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Financial Services: Document Productivity and the Digital Experience

Unifying the Employee and Customer Experience in Highly-Regulated and Relationship-Focused Environments

Table of Contents

  1. Summary
  2. The Challenges of Document Productivity in Financial Services
  3. Improving the Digital Experience to Ensure Clients Get the Most Out of Face-to-face Interactions
  4. A Scalable Digital Experience Including Integrated Document Productivity
  5. Conclusion
  6. About Nitro

1. Summary

Documents have always been part of the financial services industry. The ability to represent agreements or processes with documents is key for any financial transaction. Interestingly, some of the earliest examples of historical writings, Babylonian clay tablets, were in effect accounting ledgers. Even as document creation has moved from clay to paper to digital, many parts of the industry are still playing catch up. Often times, organizations and processes still rely on hard copies for most or all documentation.

There are reasons for this. Regulation and compliance are as important as ever. Security and Personally Identifiable Information (PII) requirements are growing more stringent. Product complexity is increasing. At the same time, customers are expecting more from their banks, insurance, and investment companies, while online competition is growing. Financial services companies are seeing both competitive advantages and requirements in digital transformation. Each customer touchpoint is an opportunity to delight customers and deliver more value, but only if processes, workflow, and employees are set up for success.

In this paper we will explore some of the challenges of taking documents into the purely digital realm, and how doing that effectively can make the right digital document productivity solution a key first step to digital transformation.

Such a solution can materially impact financial businesses by improving operations and the quality of in-branch and in-person customer touchpoints. Organizations now have the tools to empower employees in a connected world, rather than leaving those employees, and the customers they are serving, feeling they are technologically twenty years behind.

Key Benefits of Document Management for Digital Transformation:

  • Hard cost savings from the reduction of printing supplies.
  • Per employee software licensing cost reduction.
  • Business gains with more time spent building relationships and cross-selling products rather than administrative time printing, scanning, and signing documents.
  • Employee and agent retention. In financial services, employee engagement is key; they are your assets. The right digital tools go a long way to ensuring engaged representatives and a better return on training and onboarding dollars.