In the financial services industry, profit margin is everything. One of the most overlooked yet effective ways to reduce cost in finance is forward thinking print management solutions. Before the digital age, companies in the financial sector were required to provide a paper trail for every transaction a client produced.
Although much legislation has been produced removing these regulations from the industry, the habit is difficult to break for some companies. Companies in Arkansas may be able to save millions of dollars per year by reducing the amount of paper used. Here is how.
The benefits of reducing paper use start with the obvious advantage of better organization. Digitally accounting for client transactions and other necessary business substantially reduces the opportunity for human error through mistakes in organization or misfiling. Computers are also much more efficient at finding that long lost document from 3 years ago that is suddenly the most important document in the company due to an audit.
According to the Paperless Project, going digital may save your workers up to 40% of time in the office that would otherwise be spent looking for documents.
Paper documents are the most susceptible to theft, and even with the increase in digital crime, physical crime is still the biggest problem in the financial sector. Moving away from paper also reduces the temptation that employees may have to breach financial records from the inside – it is much more difficult to defeat a tiered, encrypted password system than it is to simply open a desk drawer.
90% of today’s deposits are done digitally. With more banks than ever using digital means to process loans, open accounts, and send out statements, financial institutions that are still using paper may be unfortunately looked upon as yesterday’s news.
Not only do you save money by funneling your clients into digital record keeping, but you also reduce waste and increase efficiency. Many financial institutions are convincing clients to go digital by playing up the instant trail that a digital transaction leaves. Paper records take 3-5 business days to come in the mail.
Having a clear record of transactions lined up conveniently on a single screen allows for easier analysis of trends. In finance, the company that finds trends before the competition usually profits the most.
For print management solutions in Arkansas, partner with Business World by calling 501-214-5482 for timely information and connections within the financial services industry. Expect timely and workable solutions that can be implemented quickly, including solutions for paper overload within in your company.
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