5 Reasons Why More and More Financial Institutions Choose to Go Paperless

An executive goes paperless.

A survey of banking executives recently conducted revealed that their top three short-term priorities are: One, removing friction from the customer journey; two, incorporating big data and advanced analytics; and three, providing integrated omnichannel services. These are certainly exciting areas to be heading toward, as they lead to direct outcomes of reducing costs and growing revenues. However, the challenge that many banks and credit unions will experience while working to achieve these priorities is that much of their processes are still off the digital grid.

Any one of these priorities will necessitate a further drive toward utilizing digital interfaces. Despite these three priorities being quite distinct from one another, in order to be achieved they all necessitate a collective response that sees all consumer activity taking place on a digital sphere. Whether the objective is to personalize member communication, obtain actionable insights, or support member workflows, they all require a holistic digital ecosystem to be most effective. If consumer data is being collected on paper, then it risks either being excluded from informing this digital ecosystem or requires additional steps of transferring written data to digital.