Financial institutions will always rely heavily on paper and electronic documents. This includes common examples like:
- Loan applications
- Cash transaction reports
- Tax returns
These and other documents will, on average, cost financial institutions 6.8% of their annual revenues. This money is spent on printing, tracking, distributing, and archiving.
Unfortunately, this spending isn’t always unnecessary, which means the same companies that often help clients with their budgets are actually limiting their own.