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 • November 6, 2014
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American Banker noted paperless technology trends in financial services, claiming that digitization is becoming an industry-wide trend. As a result, workflow is making significant strides forward. Financial documents are processed quicker and cheaper in banks adopting these automation practices, and customers are more satisfied with the expedited turn in the business.
Almost a quarter of banks surveyed for the article said that there would be evident benefits associated with electronic document management, as customers would have to supply information only once and the information could be moved to several document formats from there.
In banking, document management software has begun to create a simple process that eliminates a long list of formerly necessary tasks.
“I was in a bank the other day, and the woman with whom I met was keying away furiously entering a sales lead on one screen while on another screen she keyed in the same information for an application that tracks projects,” said Ron Wellman, who works in the Pegasystems’ banking industry. “That’s obviously where you don’t want to be.”
The dependency on such frantic workflow is fading in banks that have begun to implement new document management solutions.
U.S. Bank is one company that has witnessed the benefits of document management through invoice automation. According to an article last month on E-Invoicing Platform, U.S. Bank transitioned to an e-invoicing system for its freight carriers that it predicts will allow the logistics firm to better utilize supply chain resources.
In order to initiate a shipment, carriers submit e-invoices that can be efficiently processed to ensure the carrier receives payment as soon as possible. The system uses an auditing technology that quickly solves invoice issues.
Individual bank customers aren’t the only ones who have noticed the positive impact of paperless banking solutions.