Going Paperless Improves Efficiency and Reduces Risk
As firms think about heading back to the office, it is a great time to evaluate Front, Middle and Back Office Operations. What processes transferred seamlessly to a work-from-home environment? What were the pain points in being unable to work in the office? For firms that have not previously transitioned to a paperless environment, reliance on hard copy document origination, processing and storage, and using mail options to get documents in the hands of clients and back to the firm was one of these pain points. A paperless environment can truly be paramount to operational efficiency.
Advantages of a paperless environment:
- Although it would have been difficult to anticipate being out of the office for over a year, creating a paperless environment contributes to a robust business continuity plan.
- It is much easier to protect the personally identifiable information (“PII”) of your clients when not having documents stashed throughout the office.
- Client onboarding and account requests in a hard copy environment are time consuming and expensive. Expenses include, but are not limited to, paper, storage and postage.
- Internal and external audits are very difficult in a paper environment. Auditors can request the retrieval of hundreds of documents, requiring time and effort from staff to retrieve them.
- A paperless workplace results in reduction of problems due to lost or misdirected forms.
- Eliminating paper processes has a positive impact on productivity and associate engagement.
- Client satisfaction can dramatically improve by making it easier to conduct business at your firm.
The most difficult aspect of transitioning to a paperless environment is getting started. Oyster can help you through each stage of this transition. Oyster’s experts have decades of industry experience and will assess and sequence our recommendations to reduce risk and maximize your return on investment.
For more information, click here or call (804) 965-5400 and one of our Relationship Managers will be happy to help. Oyster also provides free resources, including our Oyster Stew podcast, to help you make the best decisions and grow your business.
About the Author: MJ Phillips has significant industry experience in operations and strategic planning, specifically process improvement, policy development and implementation, and financial data analysis and reporting. Prior to joining Oyster, Mary Jane oversaw the management of client services operations for a national retail broker-dealer and clearing firm, including long-term administrative planning to ensure operating units were positioned to meet and exceed client needs and enhance revenue-generating capabilities. She has successfully managed large teams, and transitioned departments through complex organizational changes involving staff size, client growth, and operational shift – focus from internal/in-house, front office servicing to external clearing for correspondent firms.