Accounting
Banking and Finance Firms Face Growth in PDF Power Users
A new BPI Network report, produced in partnership with Foxit Software, entitled “Powering PDF Users in Banking and Finance,” covers the growing importance of PDFs and highlights major problem areas.
Oct. 22, 2020
Given the rapid rise of the consumer digital lifestyle, banking and finance firms are suddenly unable to share documents in person. They must now rely on PDFs as mission-critical documents.
A new BPI Network report, produced in partnership with Foxit Software, entitled “Powering PDF Users in Banking and Finance,” covers the growing importance of PDFs and highlights major problem areas. It is based on a survey of 150 banking and finance executives.
Key findings include:
* 83% of banking and finance executives see a definite rise in the use of and reliance on PDFs
* 57% see a significant increase in the number of PDF power users, including 20% saying it’s more than doubled
* 53% cite a slow transition to the paperless office
As the pandemic causes people to make fewer visits to banks and hastens the closure of bank branches, banking and finance firms are turning to PDFs to facilitate transactions. Yet their PDF environments are riddled with high licensing costs and problematic user experiences.
According to the report, here are the top four problems with PDF software:
1. Costly license (56%)
2. Poor user experience/adoption (33%)
3. Lack of advanced features (33%)
4. Proprietary lock-in (29%)
Banking and finance firms need to act fast and fix these problems. As PDF power users and advanced PDF features become mission critical, banking and finance firms need to re-examine their PDF software strategy with designs on cost efficiency and better user support.
“In today’s all-digital world, everyone needs to be a digital content creator,” notes Donovan Neale-May, executive director of the CMO Council. “Remote banking and finance employees need to be able to whip up, mark up and share documents as easily and more frequently as handing out paper documents to customers in an office setting.”
Additionally, banking and finance firms can reap cost savings through better management of their PDF environments. They can search for cheaper solutions, eliminate duplicate software, and reduce paper-related costs.
“One of the biggest priorities for financial firms is creating a more efficient operation through technology – all while keeping their budgets in check,” says Stanley Chow, senior product marketing manager at Foxit. “When looking at your financial spending, you need to identify where and how you can create better value. Replacing overpriced legacy software with high-value, user-friendly solutions will not only free up costs, but enable employees to deliver outstanding customer service.”
The report also provides a list of important PDF features and gives recommendations for creating and managing a robust PDF environment.
Download the complimentary report at: http://bpinetwork.org/thought-leadership/studies/powering-pdf-users