Privacy Policy For Digitech Community – How will your financial services company benefit if you eliminate paper? Investment firms, banks, credit unions, and other companies in the industry are struggling to update legacy technologies, comply with federal regulations to include the Gramm Leach Bliley Act (GLBA), and meet growing consumer demands. Digitization eliminates the need for paper, automates important business processes, and helps in many other ways. See how Community Business Crediters (CBLSC) managed to build a business that was nearly impossible with paper.
CBLSC is an Iowa-based credit union that provides credit, insurance, documentation, and closing services to its members. Managing a loan business can be paper intensive, expensive and time consuming. On average, credit packages are thousands of pages long and must be distributed to multiple people in multiple states. Instead of putting their work on paper, CBLSC sought a paperless solution from the very beginning.
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CBLSC partnered with Digitech Systems supplier Imagetek to implement PaperVision® Capture to scan debt documents into digital files and ImageSilo® to store documents in the cloud. The company is leveraging this digital transformation to build a successful business model as it expands to other states.
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“I don’t know if we can do what we do without ImageSilo. The physical aspect of trying to convey what our partners need on paper is impossible. Even the money savings of running a paperless business are incredible. By not printing 1.29 million pages per year for five cents per page, we save more than $64,000 in printing costs alone” – Ginger Heckman, Business Development Manager, Community Business Crediters
Today, CBLSC can provide its clients with 24/7 access to their credit files. The company’s goal is to upload and index each file within 24 hours of credit closing, allowing bidders to view the file from virtually anywhere. As more documents come in, the company will continue to add to the file. The company constantly monitors property insurance, taxes and up-to-date financial information.
CBLSC is also recording significant sustainability benefits. Benefiting from the security and efficiency of digitization, the company has avoided printing 1.2 million pages per year. That alone means savings of $64,000 per year, excluding paper storage savings. It also saves the equivalent of 153 trees per year.
Do you want to transform your organization into a digital world? Read on to see the benefits CBLSC has achieved through financial digitization.
