From multinational banks to your local credit union, financial institutions require physical signatures on a multitude of documents, including:
- New account on-boarding
- Signature cards
- Mortgages and other loan applications
- Titles, contracts and other loan documentation
In many cases, these documents originate electronically from within the banking systems. However, once signed, they usually sit in filing cabinets, basements and vaults, disconnected from the banking systems and representing a silo of information that can be easily lost or damaged in a flood or fire. This disconnection makes it difficult for the bank to keep costs low for processing new accounts, loans and other processes as well as to gain a complete view of their customers.
The Case for Scanning (and Workflow)
Converting financial documentation into electronic documents offers significant opportunities to both reduce costs and enhance customer service.
From a cost reduction standpoint, you can eliminate the space needed within each branch for filing cabinets, cut courier costs between branches, and potentially reduce offsite costs. Scanning and storing documents also reduces copier charges, since you will only need one document in a single location, versus storing multiple copies in multiple locations. Finally, it simplifies compliance activities, since the document management system systematically controls access and retention scheduling.
From a customer experience perspective, having electronic documents enables your organization to have instant access to appropriate information at the click of a mouse. Your front line customer service reps can answer questions in seconds instead of hours or days by not having to dig through file cabinets. With the addition of workflow automation, your staff can provide the status of any given document for any given process.
Not Just for Operations
If your administrative processes are paper-intensive – accounts payable, HR, legal – scanning these documents helps to streamline your back-office and further minimize overall risk. Like your operations team, your administrative staff will find the right information instantly and be able to make better, more well informed decisions.
Let NEdocs Help
We can provide you with a complementary assessment of your current processes, and identify opportunities for improvement. Whether you approach these capabilities as an outsourced model (possibly utilizing shared services if you have multiple locations), or want to set this capability internally, we can help.