Fax is so sure that Faxed documents and signatures are recognized in court as legally binding. It is logical, so, that fax would be the basis of financial communications, but there are ways to make it even better? What’s happening incorporating Other business drivers, such as increased business efficiency or better customer experience?
the paper problem
Financial services workflows have it has always been largely paper based. For example men the loan process, a company has to track and manage multiple documents, often rekeyin information in several different systems. This long, inefficient, and the error-prone process costs time, money, and customer patience.
That last element, keeping customers happy, is key. The financial services industry, including banking, insurance, investment, and diversified companies, is significantly more aggressive with CX transformation initiatives compared to all industries combined. More than 70% of financial services companies are transforming: according to a metrigia study39.7% have completed a project or have one in progress and 30.9% are planning a project by the end of 2022. A Gartner survey points out that banking and investment services are more focused on digitization than any other sector.
The cloud solution
C.Noisy fax has become key to enabling the digital transformation that CIOs are seeking. Lreading solutions go beyond replacing traditional fax capabilities to largely eliminate paper and deliver tools as data capture, conversion, management, auditing, and integrationyes. Since they are hosted in the cloud, organizations do not have to maintain fax hardware or software themselves and typically benefit from essential features such as high availability and disaster recovery (HA/DR).
Let’s explore some of the ways cloud faxing offers significant benefits. in the financial industry.
Cloud fax for beven
cloud fax offers benefits in a wide number of business areas for banking organizations, including new account acquisition, account management, and application processing. By automating a large amount of data capture, management, and distribution, is brands processis fast and efficient and leadyes to higher levels of customer satisfaction.
Let’s take the example of a loan application. To automate the processing, the lender can integrate the capture technology into their cloud fax solution. When the client sends his request by fax, the capture technology extracts the image content of the digital fax, so convertin g the content in actionable data and automatically enters it into the loan system.
A car business financial company I worked with used cloud fax for ignition–board dealers in hours instead of the six to nine months it had takennorth previously. Once they were online, a the loan application can be processed in seven minutes and payments can be made the same day. C.strong fax allowed the company to retain nearly $9.5 million in business customer contracts
cloud fax for C.capital markets
Fast trade processing, combined with the ability to demonstrate compliance with all regulations, is essential for the capital markets. stock market trade confirmations, rate change notices, wire transfer policies and more. Many of these can be incredibly time sensitive, even with wasted seconds possibly leading to monetary losses.
Fax transfer has always been essential communication in bossessuch markets, but the traditional fax was considered increasingly slow and inefficient. D.alternatives in english – like email – lack the security and auditability necessary to meet compliance requirements by laws like PCIDSS and socks. Cloud faxing allows organizations to continue using familiar fax-based communications while taking advantage of the speedreliability, and security updates delivered by cloud faxing
Cloud fax for the insurance industry
The insurance industry is subject to strict rules governing security, privacy and business transparency. This is especially true in organizations health insurance management. Furthermore, it relies on multiple paper-dependent processes that need to be optimized to improve the customer experience. The digitization of paper processes allows insurers to drive revenue through the acquisition of new policies and the management of existing clients while better adhering to their compliance obligations.
Integrated with cloud fax, the electronic tools capture data directly from incoming claim forms, feed it directly into the claims processing system, and ensure all relevant documentation is filed together. The system can then automatically request more information, send status updates and proof of coverage, and finally notify the customer of claim approval or denial.
Take the fax needs and makemy Les fax advantages with the cloud
Businesses are discovering the power of cloud fax to streamline document-based processes to improve corporate performance while maintaining essential lines of communication. Moving your fax to the cloud is no longer about getting ahead, it’s about not being left behind. IDC discovered that90% of companies respondents have already or are in the process of integrating fax with their business applications.
OpenText cloud fax products (OpenText™ Fax2Mail™, open text™ RightFax and OpenText™ XM Fax™) deliver the security, reliability, and efficiency demanded by the world’s largest organizations. They can be integrated into business systems such as ERP, CRM or content management to further optimize workflows. Reach to find out what they can do for you.