Is it time to go paperless?
Financial service providers generally incur significant costs within the end-to-end value chain of their records management system. From the point of origination of a record, until the point of warehousing and destruction, financial service providers incur costs. These costs are often accepted as “business as usual” as records are required to maintain customer data and ensure effective governance and regulatory compliance. Reducing the associated costs across the value chain is often overlooked as an efficiency opportunity.
An analysis at a large retail bank has proven that by streamlining process and adding technology to eliminate paper from the process, operating expenses in the processing divisions can be reduced by as much as 25% (a reduction of between 60% and 70% of records management associated costs).