Faxing is an important communication tool for financial institutions. It allows them to securely send and receive sensitive information between their branches, customers, and partners. However, faxing can be expensive and difficult to manage when companies begin to outgrow their infrastructure. That’s why more and more financial institutions are turning to custom cloud faxing solutions that can save them time and money.
Faxing offers financial institutions a number of advantages, including security, reliability, ease of use, and affordability. In this blog post, we will go over why financial institutions need faxing, how they use it, and how faxing continues to revolutionize the way secure communications are handled in the financial sector.
Why Do Financial Institutions Use Fax?
Financial institutions like banks and investment firms rely on fax for a variety of reasons. The ability to securely send and receive sensitive information, communicate with branches and customers, and integrate fax with back-office applications are some of the primary reasons as to why fax is such an important communication tool for financial institutions.
For example, investment brokers might use fax for trade confirmations, with each trade being confirmed by both parties. Banks, on the other hand, use fax for a variety of reasons, many of which have to do with keeping financial information confidential and secure. In addition to security reasons, inbound faxing with banks can be for items such as barcode routing or label recognition to route faxes based on currency amounts.
These are just a few ways that the financial sector can benefit from faxing technology. Other advantages include better approval methods, meaning no individual can send a fax without its contents being approved or the signatures appended. Additionally, routing of inbound fax via DID, Barcode, Line and Keyword search after passing through OCR (optional character recognition) allows for easy and intelligent routing of information.
How Lane Is Transforming Fax in the Financial Sector
The financial industry is highly regulated and demands greater security when it comes to communicating vital information between parties. Though paper still has a pertinent role in faxing, many institutions seek digital faxing as a way to broaden their communication network and allow for greater functionalities across systems and applications.
Take one of our customers, a global bank that Lane has been working with for over 20 years. In cases like this, financial institutions will experience rapid growth to the point where their fax servers are unable to keep up with the volume of communications. While this can certainly be a good problem to have, it encouraged this global bank to look for a new solution that can handle their current and future needs. This is just one example of Lane’s unmatched capabilities when it comes to formulating new custom solutions for financial institutions.
Financial institutions have a lot to gain by faxing with Lane. Our custom solutions are designed with business needs and infrastructure in mind, and we offer a seamless transition that integrates our faxing capabilities with your existing applications. Our platform is secure, reliable, and easy-to-use, making it the ideal solution for financial institutions of all sizes. With Lane, you can save time and resources while advancing your faxing communications.
Contact us today to learn more about our comprehensive faxing solutions—we’re confident we can find the perfect fit for your business or institution!