friendly and improving the speed and quality of customer service in all of its branches. These improvements are expected to drive domestic groups to invest in similar approaches and the conversion services necessary to take their own operations paperless.

In North America and other areas of the world paper-free financial efforts are already highly popular but many banks can further these efforts by utilizing the right document management software and systems to eliminate paper even further. With the support there for modern transaction needs, many firms simply need to eliminate the paperwork from their record archives to complete the conversion. Concerns over security and compliance are the only factors holding many back from accomplishing these efforts.

By investing in high-quality, onsite document scanning and the appropriate services that focus on privacy and regulatory compliance, financial organizations can eliminate security risks and take their systems completely digital with ease. Doing so will improve the flow of information, allow banks to distribute client information across branches safely and quickly, while improving customer-facing operations as well. This will increase the speed of actions like loan approval, large-scale deposits, account opening and more.  Additionally, service costs will be reduced, allowing firms to pass those savings onto customers in the form of ATM fee reduction and other benefits.

While operations may seem fine now, updating to paperless initiatives can produce savings and growth that banks can ill afford to miss out on. The advantages will greatly outweigh initial investment costs, while promoting stronger service immediately.

Brought to you by Image One Corporation, providing complete information governance since 1994.