How Document Scanning Can Benefit a Financial Institution
The benefits of document scanning and electronic filing for financial institutions is enormous, as it allows for better organization of important files and provides a better means of keeping sensitive information secure.
Financial institutions have access to a plethora of their clients’ personal identifiable information, such as social security numbers, addresses, names, contact information, credit card numbers, bank account information, etc. If this information were to get into the wrong hands, it could lead to credit card fraud or identity theft for an institution’s clients. Financial institutions also deal with an incredible large volume of paperwork, such as loan applications, credit statements, financial plans, etc., which can become very difficult to physically keep track of.
Document scanning and electronic filing creates an easier and more efficient means of managing such a large volume of records (see What is Document Scanning?). It allows you to name, categorize, and digitally store your files however you want, which makes retrieving these files a breeze. This ultimately leads to faster processing of transactions, which allows for a more efficient movement of financial assets. As we all know, time is money!
Obviously, security of financial files and personal identifiable information is a top concern. When handling such delicate information, sensitivity to the nature of the document is critical. Through the entire scanning process, it is important to have all of the proper security processes in place. This includes utilizing document encryption and storing files in secured networks that only authorized personnel may access. Just think, it’s much easier for the average thief to break a lock on a filing cabinet then to crack a complex computer encryption code.
At CTI, all processes for handling hardcopy documents are audited. Having a secure physical environment, including cameras, as well as a secured network and data center is an absolute must. All employees who handle data of this nature will have to go through extensive background checks and security training teaching them how to handle a security breach. We encourage you to take this same approach for your company.
If you would like to learn more about the services CTI can provide, contact us today! We would love to discuss your needs and help you transition your financial documents into electronic records.