Banks that have eliminated manual paperwork – here are the results
Being a bank customer often involves filling out many applications and signing numerous agreements fill out and signed, anddeclarations must be approved and forms must be submitted. It is a lot of information and documentation to handle. In many cases, a physical signature is required which returned by mail. These processes often take an unreasonably long time and it is not uncommon for the customer to get frustrated and abandon the process.
For banks, paper-based processes involve cumbersome and costly administration. In addition, adding new forms or making changes to existing ones often requires significant resources and takes a long time. There are also a number of strict laws and regulations governing how data and information must be handled. The bank’s application forms, contract documents, and terms and conditions must, of course, comply with these regulations, but they must also be designed in a way that makes it easy for customers to submit their information and sign their documents. Another common challenge in these companies is that operations rely on their IT department to develop their services and products.
We see the same situation at many companies in the banking, finance, and insurance sectors. That is why we have developed a standardized process that helps companies in these industries quickly and easily streamline their management of contracts, amendments, applications, and similar tasks. But what benefits can be achieved by implementing an automated process with digital forms and e-signatures? Here are a couple of examples from two of our clients:
Nordnet – the conversion rate has fallen from 30% to 75%
Like all other banks and financial institutions, Nordnet has a wide variety of application forms, contract documents, and terms and conditions appendices to manage. With the existing solution, digitizing a form or implementing new initiatives was a very time-consuming process. Furthermore, after filling out a form, the customer had to print it, sign it, and then mail it via regular post to receive approval. It was a slow process involving many manual steps, which in many cases became a barrier for the customer. This also meant that Nordnet was dependent on costly internal administration, which increased as more applications and documents came in.
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