Your financial services clients are now selecting their services based on the level of personal service and privacy provided. They require easy-to-use digital technologies that give them greater control over their data. This is the driving force of the digital transformation, and it’s why so many credit unions are now turning to digital technology. In this new post, we’ll explore the digital transformation and what it means for financial services providers around the country.
Regulatory Compliance a Challenge
Within the financial services industry, companies must now abide by updated regulatory standards in order to meet their obligations to clientele. This means maintaining accurate records and harnessing the latest technology to restrict outside access to client data. The company keeping their client records in filing cabinets can no longer operate effectively in such an environment, which is why many organizations are now moving forward with the digitization process.
Digitization of Financial Records Supports Reduced Risk
One of the core advantages for companies digitizing their financial data is reducing the risk associated with data loss. Paper copies are vulnerable in various ways. For example, all it takes is a fire within the facility for a customer’s entire record to be destroyed. Digitizing client records helps protect the data and ensures that the information is easily available. Digital data management companies back up all data on their servers, ensuring that the information can be recalled in seconds after a blackout or disruption.
Environmentally Responsible Processes Support Community Objectives
Beyond the security provided by the data digitization process, credit unions are now supporting local environmental objectives when they reduce their reliance on paper. Working with digital copies means credit unions no longer have to continually print statements and can provide customers with a full range of communication options. Many companies now using digital records have eliminated paper from their working processes.
Reduce Fixed Costs
Credit unions are also becoming leaner as they embrace digital transformation. Rather than having to maintain large buildings with multiple areas for printing and a broad range of storage spaces for filing cabinets, companies now cut back on infrastructure significantly. They can work with cloud computing firms to store client data securely off-site and ensure that client-facing team members are focusing completely on the interaction with clients. This has many benefits for your organization:
- Staff can upsell your credit union’s services and meet marketing goals
- Team members can be more productive while improving return on investment
- Clients enjoy better service experiences, helping the organization grow
Enhance Online Experience
As we’ve mentioned previously, your users’ online experience is instrumental to the success of your organization. If you can to give users control over their data while streamlining data access, you can expect happier, more responsive customers. That is critical within the financial services industry where privacy is not only expected but required. Digitizing financial data allows you to allocate information to online user profiles, ensuring it's available to users whether they're working from a computer or a cell phone. This will show your client base that you’re committed to their experience and will limit the number of customer service calls your team has to answer.
Another critical area for growing companies is team collaboration. When you have a dynamic team working to meet a range of client needs, you must ensure that you support team members with the information they need to complete their work.
The digitization process is a driving element behind teamwork. It can help ensure your team members are on the same page, working with the same data when addressing questions. It can also ensure that complex challenges can be met with a proactive, team-based response, ensuring buy-in from members across the organizational infrastructure.
Imaging Office Systems Creates Customized Digitization Platforms
Imaging Office Systems now works with credit unions across the country to collect and scan data to be placed into customized central repositories. The data can then be utilized by your staff to manage both short-term and long-term business processes.
Whether you require a company to update your working records or are looking to build a comprehensive digital system that both team members and customers can use to handle data, Imaging Office Systems is the partner of choice.
To learn more about our company and the complete range of scanning options and document management services we now offer, contact our team of experts today.