Epson Insights

FAQs: Epson Document Scanners for Financial Organizations

EpsonJune 1, 2024

In the financial sector, efficient document management is crucial for maintaining high standards of service, accuracy, and compliance. Here are some frequently asked questions about how Epson document scanners can help enhance workflows in financial organizations.

Why is document scanning important in financial settings?

Document scanning can help financial institutions streamline workflows and reduce physical storage needs. By converting paper-based documents such as loan applications, tax returns, and account statements into digital formats, financial institutions can quickly and easily retrieve and share information, improving overall efficiency.

Using scanners to digitize information, along with a well-designed document management system or workflow, can also help companies enhance data security, which in turn helps them meet regulatory requirements.

How do document scanners help financial organizations stay compliant with regulations?

Financial institutions must adhere to stringent regulatory rules. These are proliferating, and now include:

  • The Sarbanes-Oxley Act, which mandates secure and accurate record keeping.
  • The Gramm-Leach-Bliley Act, which requires financial institutions to establish security policies, procedures, and safeguards to ensure the confidentiality and integrity of sensitive data.
  • The NYFS 500 data security rule, a regulation by the New York State Department of Financial Services (NYDFS) that imposes rules in areas including data encryption and access controls to ensure the security of sensitive financial data.

There are also several forthcoming SEC rules that impose more information security requirements on some financial services companies, including its market entities rule[1].

Epson document scanners are engineered with these regulations in mind. They can help digitize documents for secure storage, management, and retrieval. Epson scanners add more capabilities through several features:

  • PIN code access controls
  • Secure encrypted communication for sending scanned documents
  • File-level password protection for PDFs
  • Restricted editing and printing functions
  • Factory default resets for secure transfer or disposal of devices

These features can help ensure that scanned documents remain confidential and protected from unauthorized access.

Can my financial operation use a document scanner to help reduce costs?

Using Epson document scanners can help reduce costs for your financial services company by minimizing physical storage needs. Digitizing paperwork like loan applications and tax returns can help save storage space. Scanned documents also help streamline workflows, reducing manual handling and associated labor costs.

How can a document scanner boost my financial organization’s customer service?

Epson document scanners can significantly enhance productivity and customer service in financial organizations by:

  • Speeding up customer service through fast document retrieval
  • Minimizing manual data entry errors and creating more accurate customer outcomes
  • Enabling quick and secure electronic sharing of documents

These features help to streamline financial services processes such as customer onboarding and applications, increasing customer satisfaction.

Financial sector clients have long used Epson scanners to enhance their productivity. JBM Tax & Bookkeeping Services uses an Epson document scanner to help customers streamline the complex, cumbersome tax filing process. The scanner gives the company and its clients peace of mind by preserving information offsite in digital form in case of a physical disaster. The company’s Epson scanner manages everything from business cards to large documents reliably and at high speed. (Read full case study.)

My financial organization has specific operational needs. How can I be sure there’s a scanner that’s right for us?

Epson offers a range of scanner solutions to meet various needs in the financial sector:

  • Mobile scanners: Compact and portable, ideal for remote work, including for financial advisors that meet clients outside the office.
  • Desktop scanners: High-speed and dependable, perfect for busy branch offices that need to scan high-volume paper-based documents quickly.
  • Flatbed scanners: These can scan a wide variety of documents including photos and passports. They can also process large numbers of documents at speed, making them suitable for higher-throughput branches or head offices.

How can I manage scanners in large financial environments?

Epson complements its feature-rich scanner hardware with Device Admin management tools that help simplify the management of multiple Epson scanners. Financial organizations can use this to automatically discover devices, even in complex, segmented financial office networks.

Device Admin can monitor device status and receive firmware update notifications, which helps maintain device security and reliability. Administrators can also configure and update up to 2,000 networked devices remotely, minimizing the need for individual device visits[2]. That’s especially important for financial organizations with large numbers of geographically distributed branches.

Can users in my financial organization scan to different devices and software apps?

Epson scanners can fit into your workflows seamlessly by working with a wide variety of operating systems and applications. They support major operating systems including iOS, macOS, Android OS, and Windows. Their support for industry-standard TWAIN and ISIS drivers enables them to communicate with various software applications[3].

How do I know my busy financial organization can rely on Epson scanners?

Epson has designed its scanners from the beginning with reliability in mind, even in high-volume environments. The company backs this up with comprehensive support and warranties. These include the Advance Exchange program, which offers free next-business-day shipping, to help insure minimal downtime and uninterrupted service[4].

For more information, visit Scanners for Finance or view our eBook outlining how Epson document scanners can help improve efficiency, accuracy, and customer experience in finance.

[2] May require network configuration or connection via ED USB agent, please see the EDA Application documentation.

[3] On select models.

[4] For more information, go to Subject to limited warranty terms and conditions. Expedited shipping not available in all areas. Road Service orders must be placed and processed by 3 p.m. Eastern Time for Next-Business-Day delivery.

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