With the right hardware and software solution digitising, record keeping and easy access of FICA documents is simple.
Traditional commercial banking is facing increased pressure from technology-based banks entering the sector and rapidly growing in popularity. Fintech companies are taking over basic banking activities like payments, lending, deposits, asset management and even advisory services. New digital banks and mobile apps and services provided by telecoms and retail companies will force commercial banks to intensify efforts to continue modernising technology platforms.
Digitisation in banking is at the forefront in these efforts to stay competitive. Digital solutions, low-cost operating models and supply-chain integration have moved to the top of the business agenda, with non-traditional players pursuing various aspects of these trends, commercial banks must endeavour to provide their customers with in-house banking solutions.
One of the most crucial challenges banks are facing is digitising, record keeping and easy access of FICA documents. Many of the larger banks have their own scan bureaus and record management systems but not every branch can afford or have space for such elaborate systems. With the right hardware and software solution it is also not necessary.