Technology is rapidly changing the game, with most businesses finding ways to go as paperless as possible. Now, that even includes the world of finance. Even a decade ago, this idea might have seemed impossible, but now it is merely inevitable.
There are many factors for why a company decides to go paperless. It may be that it wants to reduce waste, or it may be to create more convenience for potential clients. Regardless of the reason, it is quickly becoming a growing trend.
Benefits of Going Paperless
At this point, the numerous benefits of going paperless should be reasonably evident. The vocal push in this direction has worked hard to make its stance clear, as evidenced by it finally impacting the finance industry.
These benefits include saving money (on products and storage), streamlining the process, higher self-service levels, time reduction, and advanced security. Naturally, this is not a complete list.
Convenience is King
No doubt, going paperless has streamlined the finance industry. By switching to electronic versions of forms, bills, and transactions, the financial sector is making the process more approachable and efficient for all.
This makes for happier customers while also cutting waste and cost. It’s a win/win scenario – especially when one takes into account how much more accessible this transition has made the industry.
Contactless options now make the process safer for all, especially in these uncertain times. More than that, it makes life easier for those that have always faced additional physical challenges, opening the door to more clients.
The convenience of paperless banking should not be overlooked. The customer’s ability to access mobile banking is a massive factor in their decision-making. Customers want to feel heard, after all. Listening to this request and the request for fewer bills in their mailbox is an intelligent decision.
Paperless Resistance
The transition to paperless has met a fair amount of resistance over the years. As the saying goes, old habits die hard. According to one report, the average still manages to use up to 10,000 sheets of paper in a single year. This is partially due to many companies’ reliance on paper forms. It is somewhat odd to see this resistance level, given that paper budgets cost around $120 billion annually.