Nowadays, the word “fax” itself carries some outdated connotations. When most people think fax, they picture a dinosaur of a machine sitting in some corner of the office waiting to be fed ink. In the finance industry, however, fax usage is showing no signs of slowing down. In their 2017 Fax Survey, the International Data Corporation (IDC) reports that financial institutions – from small firms to fortune 500 companies – showed a 7% increase in use of fax technology last year alone.
As someone who works in finance, you’re probably well aware that while sending and receiving sensitive documents from a traditional fax machine is costly and inefficient, it can be necessary when it comes to the security of certain documents.
Luckily, the archaic technology of fax machines isn’t the only means out there used to transmit faxes. On-premises and cloud-based fax over IP (FoIP) solutions are on the rise, and they have specific and significant advantages for financial professionals. Here are a few for you to consider.
Improve internal processes
Traditional fax has been around for years, and while it’s a technology that most of us have grown accustom to, the majority of people don’t consider just how much time using and maintaining fax machines takes up. One of the first and foremost advantages to switching to an FoIP solution is no longer having to wait around at the fax machine for important documents to be sent and received. That also means no more having to physically file paper documents away and a huge decrease in the chances they’ll be lost or misplaced.
Giving staff the ability to send and receive important documents from their workstations provides a drastic boost to internal processes with the additional advantage of a big upgrade to your organization’s data security levels. In cases where fax volumes are higher, the increase in employee productivity is even more noticeable. Learn how global payment processing firm First Data took their internal processes to the next level with XM Fax.
Digitize your signature
There are many instances in the financial industry where signed documents need to be turned around quickly. It can get frustrating when clients or signing officers have to worry about the lengthy paper-based fax or scan-to-email processes when requiring a signature.
XM Fax allows professionals in the financial sector to add digital signatures to their transmissions straight from their workstations or mobile devices. Important transactions shouldn’t have to undergo any unnecessary delays.
Send unlimited pages in a single fax transmission
Email is the most widely chosen method of communication and document transmission in business today. Aside from security limitations, email also restricts the size permitted for attachments, making it both risky and inconvenient for financial transactions.
Financial professionals regularly have to send or receive huge proposals and contracts. With file size limitations, they often have to resort to sending several emails for the same transaction. XMedius solutions provide unlimited page transmissions directly from user workstations, always enabling more than enough for typical “large deals”.
FoIP Solutions boost your compliance with federal regulations
Paper-based faxing, as well as the physical filing of sensitive documents can leave your business vulnerable to non-compliance with regulations like the Sarbanes-Oxley Act (SOX) and the Gram-Leach-Bilely Act (GLBA).
Whereas fax machines aren’t inherently secure since they leave too much room for human error, FoIP solutions provide a huge step towards regulatory compliance by:
- Digitizing document delivery and receipt, eliminating paper document handling and thus minimizing opportunities for unauthorized view or use of sensitive financial information
- Providing encrypted and certified delivery options to enhance communication security and privacy whether transmitting to clients, other institutions, or government entities
- Providing audit trail, storage and reporting tools for efficient tracking of fax communications
- Routing documents directly to a designated recipient, limiting access to only those who need the information
Federal compliance regulations contain a number of sections that outline how organizations should transmit, store, and digitize financial data, whether it be that of clients or the organization itself. Migrating to FoIP solutions can check several items off your compliance list in one move.
On the market for an FoIP solution but not sure which one would work for your organization? Go with the industry’s best! Speak with an expert today to book a personalized demo.