One of the biggest problems that even the biggest banks face is in preparing and storing paper documents. Legal obligations mean that every bank is required to keep documents on every transaction completed at the bank and if the bank has millions of customers, the papers required to comply with this obligation can be unimaginably numerous.
One way that banks can work around this massive problem is to scan the documents and save them in PDF/A format. And to do that successfully a large bank would need a partner in the form of a PDF document management tool designed to make this process simple. A true and reliable solution like UPDF could mean the difference between smooth operations and thousands of stacks of paper.
The Problems Banking Faces with Archiving Files
Every banking institution is required by law to keep records of all transactions, which can translate into a massive volume of paper that may not be very easy to go through when a particular file is needed. Compound this with years of operation and an influx of new customers and the bank might end up with an unmanageable paper volume that may be hard to contend with even for the largest organization.
A large volume of paper creates the need for storage solutions. This means a large space requirement that may increase the cost of operations for the bank and therefore reduce the institution’s bottom line. A further strain on the bank’s finances will be imposed by the thousands of additional staff the bank has to hire just to keep up with the paper volume.
Too much paperwork may also reduce the bank’s efficiency and slow down how the bank provides services to its customers. Accessing the file you need when there are millions of similar papers can prove very tasking, slow, and time-consuming.
The Advantages of Archiving Files as PDF/A
Having all bank documents accessible in digital format can help make a banking institution more efficient in its functions, but this is not the only advantage the institution would have from archiving the files in PDF/A format.
The following are just some of the many advantages of archiving files in PDF/A format;
Retain the Document’s Original Attributes
Unlike other digital formats, PDF/A allows for the retention of the original formatting of the document including all its attributes such as original color. A document archived in PDF/A format will look and feel like the original, meaning that when printed out, you will have the original document and not a bland black-and-white copy.
Save on Space and Paper Cost
When the documents are archived on the bank’s servers in PDF/A format, the need to have a paper copy will become irrelevant. This will allow the institution to save on storage space that would have otherwise added to the cost of running the institution. Paper will only be needed when a hard copy of the document is required, hence reducing the volume of paper needed, which translates into cost reduction.
Efficiency of Operations
Archived PDF/A files are much easier to locate than a room full of thousands of volumes of paper. When stored and labeled correctly, a simple search means that you will be able to quickly and very easily find all the files that you need when you need them. This will not just save a lot of time, but it will also reduce costs associated with staffing and streamline the day-to-day running of the institution.
Easy Access to Customer Records
With all documents easily accessible in PDF/A format, a bank will be able to track down its customers’ data more easily. This will make the evaluation of the customer’s qualifications much easier when they apply for various bank services such as loans. The easy access to all the documents required also means that the approval process is much more efficient.
How UPDF can Help Banks Archive Files in PDF/A
UPDF in banking is one of the few document management systems that can make the transition to paperless more efficient for any organization regardless of size. Automation tools and highly intuitive document conversion tools including Optical Character Recognition (OCR) come together to make it easy to scan documents and convert them to any format including PDF/A. These conversion tools do not attempt to change the text on the document in any way and will retain the original form, allowing an institution to meet its legal obligations.
UPDF also has a lot of other features that can allow you to create additional documents in PDF format or even edit existing documents to create new documents. The PDF editor allows users to edit text and images, add comments and organize the pages on the PDF in various ways.
Some of the advantages of choosing to partner with UPDF in your quest to go paperless include the following;
- UPDF can help you organize and verify documents received from customers and potential customers. Chances are these documents will be received in various formats and of poor quality. With UPDF, you can reorganize the files or convert them into more manageable formats.
- Loans and mortgages still require a large amount of paperwork, particularly in the application stage. Storing all these documents can be very costly. UPDF’s OCR feature can help you accurately scan these documents and store them in digital format.
- UPDF is also one of the best ways to process digital forms quickly and easily and can therefore come in handy when an institution is looking to streamline application processes.
- Banks and banking documents constantly require authorization and providing this authorization in the form of a digital signature can save a lot of time and paper. UPDF has a digital signature feature that makes it very easy for users to securely and safely authorize PDF documents.
- If you can archive most documents in PDF/A format using UPDF, your institution will reduce the cost associated with storage and staffing. Archived digital files are also easily accessible when needed.