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Digital communication has become the norm for modern businesses. But as ways of communication continue to change under the rapid development of new technologies, one form of contact remains intact — faxing.
Many companies and industries continue to rely on fax. This is especially true as new online faxing technology has emerged. Online fax services give businesses unmatched speed and ease when sending documents. They also provide top safety for industries that must safeguard sensitive customer information from prying eyes.
For example, the banking industry handles confidential financial information daily, from Social Security numbers to loan data. Making a mistake with this sensitive data can lead to losing customer trust and loyalty. It can also incur significant legal penalties and fines.
That’s where online fax services become invaluable. Read on to learn more about the benefits of online faxes and how to use them in the banking industry.
The Importance of Online Faxing in the Banking Industry
Traditional fax machines have been a part of business for decades. Online faxes further increase the convenience, efficiency, and safety of sharing documents. But what is faxing online doing for the banking industry specifically?
Banks are responsible for a vast amount of sensitive data. They must protect this critical customer information for both ethical and legal reasons. For instance, emerging cybersecurity standards demand high privacy protections. SOX (Sarbanes-Oxley Act) and GLBA (Gramm-Leach-Bliley Act) are only some of them. These regulations prescribe huge penalties for data breaches.
The lack of confidentiality can also damage the critical bond of trust between banks and customers. Yet, in the online banking era, clients expect information on demand. All this means that financial institutions must turn to modern communication tools regardless of the risks.
That’s where virtual fax services can help. Faxing is a quick and safe way to send and receive sensitive documents. Banks can use it to safeguard data without compromising the convenience of their online services.
Benefits and Advantages of Online Fax Solutions for Banks
Online fax services make safe digital communications possible. Forget about expensive and inefficient paper faxes. All you need is a device and internet access to send a fax online.
On top of convenience, the best online fax services provide a high level of trust and protection. They even ensure compliance with legal regulations, which is a must in such a highly regulated industry like banking.
Let’s explore these benefits of online fax services for banking companies in more detail.
1. Streamlined Document Handling and Processing
Financial institutions deal with a high volume of documents daily. This makes handling all the data that comes through demanding and time-consuming.
Online fax services relieve some of this burden from banks’ shoulders. Cloud faxing solutions automatically back up your faxes. They allow you to search, organize, and archive your most important documents fast. You can access your essential information from anywhere and anytime — plus deliver timely customer service.
Online fax services also have convenient features like customizable tags and folders. You can use them to organize digital faxes in all file formats. There are also electronic signatures. You can sign documents without needing to print anything when you fax using computers, tablets, or phones.
2. Enhanced Safety and Compliance With Banking Regulations
The banking world handles sensitive data every single day. A data breach could lead to expensive fines and a damaged reputation. To protect yourself and your customers, you need to be deliberate about how you transmit information.
Online faxing plays a critical role in safe document delivery. Encrypted faxed transmissions are much harder to hack. The lack of document printing or scanning also helps to protect vital information.
Some online fax services also help companies comply with legal regulations and other industry-specific laws governing the transfer of financial information. Unlike other forms of online communication, fax offers legal validity. Most online fax services confirm you sent or received fax documents, leaving a communication trail.
3. Improved Efficiency in Banking Operations
For banks, there’s no time to lose. Customers have come to expect speedy communication.
Whether instant account alerts or immediate transaction confirmations, customers want them fast. Some regulatory requirements may even require banks to deliver certain notifications promptly.
Online fax services can improve the efficiency of day-to-day banking operations. They allow you to send and receive documents in a matter of minutes from anywhere in the world.
4. Seamless Integration With Banking Systems and Workflows
Banks are likely to use various software and platforms for all their operations. A digital faxing service should fit seamlessly into this workflow.
The right faxing solution should integrate with the most common apps and platforms, whether a cloud storage app like Google Drive or a dedicated banking system. This way, you can fax from email or any other solution and conveniently store incoming and outgoing faxes.
5. Cost Savings and Reduction in Paper Usage
Traditional faxing has always been the foundation of safe banking transmissions. But its cost was high. Just think about all the expenses of holding a dedicated fax line. Then, there’s the maintenance of the physical fax machine and the supply costs. All this could quickly add up, especially for smaller businesses.
Electronic faxes, however, are completely digital. This saves you the cost of having a telephone line or keeping up with expensive hardware. Most online fax solutions also offer affordable monthly rates. They are typically scalable for businesses with higher needs.
Elevate Your Banking Experience With Online Fax Services
Having a successful banking service in the 21st century is far from easy. You need to meet your clients’ needs quickly, keep up near-instant communications, and organize a vast amount of information — all while adhering to regulatory requirements and keeping sensitive data safe.
Online faxing presents the ultimate solution to this problem. The right online fax tech allows you to protect your client’s sensitive information while also keeping up with their needs on the go. The best part is that fax services online are affordable, scalable, and easy to use.
Leave fax machine wait times behind and fax from your computer or phone with eFax’s faxing solution. Learn more about our banking solutions or sign up with eFax today.
