5 reasons why paperless finance is the way to go

Photo credit: Jeshoots.

True story: There was someone at the door. He needed help to find an address, as his device had run out of charge. I looked around for a piece of paper to draw the directions out for him, but I couldn’t find any.

However rudimentary this story may be (or how it explains the urgent need for me to discover the world of post-its), it shows how device-driven our world has become. Going paperless is no longer a choice, but a way of life. Come to think of it, even doodle pads have gone online! Sharpened a pencil a lifetime ago, eh?

There’s little wonder, then, that we in the world of finance have little option but to serve the paperless consumer with products that don’t reek of 19th century moss. Today’s consumers are well-informed, demanding, and, may we add, impatient as well. It is healthy impatience of course, one that drives banks and fintech firms to push ahead our digital agenda with increased urgency.

For years, it was the big banks and financial institutions that set the rules, and consumers just followed them without a question. But enter the world of paperless finance and long waiting lines, inefficient procedures, tedious paperwork, and other hassles associated with slow banking services can be a thing of the past. Loan processing could be much easier, getting credit cards won’t have to rest on the whims and fancies of a banker, and setting up accounts online could be way more convenient than braving the heat or traffic going to a bank.

Apart from the mammoth amount of convenience that consumers could enjoy, here are other reasons why paperless finance is here to thrive.

1. On-the-go banking is the way to go

Your bank should no longer be just a physical entity but one that is accessible 24/7 through your smartphone. And why not? If you can order a pizza in minutes, why shouldn’t you be able to do the same with a financial product? It remains the north star metric for most firms in the financial space. Questions like this that are centered in providing customers with seamless experience across digital platforms are asked often in boardrooms. A not-so-good customer experience loses a consumer forever.

Fintech companies, then, are seeking to provide improved UX (like putting up interactive presentations of investment opportunities) to help consumers make better banking decisions. At BankBazaar for instance, we help a consumer get a financial product on their mobile device within 30 minutes.

2. Going paperless enhances the buying experience

With its inclusive and convenient technology, paperless finance has managed to bring the seller, the buyer and the financial institution to sit at the same table at the same time. Truly, it has never been a better time to be a consumer. Here’s what the consumer gains:

Making payments is easier than ever before.

It probably is the biggest advantage of paperless finance as evidenced by the rapid growth of ecommerce in the last few years. E-tailers have been quick to spot the trend and created simple apps to make the transition to digital buying seamless, even to those who are new to technology.

The finance world is now transparent (and jargon-free).

A consumer, instead of being confused about which credit card to buy, visits an online marketplace and compares the offerings from several sellers before choosing to apply for one.

Transactions are transparent and can be tracked.

3. Insights into market trends serve consumers better

4. The unbanked meet their banks

5. Costs: a win-win for consumers and organizations