The Benefits of Each
In today’s age of technology, the way we do things has drastically changed. But that isn’t to say older methods should be completely forgotten. One of the main comparisons you can look at is dealing with things that are printed vs things in digital form. At your credit union, you may already be familiar with this debate. On one hand, there are plenty of reasons to still have physical lending forms and other documents, but there are also benefits to going paperless. With this in mind, we came up with a few benefits of each to share with you on the argument of Print or Paperless aka ‘Digital’ credit union documents and forms.
In this comparison, the main factor to consider should be your members. Most people want convenience and that usually means online access to banking services and streamlined processes. With forms and documents, not everything is necessarily about convenience. Also, members aren’t the only thing to consider. Here are some examples:
- With lending, some members may find that going to their local branch and meeting with a loan officer is more worthwhile than filling out a form online.
- Many people still visit a credit union branch in person when signing up to become a member.
- Mail-back style forms for things like credit cards are still heavily used in the industry.
- Having a variety of printed documents gives you options when it comes to marketing to different demographics.
- As long as people keep coming into credit union branches, printed forms and documents will be relevant.
Paperless aka ‘Digital’
In contrast to having printed documents at your credit union, going paperless seems to be a trend that is gaining considerable ground. Here are a few examples as to why that may be
- It goes without saying that convenience and accessibility are arguably the biggest reasons to go paperless. Online banking is huge with many different demographics nowadays, not just young people.
- Safety and security are also important for all demographics. You reduce the risk of having member information fall into the wrong hands when things are digital.
- Having paperless options is important for many members since people are more environmentally conscious.
- You can reduce printing and mailing costs by having forms and documents accessible online.
- Something as simple as reducing filing and storage space can have a big impact.
As you can see, there are important things for your credit union to consider when deciding whether or not to keep printed forms or go paperless. It really comes down to what you feel best suits your members and their needs.
Here at Oak Tree, we are all too familiar with forms. Having been a leading forms and disclosures provider for credit unions for 35 years, we can help your credit union with all its needs. From customizable lending forms to ancillary documents, we do it all. Contact us for more information at 1-800-537-9598 or send us an email at ClientServices@oaktreebiz.com.
