How digitization can help address challenges in the financial sector

2016

How Digitization Can Help Address Challenges in the Financial Sector

Digitization of paper documents has become imperative for the financial sector and the services of a data conversion outsourcing provider would be very supportive in this regard.

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The financial sector is a core industrial segment that monitors the flow of money in an economy. This is a sector where it is very important to effectively and efficiently answer customer queries and demands, and enhance customer service. Automation of financial data is very essential as it helps to keep track of important funds and money transactions. It improves efficiency and workflow. Rapid growth of technology has led to the increased need for timely data entry and management. Typical banking processes are paper-intensive and involve invoice/credit card processing, loan and mortgage application processing and so on. It is estimated that in the mortgage industry alone, the average file size has increased to more than 200 pages. Such increase in paper use is unsustainable, which highlights the importance of finding alternative solutions via digitization. The services of a data conversion outsourcing provider would be very supportive in this regard.

The Digitization Advantage The data that banks and the financial industry in general require is contained in a large number of documents and records that need to be accessed for carrying out various banking functions. Automation of data is the ideal solution for keeping the data safe, organized and arranged in a systematic way.

Let us consider the major advantages digital conversion of data can offer.

Improved customer satisfaction: With accurate data, financial organizations can take proactive measures in retaining customers and also obtain an insight into the customer’s needs. These are times when financial organizations are facing considerable scrutiny from the public as well as government agencies. Customers now define customer service as a crucial element in their choice of financial organization; they expect innovative and flawless service, and state-of-the-art problem solving capability.

Studies show that response times and customer service levels can be improved considerably if employees can immediately access customer related information. This can be made possible by scanning customer correspondence, information requests and complaints. With efficient and timely document scanning and imaging, customer representatives would have instant access to all scanned documentation related to a customer and a particular case. This will enable them to quickly resolve the customer’s enquiry.

Digital banking: Accurate and streamlined data is essential for developing digital banking, and digitizing quality data helps in maintaining a digital platform in the financial sector that would ensure a dramatic increase in customers.

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Risk management and compliance: Reliable data helps in risk management and also eliminates the chances of any fraudulent activities in the financial sector. With dependable information, banks and other financial institutions can keep a tab on the monetary activities that take place in this sector and minimize risk.

Businesses in general are expected to notify customers of data security breaches immediately and this is more relevant in the case of financial entities because of the highly sensitive nature of the data they hold. If a breach occurs, the organization’s reputation suffers. In addition, it could also face huge financial losses considering the cost implications of high profile breaches and hefty fines for non-compliance. Data breaches are more likely with paper documents that are very vulnerable. This risk can be reduced by investing in new secure digitization systems in-house or by utilizing document conversion services.

Operational efficiency: Having quality data greatly improves the operational efficiency of employees in the financial sector. Paper documents slow down business processes.

Moreover, it is difficult to share information contained in them. With digital documents, employees can access and share the required data quickly and don’t have to waste time searching for files.

Data management with paper documents can be terribly expensive. Studies show that on an average, 14.5% of floor space in offices is occupied by filing cabinets. This space could be better used or not rented at all.

Remaining competitive with advanced technology: Real time access to vital business information is necessary when it comes to securing the speed and agility to remain competitive. For this, digitizing as much of business information as possible is vital. What financial organizations need is intelligent document scanning and indexing.

Data can be extracted and validated from the scanned documents and this would expedite everything from mortgage and credit card applications to customer service.

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(800) 670 2809