5 Uses of PDF for Banks
Posted 2 years ago24 Jul 2017
In many of our previous posts, we have discussed the plethora of utilities of PDF format. We have also pondered in detail how personnel from different fields can make use of the PDF format for their ease. One such field which can benefit from PDF format is that of banking. Banks in their everyday work deal with everything from mortgage applications to account statements. Most of these are stored as paper documents. And due to their obligation to keep a large part of their documents for years, paper documents bundle up overtime. Not to mention all the costs related with such hard copy storage. So it is to the greater benefit of banks that they enhance their work efficiency by switching their documents to PDF. Here in this article, we discuss the top 5 uses of PDF for banks and other financial institutions.
Smaller File Size:
The PDF format as compared to other digital formats is much smaller in size. So by saving documents in this format, hardware space can be saved. And the fact that the record is in soft form is reducing the use of paper automatically.
Imagine the hassle you would have to go through as a bank employee if you were tasked with finding a 40 year old document related to an individual account. Before the comfort and ease of computers, that’s exactly what workers used to do in order to dig up old records. Fortunately with PDF though, that headache is taken care of. With the record files now stored in the computer or online, all one has to do is type in the file name.
Long Lasting Documents:
If any of us have dealt with paper documents over a long interval of time, we would all know for sure the impossible task of having to keep it in good shape. All the efforts to do so however are in vain. Paper inevitably wears and tears and ends up losing its original look. And that’s bad news when it comes to sensitive legal documents which banks have to deal in. PDF takes care of that issue as well with a digitized archive that can stand the test of time and be user ready whenever needed.
Better Document Security:
When you’re dealing with legal and financial documents of sensitive nature, their security becomes of primal importance. PDF luckily with its encryption and password features takes care of that issue as well. With the right kind of security features, banking personnel can insure that only a handful of people can view details within a PDF file. And in the case of digital theft, anyone attempting to open the PDF file without the proper authorization will find nothing but gibberish in it.
One of the most important aspect of a legal document is the signature of its holder. It is with the signature that we come to associate a certain file with someone. And as discussed earlier, the wear and tear of paper documents is something that is unstoppable. In such a scenario, PDFs can come to the rescue by retaining client signatures in e-form. Such formats can insure security, privacy and longevity of legal documentation.
PDF is surely the most widely used document viewing format in the world and its utilities are truly endless. These uses of PDF for banks are just a tip of the iceberg. If utilized in the right way, just about any institution can make use of its ingenuity.