These 4 Technologies Are Helping the Financial Sector Go Paperless
Going paperless does not need to be tough, mainly if you have the right tools with you. Today, more and more financial businesses are opting for the paperless system. Thanks to the new digitization solutions that allow them to streamline the operations and become digital players.
Such cutting-edge tools provide the potential to create, distribute, and sign documents online. It can also turn the existing financial documents into fully dynamic content.
How Going Paperless Offer Perks to the Financial Sector?
An average worker uses over 10,000 paper sheets each year. On the other hand, 45% of printed paper ends up in the junk at the end of the day.
Paper documents have been a vital part of running a financial business for decades.
But today, things have changed a lot. Today, financial documents do not take plenty of time to store, organize, and manage. Thanks to technological advancement and services such as electronic signature software. It is also easy to make a switch to the document management system and get all the perks of document digitization.
By going paperless, you can reduce a plenty of space and bottlenecks that occurs in your everyday processes. Here is how going paperless can benefit your financial organization:
- Automate business processes
- Let you communicate quickly
- Save valuable time, space, and money
- Boost data correctness
- Ensure security and compliance
- Reduce carbon footprint
- Ease communication
Must-Have Tools for Those in Financial Sector
If you have decided to cut down on paper entirely, below are four tools you must use:
- Document Scanning
Document scanning and management are vital to the financial sector. Scanning old documents helps your business go digital. Although doing this might not be an instant need, you should make it a long-term goal. Start by creating all your new digital documents.
Just find a reliable electronic document management solution that makes it easy to browse and store your documents. This allows your employees to find the financial file whenever they require and that too, with a few clicks.
With the best scanning service, you can scan all your pictures, documents, notes, etc. – all in one place.
Scanning apps let you turn the camera of your phone into a scanner. They are portable and much more convenient. The best document scanning apps also help you identify what type of item it is –whether it’s a business card, book page, or other.
Moreover, turning your financial documents to pictures using document scanning can:
- Lower risk
- Streamline your processes
- Boost efficiency
- Increase productivity with time
- Digital Signatures
Did you know 50% of business waste is paper? You can hugely lower your impact on the landfill by going paperless using a digital signature.
Nowadays, customers want everything instantly and that too, without sacrificing quality. As you know, the financial sector depends on the security of transactions. A digital signature is a perfect way to go paperless and boost the security of the online documents.
It allows customers to sign documents online quickly and securely. The remote signing feature also lowers workload because both parties can sign even when not present. The digital signature also offers more security than traditional paper and ink signature. Each signature consists of coding embedded with it that proves if it has tampered. Moreover, digital signatures are also legally binding as handwritten signatures.
The biggest benefit is that you can tailor it to meet your needs. Financial organizations that use a biometric verification system can use audit trails to track and manage the paperwork. Few signature maker also allow sharing of documents between cloud storage services such as Google Drive, Box, and Dropbox.
- Organizational Apps
If you are trying to go paperless, the best place to start is by managing all your tasks using an organization app. It will help you assign tasks to other people, set up reminders, and do much more.
Just download one of the best organization applications on your tablet or
mobile. These productivity apps cut down your paper waste and reduce headaches.
- a) A Calendar App
A calendar application allows you to record all your meetings. It also lets you know when an appointment is coming up.
- b)Business Card App
Business card application does not hold your business cards and adds them to your phone address book.
- Cloud Technologies
Did you know that depending on paper documents could put your financial business at high risk? If a natural disaster strikes, all your paper documents get lost. Saving electronic documents online on using cloud-based applications help you mitigate that risk.
It is another quick and convenient option of going paperless. It allows you to create, access, and save data via the cloud. The biggest advantage of using cloud technology is that you can create a backup of all your files to prevent data loss. You can also create shared files so that multiple users can work on it at the same time.
These services remove the burden on your business and make your business documents safer in a natural disaster. Few cloud platforms like Google Drive and OneDrive are free to use, while other tools come at a cost. After you smoothly transition to a cloud-based app, all your physical papers and files can be recycled.
But ensure that a cloud-based copy of your documents caters to the compliance requirements. It’s worth checking the local legislation before ruining documents required for regulatory compliance.
In the United States alone, 68 million trees are used to produce paper and paper-based products in a year. The excellent way to combat global warming and save mother earth is by lowering paper use. Remember, migrating to a paperless solution can seem confusing and feel overwhelming at first. But with the tools stated above, you can do that without any hassle.
A paperless approach to your financial business can help you securely share, store, and retrieve vital documents quickly. If you’re looking for a reliable financial document management solution that impacts your bottom line, use the best electronic signature software like eSign Genie. It will help you manage your business documents securely while going paperless.