The financial services industry has been facing more competition, commoditization, and regulations in recent years. These changes are offering more growth opportunities and challenges like increasing business speed through automation, improving customer experiences, boosting efficiency and reducing costs, all while having to meet new standards for security and compliance.
When it comes to automation improving many aspects of the financial services industry, an IDC study sponsored by Ricoh found that improving customer-facing document processes to manage activities could reduce operating costs by 10.5% and increase revenue by 10.7%. Customers are also increasingly pressuring financial service providers to enable them access to their financial services on any device, at any time. Transforming document processes has become a technological imperative for financial institutions.
Adobe Document Cloud offers financial institutions many competitive advantages. One advantage is faster speeds for businesses. Automating document workflows is increasing speed and visibility of financial businesses and reducing delays of document-based processes. It is no longer acceptable to customers to have to wait days or weeks for reviews and approvals. This is where document cloud comes in to help financial services close deals significantly faster.
Another strategic advantage Adobe Document Cloud offers is secure and compliant interactions. When financial institutions automate and standardize the creation of compliant documents, it enables them to operationalize secure and compliant application origination, processing and changes necessary to stay relevant in the changing financial industry.
Adobe Document Cloud also offers superior customer experience because paper processes negatively impact customers and drive them to look for more convenient ways to conduct business. Financial services institutions are reversing this trend by transforming their customer-facing business using secure digital documents. Digital documents allow materials to be consumed on any platform and make it easier for customers to sign up, renew and conduct their financial business from anywhere like their mobile devices.
The Document Cloud offered by Adobe also increases operating efficiency for financial businesses. Tracking and managing physical document processes across all financial operations requires a significant amount of work. Using digital documents, though, allows these companies to achieve new levels of operating efficiencies while decreasing transportation costs and transaction times, improving transparency and security and increasing the speed of business.
Switching to an all-digital document system will take some work but it is the best solution for financial institutions to improve their customer service and stay relevant in the financial industry.
Want to know more about cloud usage in financial services? Click on the link below to watch a quick video and to download the whitepaper What Financial Services Can Gain from Adobe Document Cloud.