As more companies jump onto the digital transformation bandwagon, we look at what the digitisation process really means for businesses, particularly the financial and banking sector.
Like other sectors, the banking industry is in the middle of a digital transformation. As consumer demand for convenient and secure mobile and online banking continues to grow, along with the acceleration of remote exchanges in light of COVID-19, digital transformation has become a necessity. The demand for safer interaction, increased privacy and security, and greater value for money, have also necessitated a revamp of how business is conducted.
A successful digital workplace requires the digitising of all records, streamlining and automating the business processes, and determining how to provide remote access in a secure way. This process, to make all documents accessible, is in fact the biggest driving factor for the digital transformation of documents. As organisations grow and remote working becomes more of a norm than ever before, companies need to ensure that geographically remote teams will have access to important records and documents to complete their tasks and reach their work targets.
By having your records digitised you can improve your document management capabilities, streamline business processes, and create better workflows for your remote teams. Placing your digitised files in a single virtual records system also reduces silos and centralises your records storage.
Compliance is also of increasing concern. In Europe, the adoption of the General Data Protection Regulation (GDPR) imposes onerous fines on any organisation that falls foul of the law. In the financial services sector, the additional rules and regulations governing everything, from Knowing Your Customer (KYC) to Anti-Money Laundering (AML) and many others, put massive pressures on these institutions.
What this means is that banks and other financial institutions need a processing and legacy system which reconciles data from documents like ID cards/passports, cheques and contracts, and posts them into the system, and which can integrate with the bank’s digital channels in a more streamlined and efficient manner. The process of digitising documents also requires a plan for storing documents and making them available to everyone who needs them at any time. This will require a more sophisticated system for storing your documents – one that can scale out across your locations and give you access to documents anywhere, anytime.
You also need to consider the automation factor as the process to digital will require a concrete plan for your electronic documents. Chances are many of the documents you receive today are electronic. You can use your digital transformation project to add automation for capturing documents – so you don’t even have to think about it. Automating data capture can be another good way to unearth additional employee time savings.
The digital backup of documents enables companies to take control of their business continuity plans and with all the information securely stored in the cloud, companies can not only mitigate security threats but also create the business processes that simplify time-consuming tasks, freeing up employees for more important work that drives company growth and profits as well as creating a paperless office.
Canon’s authorised partner Avantech recently designed a tailor-made solution, that enabled APS bank to enjoy a seamlessly smooth digitisation process encompassing all the bank’s needs. By combining document digitisation, document generation and Canon hardware, the bank is achieving significant gains in efficiency, compliance and costs. In applying the right tech solutions across the bank on all their scanners, PCs and multifunctional devices, the bank has also been able to extend document capture to every user in the bank with no training requirements, offering smoother and more efficient service to its client base.
Scan2x, PlanetPress and ThereforeDMS provided by Avantech on Canon Multifunctional devices, PCs and web browsers offer seamless end-to-end workflows anytime and anywhere.
If you would like more details and information on how digitisation can help your business, visit www.avantech.com.mt/avantech-case-studies/.
Independent journalism costs money. Support Times of Malta for the price of a coffee.Support Us