The financial services industry is often paper-based, but as it becomes more regulated, businesses large and small are beginning to implement document software solutions to increase efficiency and security, without sacrificing profitability.
Small to medium-sized financial institutions, such as investment services and wealth management firms, lending institutions, mortgage companies, and brokerage firms, need to reduce costs while increasing service levels and availability. operating efficiency. They must also comply with various regulatory and compliance laws. Accounts and Certified Public Accountants (CPAs) have the same problems.
A complete document software package can achieve all of these goals easily and inexpensively.
For businesses that still rely on paper, storing, copying, printing, faxing, and manual mailing of these types of documents becomes an exponentially larger part of operating budgets each year. Consider, for example, the increasing cost of paper, onsite and offsite storage space, filing cabinets and cabinets, ink, toner, and postage. With affordable and easy-to-use document software, these expenses are dramatically reduced, so ROI is fast and sustainable.
Perhaps most important for financial services companies, complying with SEC, NASD, The Patriot Act, and Sarbanes-Oxley regulations is easier and less expensive with the right document software. The electronic capture, processing, storage, and exchange of customer information with document management software is a secure, cost-effective, and convenient alternative to the administrative hassles and logistical nightmare of maintaining paper files.
Unless you’ve already installed document management software, your business is probably generating thousands of documents: forms, invoices, receipts, files, emails, presentations, and spreadsheets, for example. As your business grows, the work of managing, archiving, storing, and retrieving these physical paper files becomes a time-consuming hassle, not to mention significant operating expenses. So if you’re still pressing paper, here are the top five reasons why you should implement a document management software system in your company as soon as possible:
1. To increase efficiency
Document management software immediately increases productivity because document archiving and retrieval takes seconds and employees never have to leave their workstations. Lost or misfiled documents are a thing of the past with custom indexing options and optical character recognition (OCR) capabilities.
2. To improve security
Unfortunately, many small and medium-sized businesses still rely on bank filing cabinets and mailboxes to store even the most sensitive information. Document management software allows businesses to customize security settings, set strict password access, and track each time a document is accessed or updated.
3. To maintain compliance
Businesses and organizations are under enormous pressure to properly manage information in order to reduce risk. Failure to comply with privacy and security regulations can result in severe fines, penalties, or other legal consequences that are easily avoidable with document management software.
4. To reduce operating expenses
Maintaining paper files costs your business money, time, man hours, equipment, and space. Archiving, retrieving and processing paper files is time consuming – 3-4 minutes per file. That starts to add up quickly and exponentially. Document management software can also greatly reduce, if not eliminate, the expense of paper, bank tellers, filing cabinets, ink, toner, copy and fax equipment maintenance, etc.
5. To improve accessibility
Document management software allows authorized employees to quickly and easily view, share, modify and store documents from anywhere, even remotely.
