Today, digital transformation has become imperative for every industry. And the same applies to fintech companies. Digital transformation changes how organizations operate and helps deliver better to customers by integrating digital technologies into all areas of business. No matter the size, every company should consider embarking on the journey of digital transformation. The first step begins with going paperless that further starts with data capture. Let’s discuss how fintech digital transformation can be enabled with document digitization and data capture.
Data Capture and Digital Transformation
As digital transformation involves integrating digital technologies into different areas of business, data capture helps commence the process. By choosing document digitization and data capture, companies can go paperless and reduce dependency on manual data entry. As a result, lesser errors and improved productivity.
Not to mention, in the long run, data capture makes fulfilling legal and regulatory obligations easier and helps provide better customer service. All the benefits together help in delivering quality to customers, which is the main objective of digital transformation. Hence, data capture and document digitization are vital for digital transformation.
Why Data Capture is Critical for Fintech Companies
The fintech industry is heavily reliant on data collection. It is critical for analysis, mitigating risks, and serving customers. The increase in market demands and the ever-changing requirements of regulatory compliance make data capture crucial for fintech companies.
Data capture helps companies efficiently collect data, be it structured or unstructured, and convert it into digital formats. It eliminates the need for manual data entry and automates data collection. There are multiple benefits that data capture provides to fintech companies.
- Better Productivity: Unlike manual data entry, automated data capture is fast. Hence, fintech professionals need not spend hours collecting, organizing, and saving data from multiple resources. The time saved can be utilized on other important tasks. As the fintech industry deals with a lot of paperwork every day, integrating data capture solutions helps improve productivity.
When technologies such as barcode technology and OCR are used, any information can be searched and viewed by typing relevant keywords or using a barcode scanner.
- Good Accuracy: Accuracy is a critical metric for the banking and fintech industry as sensitive financial information and money are involved. Even a single error could lead to enormous losses. While manual data entry is highly error-prone, data capture helps keep errors at bay.
- Robust Data Security: Keeping paper documents safe is tough at best. Once it reaches the wrong hands, nothing can be done. Data capture allows scanned documents and digital files to be password protected and encrypted. Storing such files in the cloud further toughens the wall of security.
- Audit Compliance: Fintech companies can fulfill their regulatory and legal obligations with the help of document digitization. Digital documents can be easily indexed, better organized, and quickly produced to help meet the requirements of even the strictest auditor.
- Information Preservation: As stated above, protecting hard copy information is challenging. Imagine keeping years of data safe from physical damage. It will be a tough task to keep piles of documents safe for another ten or twenty years. Scanned documents can be saved on a server or cloud. Administrators can later grant access to the concerned officials.
- Better Customer Experience: Providing value to customers remains at the heart of digital transformation. Data capture helps fintech professionals provide information faster to their clients. Hence, better customer service.
Better now than later! As digital transformation has become the reality of today’s business world, fintech companies should not wait for tomorrow. The easiest way is to integrate document scanning into workflows and limit dependency on paper documents.
Might sound a little exaggerated, but a document scanner can help kickstart a company’s digital transformation journey! The companies can either go for an off-the-shelf solution or choose a document scanner SDK to add document scanning capability to an existing or new app. The latter is a better choice as it helps customize the features as per the business requirements. Leading vendors offer free demos and trials to help you better understand the features of the solution.