As the world embraces a digital future, many banks and financial institutions still utilize physical paper for completing transactions and internal processes. In this survey of senior IT decision makers from financial institutions, banks have almost unanimously stated that paper processes have had a negative impact on their business over the last few years, including notable losses in annual revenue. In addition to monetary costs, it is reported that the average worker is spending a significant amount of work hours just dealing with paper-based processes. So, if digital alternatives have clear advantages, why is paper still persistent in departments?
This report was conducted in Q1 of 2021 to study the overall impact of paper processes, the real and perceived benefits of using digital documents, and examines the top barriers to change.