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Commercial Credit News
|Why financial institutions should embrace World Paper Free Day|
|Wednesday, 28 October 2015|
On 6th November it is World Paper Free Day which encourages businesses to reduce the amount of paper they generate. Despite what you might think, many banking and financial institutions still rely on paper when it comes to processing credit and loan applications. This reliance creates silos in the workstream and is an obstacle to fast and efficient information sharing.
Paul Thomas, Managing Director at Provenir, a risk decisioning solutions provider, says that “digitising processes can help streamline activities, deliver a better customer experience and a more efficient outcome for the lender. Through more automation, less duplication of effort and less reliance on paper, lending institutions can speed up information processing, limit opportunities for manual errors, save costs and pave the way for continuing innovation.”
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