Digitization in finance and banking

Digitization in finance and banking

With today's flood of digital and paper data, it must be ensured that important documents are not lost and are available at the right time, because financial institutions and banks benefit significantly from the use of suitable data management - they receive important documents with high classification levels and immediate Completion Requirements.

Financial institutions and banks benefit significantly from the use of suitable data management that meets all the requirements.

Important documents such as pleadings, contracts, accounts and external letters do not only come in by post. Many customer letters also arrive by email. In doing so, the full overview of responsibilities, deadlines, costs and tasks must be maintained and safety standards must be guaranteed.

Simple overview and quick search thanks to digitization in the financial sector

All of these documents need to be digitized if they arrive in paper form, require structured filing, task and workflow assignment, and need to be immediately available on demand.

Because all processes in finance require a perfect flow of information and structured execution. The necessary advantages can only be achieved thanks to digitization.

Because a digital document archive enables immediate access to all necessary documents and participation in approval processes. It doesn't matter whether you are in the office, working from home or on a business trip.

It is very important that important deadlines are met and legal measures are taken to store documents.

PaperOffice DMS gives you a clear structure in your documents and helps you to cope with the flood of information.

PaperOffice eliminates all time-consuming bottlenecks and creates a clear overview of important documents such as contracts or letters by managing them digitally in PaperOffice in the future.

Convert documents into solutions

In the financial industry and banks, a lot of paper is used every day and a huge number of documents are produced. On the one hand, since the processes are quite complex, this leads to large mountains of paper, huge amounts of data, but also to a long search process. In addition, the documents must be saved, indexed, classified and, if necessary, be shared with colleagues.

The document management system PaperOffice brings organization and data protection under one hood. The innovative system provides streamlined search and retrieval tools that reduce response time and ensure documents are never lost, which financial institutions are always satisfied with.

That's PaperOffice DMS, a document management software that can do much more than just manage documents.

Because no matter in what form the documents arrive at the company, whether as paper documents, PDF files, e-mails or photos, they are automatically archived and stored in a secure database.

Important contracts can thus be recognized and terminated in good time or renegotiated. Document release with digital signature and e-mail notification instead of slow paper mail, insecure e-mail contributes to customer loyalty.

Work more efficiently thanks to secure document management and workflow solutions

Access control and more transparency

Thanks to the integrated AI, automatic rules are triggered. This AI automatically sorts the documents into folders such as "Invoice" and "Bank statements", stores corresponding keywords and triggers the digital workflow stored for the respective document type.

For financial institutions and banks, this means maintaining a very extensive client or customer file, which must also have a few special features. For example, the principles of the GDPR must be observed and, of course, financial institutions are subject to an unconditional duty of confidentiality, which not only refers to oral statements, but also to the secure storage of documents protected against unauthorized persons. There is also an obligation to comply with legal and contractually agreed deadlines.

In some cases, non-compliance with these deadlines can have criminal consequences, but mostly only civil consequences. Protecting the trade secrets of their clients is also of primary importance for financial institutions.

PaperOffice meets the highest security standards such as authorization management or the granting of access authorizations. The user defines the individual work steps exactly as they would run, for example the "recording", "checking", "release" and "booking" of invoices.

Responsibility can not only be assigned to individual people, but also to user groups such as "Accounting" or "IT department", so that a colleague can step in immediately if an employee is absent.

The OCR technology not only recognizes the document content, but also all tax-relevant data fields such as document number, date, net, tax and gross amount. The imported data is available for controlling evaluations, payment transactions and financial accounting. This saves tiresome entry work and reduces posting errors.

With just one mouse click, the data including the archiving location can be exported to your customer or vice versa.

Digitization with PaperOffice brings immense advantages

Perfect financial workflows

Financial institutions as well as service providers and banks have to process documents for all business transactions. The constant further development of business models constantly creates new challenges. What they need is a good document management system.

PaperOffice DMS is the right software because it comes with everything that financial institutions and banks need, such as:

• Storage of documents in all digital formats according to the principles of the GDPR
• Functions for submitting and resubmitting late documents that require action
• A self-learning data storage function with tagging and internal search engine
• Automatic assignment of newly added documents to the correct folder
• Simple database creation and database connection including individually customizable mask
• Automated template creation for repetitive processes and operations

Integrate digital workflows into business processes

Large amounts of business information can be digitally captured, securely stored and shared

The PaperOffice workflow function simplifies communication. The process-oriented document management ensures that these documents remain up to date with little effort. PaperOffice DMS enables you to easily take applicable retention and deletion periods into account. Digital workflows are integrated into the business processes, which ensures compliance with the essential process steps and thus compliance.

PaperOffice supports this with an extensive task and workflow module.

In this way, certain process chains can be created and existing operational processes can be defined on electronic documents and partially executed automatically.

This represents error-free process optimization, because the task can not only be assigned to employees with specific user rights and completion periods, require digital release, but also automatically trigger further actions, such as email notifications or document status changes. Which is an absolute MUST in the financial sector.

In this way, relevant metadata can also be stored after the archiving process of documents. In addition to the document type, the archiving period and associated customer information can be specified.

Financial service providers benefit from digital document management

Optimize your working time by up to 7.5% compared to paper-based work thanks to the use of PaperOffice DMS.

Save time finding, routing and sharing documents.

Of course, PaperOffice DMS allows the migration and integration of existing digital data from existing software solutions.

At the same time, PaperOffice DMS is the interface between analogue and digital. Using its scan function, the software can read analog documents, plans and photos into the system and digitize them using scanners, but also recordings from mobile phones, whereby texts are converted into writing using OCR and can be changed in Office programs.

Time stamps and versioning ensure that the digital document corresponds to the analogue original.

PaperOffice DMS is not only extensive in its functions, but also easy to learn, guided by video tutorials, but also by individual advice and training if desired. All this at a really good price-performance ratio.