Banks using e-readers for more secure data

February 14, 2013

Government offices and law firms are gradually making the shift to using tablets or e-readers and digital documents during meetings. Another paper-heavy industry that is moving towards this technology is the financial sector.

According to BankTech, board members of the Bank of New Hampshire have been using an iPad application, Diligent Boardbooks, instead of booklets, during board meetings for the past 15 months.

“Not having to assemble those books manually saves us one to twelve man days per month,” said Mike Muzzey, the Bank of New Hampshire’s executive vice president. “We don’t have to shred anything, everything is stored electronically. It’s considerable time-savings.”

In addition to promoting data security in the banking industry, the application also gives board members access to documents from past board meetings. While convenient, this also points to the large volumes of documents banks and other financial institutions have – and the need to get them in digital form as quickly as possible. Bulk scanning services can help any company looking to use digital documents make a seamless transition. Once a bank is up to speed, employees will see the benefits.

Like government or legal sectors, the information used is extremely confidential. Another major advantage of digital documents is the added level of security that can’t be found with paper documents. While data could be compromised by simply losing a booklet, the application gives banks the option to choose what information should be protected by a password and how intense a password should be. For board meetings, this gives employees the ability to show different board members access to certain documents, increasing the level of security.

Tab Service Company is a leading provider of document scanning and data entry services. As an SOC2-approved service organization, we apply industry-best practices to our approach with clients.