December 15, 2013

Presentation On Paperless Banking Dream Vs Reality



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.


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