The Fintech Industry is at the Forefront of Paperless Banking
Updated: Oct 7, 2020
E-commerce is rising, publications are moving online, and people are keeping in touch remotely. Almost everyone and everything can now be accessed digitally, and these are just some examples of how the world is moving towards a paperless future. This paperless future also applies to the banking sector.
There is a need to go paperless to achieve a sustainable future. The paper industry alone has a significant impact on the world’s carbon footprint. To give a more concrete picture of the role of paper in banking, if 20 households in the U.S. decided to pay bills online and enroll in paperless banking, 1.8 million trees can be preserved in just a year. Going green in terms of finances is certainly the right way to go.
Aside from the positive effect of going paperless has on the environment, going digital also benefits people by way of convenience and efficiency. Through digitization, people can access information and services remotely and quickly.
The financial services industry is making the move towards digital banking to better access their customers and improve their customer service. Going paperless in the realm of banking simply does not mean paperless statements and digital receipts, because paperless banking encompasses digital onboarding, remote check deposit, loan services, and online banking transactions. This just shows how much paper will be wasted if people continue with the traditional way of banking with all those paper statements and forms.
Paperless banking can be done by financial institutions if they move to digital with the help of the Fintech industry. Through partnerships with Fintechs, banks can digitally transform and bring technological innovations to their customers.
Bank-Genie is one such provider of innovations. The following are just some of Bank-Genie’s digital transformation solutions that answer the different problems faced by banks and their customers.
Genie-Onboard allows customers to digitally sign-up as banking customers, ensuring easy customer onboarding with minimal intervention.
Genie-Branch allows customers to make transactions and take out loans without having to go to a bank branch via its virtual branchless banking solution.
Genie-Check digitizes check processing to allow customers to deposit a check anytime and anywhere, allowing for the efficiency of transactions for both the bank and its customers.
Genie-Wallet offers multiple payment options all through a mobile application, providing customers with easier alternatives to transfer money.
These solutions act as a bridge between banks and their customers to make transactions seamless and efficient. Paperless banking is entirely possible with Bank-Genie because we intercept traditional banking processes and transform them into great experiences.
The future of the banking sector can be found in the Fintech industry, so banks should take the leap and start their journey towards a paperless future.
Bank-Genie Pte. Ltd. is a Singapore-based company incorporated in 2016. For banks and financial institutions who are driving towards digital transformation, Bank-Genie is a future-focused technology partner that helps enrichen the banking experience.
Bank-Genie has a proven record across markets of Asia and Africa with its Interceptive Banking Technology. Bank-Genie Pte Ltd is funded by SBI Ven Capital Pte Ltd and FMO, the Dutch Development Bank.