Leverage digital workflows to improve data accuracy and improve the customer experience

More consumers than ever are turning to mobile apps to meet their banking needs. In fact, one study found that nearly 80% of people surveyed use their mobile banking app at least once a week.

That’s what makes the finance and bank digital transformation so important. It allows financial organizations to meet customers where they are. Here, we’ll lay out how a digital strategy can transform your financial institution. That way, you can boost employee productivity and customer satisfaction.

For more information about all things digital banking, read our comprehensive guide, The Complete Guide to Digital Banking.

What is digital finance transformation?

A digital finance transformation is the process of converting a financial institution’s analog frameworks into digital ones.

It’s more than simply embracing tools like email or video conference calls. It’s about leveraging a digital infrastructure to provide a better customer experience. This process includes collecting financial paperwork such as tax documents and loan applications. It then converts these documents into digital files.

A complete digital transformation also considers the organization’s document-handling processes. Institutions must examine onboarding processes and forms for areas of improvement. That way, you can apply digital-forward techniques to these processes. Doing so will increase data accuracy while reducing the paper required to complete the same tasks.

Begin a digital transformation today by downloading our free Digital Transformation Checklist. Discover essential tips and a straightforward how-to guide inside. We'll help you go digital while staying organized and secure.

The impact of digital transformation in finance

Banks and investors process volumes of information every single day. They need instant access to this information to do their jobs. This can be to help customers find the perfect home loan or it to examine financial trends and optimize investment portfolios.

Combining banks and digital transformation makes this possibility a reality. Employees at financial institutions can access critical information from a centralized digital database. This allows for near-instantaneous processing of loan applications, reducing weeks or even months-long processes to mere minutes.

Digital storage options can leverage powerful search functionality. These tools reduce the amount of time employees need to hunt down physical documents. Plus, digital file creation processes improve data accuracy through automation.

These benefits combine to not only help financial institutions reduce costs, but also to make their customers happier.

In fact, one McKinsey study of 80 global banks shows how important this transformation is. It found that organizations that made the digital transformation saw an average annual shareholder return rate of 8.1%. This is compared to the 4.9% return rate of companies that have yet to undergo a digital transformation.

Technology powering the digital transformation

The finance digital transformation is only possible with the right tools. Each organization must find the technology that fits its needs. Most will likely use at least one (or more) of the following.

• Imaging solutions create digital copies of physical files. Employees can then upload these files to central storage systems for easier access. Many scanners include optical character recognition (OCR). This technology makes text editable within scanned
• Document management solutions offer robust digital file storage, search, and retrieval capabilities. These systems also increase transparency by allowing financial institutions to track who is accessing files as well as any edits they’ve made.
• Cloud technology forms the infrastructure that runs these systems. It enables employees from all over the world to collaborate on complex projects. It also allows customers to access their accounts on the web or through their mobile devices.

Challenges facing bank digital transformations

The benefits of undergoing a digital transformation are immense. However, several obstacles can prevent financial institutions from making a smooth transition. Failure to consider these challenges can lead to longer transformation timelines. They can also lead to inefficient processes once an organization completes its transformation

• Security and compliance: Keeping customer data private and secure isn’t just a nice thing to do — it’s the law. Financial institutions must adhere to federal and global compliance standards like the Financial Modernization Act of 1999 and the General Data Protection Regulation (GDPR). Failing to follow these regulations can lead to severe fines and the loss of the ability to do business. Keep data security and compliance in mind when choosing a digital transformation solution.
• Organization and accessibility: Without a plan, digitized files can end up disorganized. This will increase the time employees spend looking for files. A document management system makes it easier to find and work with important information. Plus, user access profiles allow you to lock down files or folders to authorized users. This can improve system security.
• Stakeholder and employee buy-in: Remember, a successful digital transformation includes workflows in addition to the files themselves. Without buy-in from the organization, employees will continue to lean on familiar processes, even if they’re outdated. Doing so can lead to reduced productivity and increased security risks.

Our recommendation: RICOH fi-7600

Those in the market for a scanner to power a bank digital transformation have no shortage of options. We take great pride in having spent the last 50+ years researching, designing, and developing some of the most advanced and powerful electronics in the world, including our professional grade fi and SP series of scanners.

Built to purpose for the most demanding document handling jobs, fi and SP scanners are capable of processing tens of thousands of pages per day at the highest levels of accuracy. Their intuitive integration capabilities with all existing work suites minimize time-to-value for businesses looking to invest in tools that will pay dividends for years to come.

The RICOH fi-7600 is the perfect complement to any financial organization’s digital transformation. It offers rapid document scans of up to 100 double-sided pages per minute. This, coupled with its 300-page automatics document feeder, makes short work of large stacks of paper. And with built-in skew detection, you can be sure all of your scans look crystal clear. Click here to learn more or shop the rest of our production scanner line.

Note: Information and external links are provided for your convenience and for educational purposes only, and shall not be construed, or relied upon, as legal or financial advice. PFU America, Inc. makes no representations about the contents, features, or specifications on such third-party sites, software, and/or offerings (collectively “Third-Party Offerings”) and shall not be responsible for any loss or damage that may arise from your use of such Third-Party Offerings. Please consult with a licensed professional regarding your specific situation as regulations may be subject to change.