{"id":1323,"date":"2017-08-31T15:46:47","date_gmt":"2017-08-31T15:46:47","guid":{"rendered":"https:\/\/efaxstg.wpengine.com\/uk\/?p=1323"},"modified":"2022-11-29T19:52:47","modified_gmt":"2022-11-29T19:52:47","slug":"cloud-faxing-financial-sector","status":"publish","type":"post","link":"https:\/\/ww2.efax.com\/uk\/blog\/cloud-faxing-financial-sector","title":{"rendered":"Everything You Need to Know About Cloud Faxing in the Financial Sector | eFax Corporate"},"content":{"rendered":"\t\t
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If you work in the financial sector and your responsibilities extend to your company\u2019s IT operations, your colleagues probably ensure that you are kept up-to-date on their latest challenges with the company fax machine.<\/p>

Here we explore the merits and pitfalls of fax and why cloud faxing is the go-to alternative for the finance industry.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Why Email Can\u2019t Replace Fax<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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While scanning documents and attaching them to an email might appear to be the cost-effective solution to your colleagues\u2019 tedious and frustrating encounters with the fax machine, in truth it introduces a much bigger problem: security. These days we see frequent headlines in the media regarding data breaches that have exposed consumer data on a significant scale. Clearly, email does not offer the same level of security as fax.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tIn a 2017 study by research firm\u00a0IDC<\/a>, titled \u2018Fax Market Pulse\u2019, fax users reported that document transmission security was the number one reason for using fax in their organisations. This concern for security is unsurprising given that a single security oversight can drive a business to the brink, whether that be through loss of customers or the destruction of a brand reputation that took years to establish.\n\nAs long as email remains vulnerable to security breaches, it can never be a suitable replacement for fax in the financial sector.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Security Isn\u2019t Enough for the Analogue Fax<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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While analogue faxing is indeed more secure than email, it doesn\u2019t offer the same modern conveniences. One universally understood pain point with analogue faxing is simply the time it takes to send and receive documents.<\/p>

Employees working in finance are used to queueing and waiting their turn to use the fax machine. Plus, they must deal with busy signals, entering recipient\u2019s details, the transmission itself, and then standing around waiting for a confirmation page. This, of course, doesn\u2019t include repeatedly replacing toner cartridges and restocking the paper supply.<\/p>

Even fax servers come with their disadvantages. For instance, as the person responsible for your team\u2019s IT, you are well aware of the significant, ongoing maintenance that these servers require. If you are already stretched in your role, fax server maintenance only increases responsibility.<\/p>

The dilemma is clear. Traditional faxing lacks the convenience and cost-effectiveness of email, while email lacks the security of faxing, a critical component of business in today\u2019s financial industry. The question remains: Is there a viable alternative to traditional fax services that delivers on convenience, cost and security?<\/p>

There is. It\u2019s called\u00a0cloud faxing<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Why Switch to Cloud Faxing?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tCloud faxing is an online faxing solution that allows users to send and receive faxes securely, online, and with the convenience of email.\n\nThere are many reasons to consider cloud faxing as your company\u2019s next secure communications solution, including:\n