Wadih founded PairSoft and PaperSave, and he currently advises non-profits on business process improvement and technology.View all posts by Wadih Pazos
Wadih Pazos • April 29, 2013
That equates to around 27 million square feet of space nationwide, and the company has to manage every paper and electronic process within each of them. But what if there was a way to cut down on the required space?
That’s exactly what one Wells Fargo branch in northeast Washington, D.C., did by utilizing paperless document management tools and wireless devices.
“It’s a very efficient use of space for us,” Jonathan Velline, executive vice president for ATM banking and store strategy at Wells Fargo, recently told the source. “In a 3,000 square-foot store, we would have an area for full-service banking, and a separate area for self-service banking. Here we fit it all in once place.”
Employees no longer have designated computers or offices. With everything integrated into the paperless system, workers can access important applications and customer information from any of the mini work areas inside the store, according to the article. This has enabled Wells Fargo to construct a branch that’s about three times smaller than the average location.
“We couldn’t have been here without this format – there just aren’t thousands of square foot of space available in many neighborhoods,” Michael Golden, Wells Fargo’s regional president for the Washington, D.C., area, told the news outlet.
Wells Fargo labeled their new branch the “bank of the future.” However, for many organizations, the reality is that they can’t afford to launch a new branch or completely overhaul their system.
That’s not a problem.
There are several other steps these companies can take first, which will allow them to enjoy many of the advantages of paperless document management. A recent Forbes column outlined these initiatives, including: