Not only is paper expensive, it takes up a lot of space at your financial institution. Did you know that the comprehensive cost to print one piece of paper could be as high as $0.13 per page? That’s not sustainable.
Yet, many financial institutions still rely heavily on paper-based systems. It’s time to uncover the challenges of paper-based document storage, as well as the benefits of electronic and cloud storage. Keep reading to learn about several key concepts to consider when choosing document imaging software.
Why Paper-Based Data Archiving Is a Thing of The Past
You probably have paper documents housed in files, boxes, cabinets and rooms throughout your institution. But storing paper at your bank can pose challenges in several areas:
- Disaster Recovery
In the event of a disaster at your institution, your paper files could be destroyed. If you only have one copy of a document that gets damaged or lost, there may be no way to recover that file.
- Document Retrieval
Paper filing systems are subject to human error. That means it can be hard—or nearly impossible—to find the files you’re looking for, especially when you need them now.
- File Sharing
When your master document is a paper file, you either make additional copies or share a singular file. With customers and regulators who have an expectation for instant gratification, sharing documents one person at a time isn’t practical.
How are you protecting confidential information—like customer loan documents—from security breaches? Lock and key isn’t always easy to track. With heightened security standards, you need to know who is looking at your documents at any given moment and make changes to your security standards on the fly.
6 Reasons The Time for Online Digital Storage Solutions Is NOW
Are you struggling with the choice to transition from paper storage to online data storage? Here are a few good reasons why banks like yours have transitioned to electronic storage and cloud-based document management systems:
- Reclaim floor space and reduce the need to store files offsite
- Minimize the amount of paper needed for file printing
- Save on hardware and printing costs (for paper and toner)
- Never worry about losing important documents
- Access and retrieve documents instantaneously at any branch, at any time
- Password protect all of your documents and customize securities
Plus, what are you supposed to do when examiners come around? It can be really hard to produce paper documents when examiners start asking questions and expect documentation. Using an electronic document management and imaging system puts all your files together in any easily searchable database. Plus, it can help you stay clean, organized and compliant.
Choosing the Right Document Management Software
When choosing document management software, you may want to look for vendors that:
- Integrate with your core bank processing solution
- Are easy to use and access, regardless of technical skill level
- Friendly interface
- Single-Sign-On (SSO) environment
- Provide one solution that satisfies all your banking needs
- Deposit Operations, Loan Operations, HR, Accounts Payable, Board of Directors, and more
Tools like CSI’s CenterDoc satisfy all of these needs. Plus, they use cloud-based file and document management systems to reduce paper, time and costs for your financial institution. Stop spending time and energy on manual processes, security concerns, physical storage constraints, software installation and maintenance—it’s time to take your data storage online.
Eric Butterbaugh, product specialist, works with several CSI solutions, focusing specifically on CSI’s document imaging solution, CenterDoc. In his role, Eric is responsible for giving product demos, creating sales proposals, implementing solutions, conducting trainings, testing and developing products, and providing second-level product support.