The fintech industry is heavily dependent on paperwork. While it’s not possible to eliminate the use of paper entirely, digitization helps streamline workflows, enhances productivity, and reduces errors and costs. Document lifecycle management has already become a part of the financial industry, assisting organizations in their digital transformation journey. Let’s discuss document digitization and the many benefits to the fintech industry and how you can get started.
Digital Transformation for Boosting Productivity and Customer Satisfaction
Document Digitization is at the heart of digital transformation, and any company that chooses new-age technologies to automate processes sets on the path of digital transformation. The ultimate goal of digital transformation is to improve workflow and enhance customer satisfaction. This is only possible when the workforce is highly productive. Implementing modern technologies reduces dependency on manual data entry and limits errors. Hence, a lot of time is saved that can be utilized on critical tasks.
Document Digitization: The Path to Digital Transformation
Document digitization could be the first step in a fintech company’s digital transformation journey. It replaces manual data entry with document capture. You no longer have to spend hours manually entering data as modern technologies such as document scanning, barcode recognition, and OCR (Optical Character Recognition) let you quickly capture and retrieve information. While document scanning lets you convert printed data into machine-readable formats, OCR enables data manipulation. Barcode technology, on the other hand, allows you quickly access information.
Let’s discuss the many benefits of data capture and digitization.
Less Storage Space:
As mentioned above, fintech operations involve a lot of paperwork. By embracing document digitization, fintech companies can save on a lot of storage space. You won’t require large rooms with lots of cabinets and drawers to store years of data. With a robust document management system, you can keep the needed data and free the items that are no longer required.
Better Information Preservation:
Unlike paper records that need to be stored in drawers, digital data can be saved in the cloud and on dedicated drives. This is an efficient way of storing information and keeps it safe from physical deterioration.
Enhanced Data Security:
The scanned documents and data can be password protected and stored in the cloud to increase digital security. Also, the administrators can share access with concerned users. When it comes to printed documents, nothing can be done if it reaches the wrong hands. Hence, document capture has become essential for the fintech industry.
Improved Regulatory Compliance:
Not adhering to compliance requirements can adversely impact your reputation and, ultimately, your business. Doing so with heaps of cluttered documents is a challenging task. Document management systems help meet regulatory compliance of the fintech industry effectively and efficiently. You can store your data better and organize your files as per regulations.
Cost and Time Savings:
With document capture, you don’t have to spend heavily on items related to printing. As a result, great cost savings! Since document digitization also minimizes dependency on overwhelming manual tasks, it leads to outstanding time savings.
Fast Data Retrieval:
Technologies such as OCR and barcode recognition make data retrieval faster. With barcodes, you don’t have to manually enter data to get access to information, as a single barcode scan is enough. On the other hand, OCR makes documents editable and text-searchable. All you have to do is enter a relevant keyword, and you can quickly access the data.
Good Customer Service:
Looking for a specific document in a pile of registers while your customer is waiting in line. Sounds daunting! On the other hand, using a document management system powered by modern technologies such as OCR and barcode recognition offers quick data retrieval so you can provide better customer service. What would you choose?
Better Collaboration:
Remote work has become the new normal. While your workforce works from different locations, how would your share information via printed material? Digital documents make information sharing faster and safer. You can grant access to the concerned individuals and share documents in a few seconds. No need to struggle with sharing printed copies that could take days.
Enhanced Productivity:
Document digitization reduces the dependency on manual data entry, which results in remarkable time savings. The time saved can be utilized on other vital tasks, further boosting productivity.
A Step Towards Green Planet:
Most businesses overlook this aspect. Act responsibly and contribute towards a greener planet by minimizing paperwork. It’s impossible to completely eliminate the use of paper in the fintech industry, but you can always take a step by reducing dependency on paperwork. After all, it’s the little steps that matter.
Getting Started with Document Digitization
To integrate document capture into your business workflow, you’ll need to start by finding the right solution for you. You can choose a document management system or start with document scanning. The idea is to reduce the use of paper and digitize information. Also, mobile solutions will provide ease of mobility to your workforce, and they can digitize and exchange information on the go.
While you can easily find companies offering off-the-shelf document management systems, you may not be able to customize most of the features. Hence, building one on your own is a better option. You can opt for a document scanner SDK to embed document scanning capability into your application. Leading vendors allow you to make significant customizations to cater to your most specific business needs. Also, you won’t have to spend days on complex programming as all you need is just a few lines of code and your document scanning module is ready. Robust add-ons such as editing and text-searching with OCR, barcode recognition, and mobile capture will future-proof your application.
Test and Try Multiple Options
Understand how each one functions and make a decision accordingly. You can also create comparison charts to see which solutions meet your requirements the most. Also, partner with a company that offers good customer support, as errors is inevitable in the world of technology. Timely updates and upgrades will further help you stay ahead of the curve. All these tips will help kickstart your fintech company’s digital transformation journey.
