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Going Paperless: A Strategy for Financial Institutions

 

Kumaravelu I

Industry Advisor and Transformation Head, Banking, Financial Services and Insurance, TCS

Surajit Kar

Transformation Consultant and Technology Head, Banking, Financial Services and Insurance, TCS

Kamruzzaman Shaikh

Solution Architect, Banking, Financial Services and Insurance, TCS

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Adopting paperless banking as a key element of digital transformation 

Globally organizations are trying to reduce their carbon footprint and financial institutions are no exception. Banks, however, use large amounts of paper in their operations and customer interactions. Reducing carbon footprint in banking by going paperless has thus become a high priority for them. Paperless banking will not only help save the environment but also cut operational expenses. In addition, it will help meet customer expectations around a secure, superior, and personalized digital banking experience.

Given that paperless banking is emerging as one of the cornerstones of digital transformation, banks must adopt a holistic approach and define a unified paperless strategy that aligns capabilities with operational practices. Banks must adopt the 3E (Enable-Engage-Enrich) approach that focuses on eliminating paper, improving customer experience, and driving growth through digital services. The key elements of the 3E strategy include:

  • Enable – simplify and automate to create value
  • Engage – redirect customers to digital channels
  • Enrich – deliver exceptional digital experience

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