Banking And Financial Services Provide Significant Opportunities For Document Imaging

The banking and financial service sectors have relied heavily on microfilm technology to image business documents and checks. Today these organizations are seeking technological advancements to replace out of date and inefficient microfilm. Service contracts for microfilm are almost cost prohibitive today so alternative technology, such as document imaging, is in high demand.

The worldwide web is the dominant means of information access and delivery. The internet is a dominant and viable means of business communication. Banking and financial service organizations are looking for ways to leverage the internet to accelerate their business processes.

Banking and financial service is an extremely competitive business. In recent years there have been numerous acquisitions in an effort to eliminate competition and expand customer base. In this competitive industry the bank or financial service organization that is first in service will often get the business. For example, the bank that processes your loan application the fastest will likely be the bank that wins your business. Banks and financial service organizations are looking to apply technology to process documents faster, to improve internal operations, to improve customer service and to expand their competitive advantage.

Many banks and financial service organizations have branch offices in major metropolitan areas such as Shanghai, Tokyo, New York and Los Angeles. The cost for office space in these areas is extremely expensive. These organizations are looking for ways to reduce physical storage costs by eliminating storing paper–based documents.