Paperless
Banking
Paperless
banking refers to a work environment in which paper is absent because all
information is stored and transferred electronically.
Information
scientist Frederick Wilfrid Lancaster for the first time envisioned
for a paperless society and used the jargon in 1978.
Why
not stay paper based !
Environmentally
hazardous
Hard to search
files and documents
Possibility of
misfiling
Slow
productivity
Vulnerability
of physical records
Essential components for success with
paperless banking.
Document
management to collect, organize and locate the statements, account
applications, loan portfolios, notices, receipts, signature cards and
appraisals generated by the daily business of banking.
Bank-wide
Robust communications and security system
Benefits
of Paperless Banking
Paperless Banking optimizes and organizes
workflow everywhere — including new account opening, teller line, back office,
safe deposit box and ATM
Enhances Customer Service
Saves money
How
to go Paperless
Internal
Documents
Paperless
e-statements and bill paying
Storage and
file sharing
Meetings and
Printouts
Scanning and
Faxing.
History
Vs Reality
Decades have
passed since the financial press
proclaimed that a “Checkless Society” was close at hand.
But business
complexity and regulation have continued to inflate the paper monster, making
bankers wonder if paperless banking would always remain a dream.
Bangladesh Scenario
In Bangladesh,
Banks have started moving into "paperless banking" by accelerating
the pace of automation, which can significantly reduce transaction costs.
The move came
as the Bangladesh Bank (BB) directed banks to reduce paper-based work as far as
possible.
Bangladesh
Bank Initiative
Bangladesh
Bank by its administrative circular HRD 1-02/2012 dated March 20, 2012 put a
clear restriction on printing or photocopying different administrative
circulars, circular letters, staff orders, office orders in order to
distribute among the concerned
employees.
Bangladesh
Bank Initiative
E-Noting
system is under construction in order to eradicate paper based noting.
E-Learning
program was introduced with an objective of reducing paper and communication
cost.
Commercial
Bank Initiative
As per the directives
of Bangladesh Bank almost all commercial banks introduced different world class
banking solutions like Oracle Banking Platform-Flexcube,TEMENOS-T24, Tata Consultancy Services
Financial Solutions- TCS BaNCS,
Lead Bank, Bexi Bank etc.
Posting
of bank-related documents such as memos
and notices on the intranet website instead of circulating papers and thus
leading to paperless banking which significantly leads to speed up customer
service and decrease huge wastage of paper.
Recommendations
Policy
formulation to make Initial investment necessary to acquire the latest imaging
technology such as the document feeder and fully featured Document Management
System.
Optical
character recognition (OCR) technology must be improved.
No comments:
Post a Comment