The costs of paper-based process are huge, and if you work in a financial institution, you probably have an appreciation of this fact. Traditional paper based form-filling imposes costs in a number of ways, and many may not see its true cost for what it is. Handling client paperwork in this physical medium not only requires paper and printer toner to produce documents, but also implies a number of ancillary costs to support. For example, maintenance of printers and scanners, costs to transcribe or scan-in paper to digital storage, or even warehouse storage of the paper itself, are sometimes hidden costs not directly seen as part of the paper world. Additionally, there are opportunity costs such as lost business as clients wait for unnecessarily drawn-out processes, and time spent that could be otherwise allocated to new business or improving the client relationship.
What does it take to remove this impediment to your business? The answer lies in paperless processing. This is the trend in financial institutions today, and has significant real cost savings advantages. A paperless process does not have printed forms to fill out by hand, but rather uses digital processing such as a web-based questionnaire to gather information. Rather than photocopying documents or identification, it can be scanned in and stored in a digital repository. And when it comes to providing authorization, electronic signatures are growingly becoming as defensible as their pen-on-paper wet signature alternatives.
Imagine not having to pay for wear and tear on printers, or for paper and toner, or for large facilities to store reams of paper-based contracts. This can be accomplished easily, and to the delight of your clients. And, as an added benefit, you can demonstrate your institution’s commitment to your green initiatives by shifting from wasteful to wasteless electronic client onboarding, loan origination, and customer communications.
The transition is happening now. Don’t wait until your business is at a disadvantage – bring paperless customer engagement into your organization today.