The banking, financial and insurance industry (BFSI) is an importantsector. Today the use of robust Customer engagement platform has become common in this domain, especially to manage digital document and optimize processes. After all, due to the large number of transactions carried out by banks on a daily basis, it becomes critical for banks to invest in process optimization.

Managing the information of any organization, including banks, in a proper manner is quite necessary in the era of digital transformation, as every day people are generating more data, at a faster pace. Data is extremely important in the banking industry, and in most cases, this exchange of information is found in documents.

Documents in electronic format can be part of varied business processes at a bank, starting from customer service and sales to marketing and legal administration. The greatest benefit derived from having a proper management system in place for customer documents includes improvement of business processes, customer communication, and customer satisfaction.

Going paper less 

Having a paperless Customer Communication Management process allows banks to serve customers faster, while simultaneously improving compliance and realizing cost savings. Over the last few years, a lot of banks have encouraged their customers to go paperless, as the digital document management process in banking makes serving customers safer, faster, and simpler. Banks recognize the importance of digital technologies as a key lever to improve regulatory compliance and profits, while transforming the customer experience. The latter imperative took on a heightened importance amidst the COVID-19 crisis, when remote and mobile access shifted from conveniences to necessities for many millions of customers across the globe.

Digital proficiency involves an expansive range of capabilities, including digitalization, intelligent process automation, and advanced analytics. A number of customer-facing products and touchpoints in banks have become more digitized in recent years, and the use of digital documents has become pretty commonplace. Embedding digital collaboration into the business process workflows helps in opening up steep improvements in employee productivity, and leads to major value creation for the industry.

For banks, going “paperless” basically involves taking steps to cut down the use of paper in every day operations and customer interactions, and carry out those processes digitally instead. This includes strategies like sending account statements in PDF format via email instead of physical mail, enabling online forms and application submission for loans and accounts, and so on. Through a good document management system, banks can even authenticate crucial data transfers with digital signatures.