Digital transformation is more important now than ever before, and it’s time for banks and other financial organizations to get on board.
Financial organizations have been among the slowest adopters of digital transformation, which might seem counterintuitive. However, when you consider all the complexities of digital banking—concerns about scalability, worries about regulatory compliance, and constraints of legacy IT systems— it isn’t too surprising.
This doesn’t mean it should persist, though.
Benefits of digital transformation in banking
Digital transformation is more important now than ever before, and it’s time for banks and other financial organizations to get on board. For those still hesitant about digitizing your bank operations, here are some reasons to embrace digital transformation.
Paper is a huge drain on human and financial resources. Did you know the average office worker uses 10,000 sheets of paper a year? Those same office workers also claim to waste an average of four hours per week on paper-based tasks. If you digitize your banking services, you not only save significantly on office supply expenses (which could be thousands to tens of thousands of dollars per year) but also improve employee productivity.
More efficient workflows
Another reason for banks to go digital is access to online document storage and sharing solutions. Most digital document storage platforms allow you to control who has access to files, provide easier collaboration via secure file sharing, and offer more efficient workflow processes that don’t require searching through paper files (or leasing space to hold them).
Digital banking and the customer experience
In addition to internal benefits, digital transformation can also have a significant impact on external operations.
Ease customer access to your services
Customers expect 24/7 access not just to their checking accounts but also to all the services you have to offer — from credit card applications and approvals to mortgage loan processing. By making more (if not all) of your banking services digital, you give customers the convenience and efficiency they’re looking for.
With a document productivity platform, you can securely share account statements, obtain eSignatures for loan documents, and expedite the completion of tax forms, employment verification documents, and credit reports. When you remove paper from the equation, customer processes can move much quicker and more effortlessly, which is a win for both you and your customers.
Give customers tools to control their financial futures
As you begin your digital transformation journey, remember to keep customers’ preferences in mind. Some will pay their bills using their desktop computers; others will use their iPads to check account balances or reach out for a customer service chat; some will want to transfer funds or apply for a credit card right from their smartphones. Whatever their preferred method is, it’s important to have a clear, consistent, omnichannel presence that’s accessible across all devices.
Do you have the backend digital tools and productivity platforms to support your internal operations and customer expectations? The future is now. Partner with a document productivity solution provider to accelerate your digital transformation initiatives and help you stay ahead of the game.