MOSINEE, Wis., Aug. 29, 2012 /PRNewswire/ -- WAUSAU Financial Systems is asking financial institutions to take the Paperless Challenge by sharing stories about paper-imposed challenges faced around efficiency, productivity, cost or compliance, and what "green" initiative they have implemented to help them triumph over those challenges.
The contest is open to all financial institutions for a chance to win an iPad package, including an iPad, Otterbox® protective case and $100 iTunes gift card. Submissions will be accepted through September 28, and the winner will be announced at the BAI Retail Delivery Conference on October 11, 2012.
Financial institutions today face numerous challenges around paper throughout the entire bank. Aite Group reported that more than 50 percent of financial institutions view moving from paper to electronic processes as a top priority. Paperless banking provides a way to automate paper-intensive processes. For financial institutions this offers numerous benefits, including improving workflow, mitigating fraud, meeting compliance needs, reducing costs and eliminating lost data.
In fact, these processes can save financial institutions more than $4.3 billion in one year by providing countless opportunities across all departments. This includes new account opening, lending, remote deposit capture (RDC), legal, accounts payable, human resources, safe deposit box, wire transfer, treasury management, teller capture and more.
"Many of our customers are seeing first-hand the benefits of paperless banking, including Forward Financial Bank, who has streamlined their process by eliminating wasted staff time, lengthy printing and signature processes, and pushing and tracking of hard copies," said Kathy Strasser, executive vice president of product management and sales support at WAUSAU Financial Systems. "Their implementation of a paperless lending solution helped take their mortgage signings from 40 signatures down to just one."
WAUSAU will showcase its paperless banking solutions at the 2012 BAI Retail Delivery Conference in Washington, D.C., featuring its paperless iPad integration for numerous areas within the bank, including loans and new accounts. "There's some confusion around paperless banking; if your financial institution is still printing to scan, you are not paperless. This challenge was designed to spark excitement around paperless banking, inspire the industry to create change and award those who have launched paperless initiatives within their organizations," said Strasser.
For information on WAUSAU's paperless solutions, please visit www.wausaufs.com.
About WAUSAU Financial Systems
WAUSAU Financial Systems is a premier provider of payment and receivables processing solutions, helping businesses of all types move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU holds the No. 1 market share position in retail and wholesale remittance processing solutions. WAUSAU processes more than $1 trillion in payments each year through its work with more than 650 organizations, and maintains more than 30 percent of all U.S. lockbox volume. The company works with 13 of the 25 largest financial institutions, 42 percent of insurance companies with more than 5 million customers and 24 percent of utilities with more than 100,000 customers. More than 200 financial institutions use WAUSAU's remote deposit capture service, and industry consultants Celent and Aite have ranked WAUSAU's remote capture functionality above all competitors.
SOURCE WAUSAU Financial Systems