One of the industries that require high volume document scanning and conversion is the financial and banking industry. In this business sector, processes such as accounts payable and accounts receivable (AP/AR) are time-consuming, complex and involve high documentation requirements. Paper documents need to be converted into electronic images so that organizations can benefit from security of information, space savings, and the facility to perform full-text searches of the documents.
It is estimated that the average company spends approximately $20 as labor charges for filing a document, at least $120 to find a misfiled document and $220 to reproduce a lost document. With the growth of the organization, the workflow and business processes should improve and one of the important things to evaluate is the document management process. The documents should be organized and evaluated regularly. The converted documents can be stored easily. This will keep the documents secure and easily searchable. Document conversion enables to convert your paper into a digital format. It allows documents to be organized, user-friendly, and economical alternatives to paper-based files.
A reliable document management process helps mortgage companies, banks as well as other organizations that have accounting workflows to standardize and streamline their business processes while enhancing compliance and cash management. An efficient solution such as one provided by experienced document conversion services would ensure that hard copy documents, those received via web interfaces and email are all funnelled at the front end and imaged promptly for data capture and processing.
Typically, the following documents are handled by financial and banking institutions on a regular basis.
- Account applications
- Change of address forms
- Credit card applications
- Mortgage and loan forms
- Rebate forms
Considering the scanning systems required for imaging these documents, there are four basic components. These include:
- Input components that comprise document scanners that convert hard copy documents to digital formats. ( Sometimes as pdf to be converted to word or Excel and so on)
- Indexing or identification components that help users index the digital data for retrieval at a later stage.
- Storage components of the system that are connected to the document management server and are used to store, retrieve and manage the digital data generated.
- Retrieval component that processes the user’s request for information and retrieves the required data from the right storage media connected to the server.
Sometimes the process of document imaging and conversion can be made simple with able assistance from an external service provider. Performing these processes in-house can be quite costly in terms of scanner equipment and operating staff, and involves steps such as sorting the documents, preparing them for scanning, the actual scanning process, indexing the scanned documents and storing them in a system.
Document conversion services are very useful for any type of businesses. With these solutions, managing documents and storing records becomes easy, cost-effective and convenient.
Professional services would offer various customized document conversion facilities and so individual needs of organizations are met. These firms also provide services within a set budget. Main advantages include:
- Ease of access to documents
- Full-text search possible
- Space savings