If everything is going digital, why not use a secure faxing solution instead of email to send attached documents? To stick with the athlete analogies, email is like a contortionist covered in baby oil. Sure emails are ultra-flexible and can be accessed from any device, but they can also be easily hacked, therefore they lack the stability/security to send documents as safely as a virtual fax system.
Legality is also an issue. Both traditional and cloud faxes are automatically admissible to use in a court of law. However, it takes some work to authenticate emails since it’s possible to tamper with an email system, so they are not always admissible. If keeping a good paper trail keeps you out of hot water, you’ll want to send and store your documents appropriately.
1. Secure Online Faxing for Financial Institutions
In the financial industry, safeguarding sensitive data is paramount. Financial institutions handle a plethora of confidential documents daily, from loan applications to tax returns. Secure online faxing solutions offer a robust method for document delivery, ensuring that these financial documents are transmitted safely and efficiently. Unlike traditional fax machines, which can leave documents exposed to unauthorized eyes, online faxing encrypts data, protecting it from potential breaches. This secure method not only keeps sensitive information safe but also helps financial institutions maintain compliance with stringent regulatory requirements. By adopting online faxing, financial institutions can confidently send and receive critical documents, knowing they are protected every step of the way.
2. Robust Security & Encryption
When it comes to protecting sensitive data, financial institutions need more than just a lock and key. Online faxing solutions provide multiple layers of security, including advanced encryption, secure storage, and comprehensive audit trails. Encryption ensures that financial documents are shielded from unauthorized access during transmission, while secure storage keeps them safe once they arrive. Audit trails offer a detailed record of all fax transmissions, allowing financial institutions to track and monitor document delivery with precision. This robust security framework not only safeguards sensitive information but also provides peace of mind, knowing that every fax transmission is protected by state-of-the-art technology.
3. Integrative Capabilities
In the fast-paced world of finance, efficiency is key. Online faxing solutions seamlessly integrate with existing financial systems, such as customer relationship management (CRM) and enterprise resource planning (ERP) platforms. This integration streamlines communication processes, reducing the need for manual intervention and boosting overall efficiency. Additionally, online faxing can be integrated with other communication tools like email and messaging platforms, creating a unified communication experience. By connecting these systems, financial institutions can ensure that all their communication channels work in harmony, making it easier to manage and track document delivery.
4. Compliance with Regulations
Navigating the maze of regulatory requirements is a daily challenge for financial institutions. Regulations like HIPAA and PCI-DSS mandate secure communication methods for handling sensitive information. Online faxing solutions are designed to meet these stringent requirements, providing a secure and compliant way to transmit financial documents. Features such as encryption, secure storage, and audit trails ensure that financial institutions can demonstrate compliance with regulatory standards. By using online faxing, financial institutions can confidently handle sensitive data, knowing they are adhering to all necessary regulations and protecting their clients’ information.
5. Building Trust and Professionalism
In the financial sector, trust and professionalism are the cornerstones of client relationships. Online faxing solutions help financial institutions build and maintain this trust by providing a secure and reliable method for document delivery. Clients can rest assured that their sensitive information is being handled with the utmost care, enhancing their overall experience. Additionally, the efficiency and professionalism of online faxing solutions reflect positively on the institution, showcasing their commitment to protecting client data. By adopting secure online faxing, financial institutions can strengthen their reputation and foster long-lasting client relationships.
Here are 5 more reasons cloud fax is the MVP of financial institutions:
1 – Cloud Faxing is more secure and reliable than traditional fax processes.
While the transmission of traditional fax is quite secure, the process on a whole is not nearly as secure as cloud fax. Cloud fax solutions, such as Documo, is the Lebron James of digital defense, protecting documents every step of the way. Not only is it impossible to interrupt the transmission, but it can only be viewed by the intended recipient. Conversely, traditional fax machines pump out documents as soon as they are received and can be seen by whoever gets to them first. Unlike cloud fax, where the entire document is transmitted at once, pages are often unaccounted for with traditional faxes, excluding up to 10% of the document. It’s the difference between a player who can play and a player who can win. Cloud faxing solutions require only an internet connection, making them more accessible and efficient.
2 – Faster faxing means shorter sales cycles.
The capacity to increase a sales pipeline and make more money is in direct relation to the bandwidth needed to manage that pipeline effectively. Some things will always take time, like building good customer relationships. However, cloud fax makes it possible for financial institutions to shorten their sales cycle, allowing more time to focus on the customer and the ability to successfully help more customers.
Take the example of a mortgage loan officer (LO):
Any LO can tell you the number of documents required to process a home loan these days is mind-boggling. We’re talking six consecutive months of bank statements, two years of tax returns, pay stubs and retirement account statements, in addition to copies of the sales agreement and the appraisal and the survey and signed disclosures from the bank. Just one loan can produce a honking pile of paperwork and much of it is received by fax. When these documents are received by traditional fax, they are collected from the machine (and sometimes off the floor), and then scanned and sent securely to the LO. Often this is done by an assistant, who was hired specifically because this process is so arduous. Cloud fax, however, instantly and securely sends documents directly to LO, which can be uploaded to the application and sent within a few clicks of the keyboard. So instead of managing a pipeline of file folders and a very bored assistant, the LO can process more loans.
We said there are 5 good reasons to upgrade to cloud fax, but would like to point out the bonus benefit that a fast and seamless sales process raises the customer experience to courtside seat-level status.
3 – Cloud Fax saves dollars and resources.
While a fax machine won’t necessarily break the bank (a la 2008), it’s not the only expense included with traditional fax. You also have to pay for dedicated telephone lines, compatible software, licensing agreements, ink, toner, paper, and repairs.
In addition to saving you every single one of the costs associated with the analog fax process, cloud fax also saves on the cost of personnel. Remember the assistant you hired to collect papers off the floor who has to painstakingly go through each page to see if anything is missing before scanning and filing those papers? Yeah – you can either bench your assistant or give them something to do that honors their brilliance and utilizes them to their full capacity.
4 – Cloud fax shows you’re a team player!
Big business often gets a bad rap when it comes to environmental concerns. Considering “e-waste represents 2% of America’s trash in landfills but equals 70% of overall toxic waste” (1), it’s clear we all need to be more mindful about purchasing unnecessary equipment as well as how we recycle the things we no longer use. In A Paperless Office Makes a Healthier Planet we take a deep dive into the benefits of going paperless. Cloud fax reduces the toll on our environment while traditional fax machines create substantial pollution due to the industrial pulp production used to make paper, toxic inks, and loading up landfills with outdated or broken equipment. Coupled with e-Signature solutions like mSign, for example, cloud fax helps you completely digitize your office and do your part to reduce greenhouse gas emissions.
5 – Cloud fax is liberating!
Not so long ago, no one in the financial industry would have dreamed of working remotely. Concerns about security and compliance, access to all that industrial-sized office equipment and file cabinets and free pens kept most folks bumper-to-bumper twice a day for the 8-5 grind. But since online fax can be used from any computer, without the need for a separate machine or reams of free paper, many employees have been liberated to do business from home. They’ll just have to snag their free pens when they swing by the office for quarterly meetings.
Why Documo is the All-Star player you need in your financial institution:
Over here at Documo we created Documo with the financial industry in mind. That’s why Documo uses supreme encryption technology to keep documents secure and has a simple, easy-to-learn interface. To help you make the switch as seamless as possible, our in-house customer service team is meticulously trained to guide you through the process. Our favorite part of the job is hearing our customers tell us how much ease and efficiency Documo has brought into their businesses.
Check out why Documo is a slam dunk and book your demo today.
Sources:
Slade, Giles. “iWaste.” Mother Jones, 2007. Web Accessed April 11, 2015.