Paperless banking requires more than changing processes and implementing enabling technologies. Capturing the benefits of further paper reductions will challenge banks to think beyond individual initiatives such as check digitization and electronic signatures. A new Capco white paper explores how taking an enterprise approach to paperless transformation can help banks continue to reduce costs, improve efficiency and increase customer satisfaction.
The financial services industry has made great progress in recent years toward eliminating paper-driven processes. Going paperless has opened the door to more efficient operations, lower costs, improved compliance and better knowledge management.
But banks still rely heavily on the physical flow of paper for customer-facing activities. Transporting paper across the enterprise remains a major cost. And the disparate nature of bank operations makes it harder to identify the problems and true costs associated with paper-driven processes.
Banks continue to seek ways to reduce their reliance on paper-driven processes, but with paper still very prevalent and profitability an ongoing challenge, are they moving far or fast enough? Capco sees opportunities for further paper reductions that can lead to greater operational efficiency, reduced costs and increased customer satisfaction.