BENEFITS OF LEVERAGING DOCUMENT CAPTURE IN FINANCIAL SERVICES
Perhaps the most obvious, yet the most certain benefit of going digital are the cost savings associated with it. When you use paper forms, your costs increase. Utilisation of space, the safety of these forms, printing costs, stationery costs, and other varied costs are cut down when you go digital. Perhaps the only cost associated with going digital is the purchase of cloud storage which is very marginal.
With the digitisation of paper forms, you free up a lot of space that was earlier occupied by the dusty old papers. You can do whatever you want with this newly freed up space, maybe make it a gaming room for your employees. Your data now lies in the cloud and it shall stay in the cloud. Another added benefit of digitization is that it prevents loss of data should there be any emergencies such as fire. With this, you not only save costs but also improve efficiency.
If all the employees in your organisation cannot access data equally and easily, this data is as good as rotten. Digitised paper forms help each employee access information key to their position. This helps them to carry out the work without any hiccups, thus increasing efficiency.
Maintaining paper forms, year after year becomes a very tedious task, and quite often expensive. With a paperless office, all of these forms are wiped out, thus wiping out the need for maintaining such forms and eliminating extra costs.
There are also a varied number of forms that you can capture using intelligent data recognition software:
USE CASES FOR DOCUMENT CAPTURE IN FINANCIAL SERVICES
Probably the most common type of form that you would come across is the KYC form. These forms are the basic foundation of data in your company because they have every little detail about your customer including his date of birth and tax information.
Another key type of form that you come across on a daily basis is the loan extension form. A loan extension form can be captured easily, giving you access to data which is key in granting a loan to your customer. This also helps you get rid of dubious customers.
This type of form focuses on your internal customers – your employees. With digitized employee application forms, HR policies become easy and you can also study trends in attrition.
Getting and sharing information in the financial sector is a critical issue. Financial services can get the valuable informations with CaptureFast easily. When your customers are widespread and varied across countries and continents with different values and behaviour, information, rather processed data, becomes a key factor in shaping the future policies and management decisions. In other words, you’re either defining the company’s future or destroying it.
But, what’s more pivotal is the access to this information. While many companies emphasise the use of data to make key decisions, it is usually the access to this data/information which can be the differentiating factor. Access by the entry-level employee to the CXO level is something that should be standard and equivalent. This distributed access to data can be achieved only through digitisation.
Digitisation is the key to sustainability and the growth of your company. As technology has evolved, its purpose has too. Data driven decisions are important to any company’s success, but it plays an unusually massive role for companies belonging to the financial sector simply because of the nature of the business they are carrying out. The majority of the forms used in this can be digitised easily using data capture techniques. New technology is making it easier to capture data digitally and analyse it simultaneously. With many sectors readily adapting to this change, growing trends towards a paperless process are positive. Time is money, and digitised forms save both money and time, proving to be a boosting factor to overall profit growth and efficiency.
We utilised CaptureFast Mobile Capture Application to digitise Personal Pension Application forms. We were able to eliminate time lost during the messengering of documents, speeding up the process by 40% and we were able to complete enrolment process immediately while the agent was serving the customer.
We used CaptureFast cloud platform to extract information from health invoices and insurance policy application documents. Automating these processes allowed us to reduce personnel by 50% and increase data processing speed by 70%.
We utilised CaptureFast mobile capture application in order to create a digital archive of protocols and contracts. We were able to digitally archive 200K documents in one year.