If you are still using a pile of papers for your finance company, it is time to choose eSign documents. Today, there are many great paperless options for the financial industry. They will help you only manage your organization easily and allow you to go eco-friendly.
The latest paperless technology available is also good to provide businesses with a high return on investments. You can see significant changes in your organization within the months, not even years.
You must try out the following technologies, as it will help you manage your work in several ways. So, please read the article to know why it is vital to go paperless for the financial sector and how they can do that.
Benefits of Going Paperless for the Financial Sector
The paperless concept is the latest trend in the financial sector. An office employee spends 30 – 40% of his time finding information in cabinets and emails.
With the latest technologies continually gaining popularity, it is easy for the financial sector to go paper-free. A paperless system allows users to manage, store, and capture the files securely online. It provides operational efficiency and customer experience.
Here are the benefits to go paperless for the financial sector:
It is Convenient, More Efficient, and Faster
Customers are constantly looking for more effective and convenient solutions to conduct transactions. Cloud storage allows financial firms to access the documents anytime from anywhere. This will speed up the tedious paperwork process. They can also check the history of financial transactions without actually visiting the workplace.
Provides You a Professional Look
In the financial sector, showing professionalism is the key to success. By going green, you can increase your professionalism and ease the work of your customers.
Your documents are correctly managed, and all the transactions are quick and smooth. This is what you will want in your financial organization. It also allows your organization to attract new tech-savvy agents to work with you.
Reduce the Cost of Printing and Storage
There is a lot of wastage of money, ink, and paper in the finance industry. Even the price of storage rooms and filing cabinets consumes plenty of budget.
So, by adopting the paperless approach, financial firms can get rid of these costs and save a significant amount of money and time for their firm. It is a smart and effective business strategy for those that are working in the financial sector.
Increasing the safety of users is one of the primary goals of every financial institution. Through a paperless system, the privacy of customer data is increased to ensure better compliance with FINRA. It also allows you to fill out, sign, or email your online Blank w9 form securely.
Additionally, those in the banking sector are required to comply with Know Your Customer (KYC) regulations that dictate the verification of client identity. Foxit eSign aka eSign Genie provides security tools to users, such as knowledge-based authentication (KBA), that can help ensure compliance is smooth and consistent for banking professionals.
Serve Customers in a Better Way
Today, individuals who never had a banking experience earlier are now shifting towards electronic transactions. Via paperless finance, every kind of banking transaction can be digitally documented.
This also makes it simple for service providers to predict, analyze, and boost consumers’ experience. It also promotes retention as they are more likely to spend more. Customers are happier because there are minimal forms to fill out, increased security, and fast delivery of services.
Top Technologies Essential for a Paper-Free Finance Office
Several latest technologies can help you to make the transactions as smooth as possible. Here are the technologies that you will need for your finance firm:
The finance sector mostly relies on paper contracts. But today, it has changed a lot. All thanks to digital signatures. With it, finance businesses can allow their customers to eSign documents and sign contracts stress-free from any device and from anywhere.
The best e-signature solution provides every transaction in its own virtual room. It allows you and your customers to review, share, and sign documents effectively.
Here are the key benefits of digital signatures:
- You will get notified when a document has been signed.
- Your clients can sign documents from anywhere, from any internet-connected device.
- Digital signatures are verifiable, secure, and tamper-proof.
- You can access all your documents via cloud storage.
Mobiles are excellent assets for financial firms that want to go paperless. As most of the information is available through different mobile apps, users become more addicted to their mobile devices. They find the most comfortable and convenient way of getting services and information.
Not only do productive applications eradicate paper waste, but most of them are more versatile, unlike paper-based transactions. They also make bankers accessible 24*7 through smartphones.
You can use organizational apps to manage the paperwork quickly and ensure a customer-friendly environment. For example, a calendar app will help you record your meetings and notify you of upcoming meetings.
Scanning documents and making copies is not effective, as there are several drawbacks to this. Earlier, customers offer written applications to open their account or apply for a credit card.
Today, most banks and financing companies currently use handheld electronic scanning devices to scan to grant any product. There are also document scanning apps available on the internet that let you scan all your paper documents with one click using your mobile.
Since the beginning of cloud storage, several organizations are using it. These latest trends will never end soon. Cloud storage will help the financial sector manage and store all the documents and ensure data safety on a specific server.
This technology removes the burden, and your organization will never have to worry about the storage space. All your forms and essential documents stored here are safe and secure.
Document printing, admin work, ink, postage, and envelopes – all are all costly to a business. Managing and storing paper-based records can cost 50 to 75% more than digital records. The expenses associated with the paper records maintenance are $2000 per year.
Having these superior technologies with you means you eliminate the huge amount of paper wastage at your workplace. Foxit eSign aka eSign Genie allows you to easily manage your documents digitally instead of spending your valuable time in finding them. You can even create signature in word, which is the biggest bonus point.