Say Goodbye to Your Paper Dependency (and Get More Done)
Using a paper workflow today makes about as much sense as using an abacus. When you consider the time, the costs, and the space and maintenance of archiving documents, paper isn’t worth it.
There’s no question that electronic messaging is faster and less expensive than the manual alternative. Just consider the benefits of going paperless:
- Remain competitive with tech savvy customers.
- Maintain account records faster and easier.
- Eliminate postage costs for critical communications (mortgage initial disclosures, opt-in/opt-out notices, internal messages, etc.).
- Reduce printing and paper costs.
Still not convinced? Bank of America cut its paper consumption by 25 percent in two years by increasing the use of online forms and reports, e-mail, double-sided copying, and lighter-weight paper (Reduce.org). You’re probably spending between $1.50 and $3.50 per customer on printing and mailing. But preparing electronic statements costs between 8 and 15 cents per customer (SmartMoney.com).
Paperless makes sense, but security is the key
Sending confidential information electronically can be unnerving – for you and your clients. But the right system can reduce your risk. Conventional e-mail – even some billed as “secure” – lacks the adequate level of security to comply with regulations. And there are other threats that put any message in jeopardy.
- Documents sent to the wrong address.
- Hackers breaching messages.
- Unintended recipients (which, unfortunately, may include other internal staff).
Any one of these puts you at risk for fines, identity theft and a damaged reputation. So what should you look for in an electronic communications system? Here are eight essential features a system should have to reduce your risk:
- Secure channels for messages – both in transit and at rest.
- Tracking, reporting and proof of delivery to show message status and help prepare
- for audits.
- Compatibility with any file type.
- e-Consent and e-signature capabilities.
- Administrative rights to set internal staff access according to roles.
- Scalable technology that can be updated for legislative mandates.
- Intuitive and easy to use interface for staff and clients.
- SAS 70 Certification.
A system that puts the focus on security will put you – and your clients, vendors and partners – at ease. It’s not just about feeling secure, it’s confidently knowing you are secure.
Improve your workflow with SDX Secure Document Exchange and say goodbye to your paper dependency. Contact FIPCO® for more information on SDX at FIPCO Sales or 800/722-3498, option 1.