Banking on paper

Paper makes the world go round

Since the introduction of paper money in the 11th century of China, paper has become an essential in the world of finance. Although “money makes the world go round”, paper keep money going. Everything with a transaction requires paper – bills, invoices, receipts, contracts and agreements are all printed on paper. Even as computers take over our management systems and governance in this digital era, paper still reigns for reliability and trustworthiness in the financial realm. 

The beauty of undoing our mistakes and changing information easily in soft copies must be omitted upon concluding a transaction or agreement, and everything in the document, down to the last zero, must be set in stones, metaphorically of course. The real course of action that is repeated hundreds of times every working day in banks and other financial institutions to ensure the safe preservation of information is the printing of documents unto papers. A source who (wishes to remain anonymous and) is familiar with banking operations has informed that while the customer experience online may not involve paper, there is a massive volume of papers exchanged in backroom operations, between institutions and for regulatory and compliance purposes.

A global survey done in December 2017 by UK-based initiative, Two Sides found that “71% of all respondents are increasingly concerned that their personal information held electronically is at risk of being hacked, stolen, lost or damaged.” Printed evidence on papers possesses a sense of permanence, from a single full stop down to the alignment of words, everything printed on papers cannot be altered without a trace. In fact, the Two Sides study also found that “44% of respondents would consider switching to an alternative financial organisation or service provider if they were forced to go digital.” This unalterable character of paper is as crucial in the world of banking and finance as the calculator is. 

The good news is that there are ways to be cost conscious in the industry of banking and finance. ProDigi™ HD Print Technology saves up to 18% of ink use. Ink saved means money saved. Furthermore, as a result of years of research, the low abrasion on a ProDigi™ HD Print Technology means the wear on the printer is reduced, prolonging its lifespan. Therefore, saving cost.

However, clicking the print button is far from the endgame.

A simple smudge on the schedules of an agreement can threaten the legality and validity of a contract agreement. The amount of time, ink and paper spent on reprinting due to small accidents of smudging the freshly printed ink is avoidable. Just as printer ink can have the characteristic of fast-drying, papers too can be designed against dampness. ProDigi™ HD Print Technology ensures faster ink dry-time resulting in clean, sharp printouts during handling.

Many financial documents will constantly be referred to in years to come, and as the paper ages, the danger of ink bleed and the lack of crisp lines, which makes a nine looks like an eight in a loan agreement, can seriously jeopardise the trust that exist between banks and its customers, easily causing disputes and conflicts. ProDigi™ HD Print Technology reduces ink-bleed by 23%, producing 17% denser blacks for sharper and darker prints.

As competition in the world of banking and finance continues to rise, branding and the use of colors is now more important than ever. The importance of colors to the branding of banks and financial institutions are undeniable with most brands relying on blue, red and green. ProDigi™ HD Print Technology enhances colour vibrancy by 34%. 

Beyond legal and brand, the additional pressure on the banking and finance sector cannot be overstated. Green banking is not an option but a matter of compliance and assuming the role of a responsible global citizen. In this journey, the verified source of paper, sustainability and consideration for the local community are key considerations. PaperOne™ paper is certified to meet the requirements of corporate environmental policy and fulfill corporate compliance program. Find more here.

The bottom line is how legality rules over banks and financial institutions has always been and remains to be secured by papers. This will continue for the foreseeable future. 

Find out more about PaperOne™ with ProDigi™ HD Print Technology at here